Creditville, a financial technology proprietary group, has fully acquired TouchGold, a CBN licensed Microfinance Bank, in preparation for the launch of its latest digital innovation, C Money powered by TouchGold MFB.
This digital banking App was designed to make the financial lives of ordinary Nigerians easier. It provides users with competitive interest rates on investments and savings, as well as the ability to transact seamlessly, take loans, pay bills, purchase airtime, and many other services from the comfort of their mobile phones.
“Following regulatory approvals, we are confident that the full acquisition of TouchGold Microfinance Bank will provide Creditville with the opportunity to better reach and serve our customers, while creating more jobs and financing Nigerians for a better life.” Creditville Group places a strong emphasis on making banking simple and convenient, which will contribute to our overall goal of becoming one of Africa’s best fintech companies.” – Richard Rotoye, Creditville Group Group Managing Director
Creditville’s Group Managing Director also mentioned plans to recapitalize TouchGold in accordance with Central Bank of Nigeria (CBN) regulations.
“The acquisition of TouchGold Microfinance Bank allows Creditville to compete with other digital banking platforms.” It allows us to demonstrate our abilities and disrupt the Nigerian FinTech ecosystem. “Our goal is to provide secure, innovative technology and services that make saving, lending, paying bills, and investing easier,” said Creditville Group’s Chief Investment Officer, Seyi Erhiahwe.
TouchGold Microfinance Bank’s Managing Director, Abraham Awe, stated in his own remarks on the acquisition, “TouchGold Microfinance Bank is known for empowering small and medium businesses with the finance needed to help their growth, and this will not change.”
This acquisition will help us simplify our processes while prioritizing customer satisfaction, reach retail customers, and reach a significant proportion of the unbanked/underbanked.”
TouchGold’s board of directors, according to Abraham, believe the acquisition is in the best interests of all stakeholders, including employees, customers, depositors, and shareholders.
Creditville Nigeria began operations in 2013 as a micro-lending firm in Port-Harcourt, Rivers State, and has since evolved into a proprietary fintech group offering a variety of financial and investment services, with nine branches across the country.