The Managing Director and Chief Executive Officer of Teerus Microfinance Bank, Mr Chukwuemeka Onwuedo, described the approval as a responsibility to drive inclusive financial solutions that empower Nigerians and stimulate economic growth. “This licence represents not just regulatory approval but a commitment to provide efficient, transparent, and customer-focused banking services,” Onwuedo said in a statement.
Brandspur Banking News Desk reports that the newly licensed bank is set to offer a wide array of financial products, including savings and deposit accounts, micro and SME loans, working capital financing, Local Purchase Order financing, digital banking services, and financial advisory support. The bank emphasises leveraging technology to streamline banking processes, improve customer experience, and promote financial inclusion, particularly among micro-entrepreneurs and growing businesses.
Teerus Microfinance Bank Limited plans a phased rollout of its operations, with digital channels forming a core component of its growth strategy. The bank also highlighted that its operations will be guided by strong corporate governance, strict regulatory compliance, disciplined risk management, and a customer-first philosophy.
“As Nigeria’s financial ecosystem evolves, Teerus Microfinance Bank is committed to partnering with businesses, communities, and stakeholders to create sustainable value and contribute meaningfully to national economic development,” Onwuedo added.
The CBN licence positions Teerus Microfinance Bank Limited to play a pivotal role in expanding access to credit and banking services across Nigeria, supporting both grassroots economic activity and the country’s broader SME development agenda.
