Having received final approval in January 2008, Olive Microfinance Bank formally opened its corporate head office in Ikeja, the capital of Lagos State, Nigeria. Created by Nigerians from “various reputed” Nigerian banks, Olive is now in the process of hiring an extended network of staff to operate the institution.

According to the Central Bank of Nigeria, Olive has not registered any other branches. Olive Microfinance Bank’s website is in the process of being completed. Though specific information is currently unavailable, the website seems to indicate that Olive hopes to offer savings accounts, loans and leases to customers nationwide. In initiating its microfinance endeavors the bank stated its social motivations and indicated a campaign to offer “convenience and accessibility”. There is no current financial information on Olive Microfinance Bank.

Olive has also indicated a future partnership with Grameen Bank of Bangladesh that aims to facilitate the integration of two Grameen employees in Olive’s corporate offices, as well as organize technical assistance for the new Nigerian microfinance bank from Grameen.

The launch of Olive as a microfinance bank comes strategically as the Nigerian government has recently changed its official focus from small and medium enterprise to microfinance as reported by MicroCapital here.

By Sarah Knapp, Research Assistant

Additional Resources:

Guardian News: Olive Bank Opens Shop in Lagos

MicroCapital.org:

Olive Microfinance Bank: Central Bank of Nigeria, Jobs