LivingTrust Mortgage Bank Plc has successfully repaid a substantial N950 million MSMEs grant to the Development Bank of Nigeria (DBN), accomplishing this feat a noteworthy two months ahead of the scheduled deadline.
The MSMEs grant, initially disbursed on March 1, 2021, with a tenor of 36 months and set to lapse on March 1, 2024, was settled by LivingTrust Mortgage Bank in January 2024.
Dr. Adekunle Adewole, the bank’s Managing Director, expressed pride in this achievement, stating that it serves as a testament to LivingTrust’s unwavering commitment to customer satisfaction and the trust of its funding partners.
Adewole emphasized, “This is another testament to our unwavering commitment to customer satisfaction and keeping the trust of our funding partners. We have never missed a repayment to our partners, DBN, NMRC, FMBN, and others. At LivingTrust, we take excellence as a priority, making it easier for us to fulfill our purpose.”
The bank attributed this early repayment success to its innovative credit origination system, allowing it to extend credit to Micro, Small, and Medium Scale Enterprises (MSMEs), particularly those venturing into borrowing for the first time, all while maintaining an impressively low non-performing loan ratio.
LivingTrust Mortgage Bank, appointed as a partner bank for MSMEs development by DBN in November 2020, has consistently demonstrated financial resilience, earning accolades such as the DBN’s ‘Financial Institution with Highest Impact on Start-Ups’ and ‘Financial Institution with Highest Impact on MSME accessing Credit for First Time.’
The bank’s stellar performance in supporting the growth of newly-established and rural-based MSMEs has been recognized and applauded by industry observers.