Treasures Microfinance Bank has disclosed that its long term plan is to take the company to the public by getting listed on the Nigerian Stock Exchange (NSE), just as it plans to grow its capital base to N1 billion in next one year.

The bank is also set to be formerly lunched on Tuesday 26th February 2008 by the Deputy Governor of Lagos State, Mrs. Sarah Sosan.

Speaking to newsmen at its corporate headquarter at Ojudu Berger, Lagos, Chairman of Treasures Microfinance Bank, Dr. Tunde Ayeye said “ With the recent final operating licence granted it by the Central Bank of Nigeria (CBN), our bank is set to add a major boost to the federal government’s commitment to developing the Small Medium Enterprises (SMEs) as a means of nation building in tandem with the country’s vision 2020 objective of being one of the largest 20 economies in the world by the year 2020 and the ongoing reforms in the banking sector.”

He declared that the future plan of the bank is to take it to the stock exchange where the investing public will have access to invest to further boost the operations of the company. According to him “Listing the company on the NSE is our long term objective. We hope to take it to the public. We might see some sought of consolidation in this sub sector in some years to come. The market is there, the policy is right now and people are getting aware of the benefits, so with the right mix we would get the patronage.”

Ayeye, further stated that Treasures Microfinance Bank currently has N50 million start up capital base , which is above the regulatory minimum capital of N20 million. “We hope to grow this to N1 billion within a year of our operation in order to migrate to a state bank” he added.

Speaking also, Mr.Obialo Okonkwo, Head of Control & Compliance, Treasures Microfinance Bank said collateral securities would not be required from customers that need to borrow N500,000.00 and below, while collateral securities would be needed from above N500,000.00. According to him “The law requires that we demand collateral securities from above N500, 000.00.

 But from N500, 000.00 and below the character of the individual or group borrowers would be assessed before such loan is given. He further noted that the bank has staff strength of 47 people with robust information technology to take care of its expected teaming customers.

Mrs. Kate Banjoko, Head of Operations and Customer Services of the bank said the official commissioning of the bank will be witnessed by Director General of SMEDAN. Mrs. Modupe Adelaja who will give the key note address. 

According to her “ The guest speaker at the occasion is the Head , Enterprise Development Service of the Lagos Business School, Mr. Peter Bankole who will deliver a short lecture on the “ The role of micro financing in nation building”.

Speaking, she said “Treasures Microfinance Bank mission is to help people succeed. through the delivery of tailor made financial services for the benefit of underbanked and unbanked enterprises and individuals. The bank is determined to create significant local impact and create significant local impact and achieve global relevance in line with its vision of becoming a leader in its sub sector.