Creditville – Nigeria’s proprietary fintech group has acquired CBN’s licensed Microfinance Bank, TouchGold. This is in its bid to provide Nigerians with financial and investment services and also, push the launch for Creditville’s digital banking app, C Money which is powered by TouchGold MFB.
C Money by Creditville is a digital banking app that’d offer its users competitive interest rates on investment/savings, ability to transact seamlessly, take loans, pay bills, purchase airtime, and many more services from the comfort of their mobile phones.
Launched in 2013 as a micro-lending firm in Port Harcourt, Rivers state, Creditville consists of Creditville Nigeria Limited, Creditville Finance Limited, Redwood Asset Management, TouchGold Microfinance Bank, Dawanau BDC Limited, and Creditville Properties Limited as her subsidiaries; as the Group is dedicated to revolutionizing the finance industry while impacting society with new innovations.
“Following receipt of regulatory approvals, we are confident that the full acquisition of TouchGold Microfinance Bank will avail Creditville the opportunity to reach and serve our customers better, while creating more jobs and financing Nigerians for a good life. Creditville Group places a strong emphasis on making banking easy and convenient, which will help achieve our overall objective of being one of the best fintech companies in Africa”, said Richard Rotoye, Group Managing Director, Creditville Group.
The Group Managing Director of Creditville also made mention plans of recapitalizing TouchGold Microfinance Bank in-line with the Central bank of Nigeria (CBN) regulations.
Seyi Erhiahwe, the Chief Investment Officer, Creditville Group said, “The acquisition of TouchGold Microfinance Bank provides Creditville with the opportunity to compete with other digital banking platforms. It gives us room to show our ability and disrupt the FinTech ecosystem in Nigeria. Our goal is to offer secure innovative technology and service that makes saving, lending, paying bills and investing simpler”.
Also speaking on the acquisition, the Managing Director of TouchGold Microfinance Bank, Abraham Awe said “TouchGold Microfinance Bank is known for empowering small and medium businesses with the finance needed to help their growth, and this won’t change. This acquisition will help simplify our processes while prioritizing customer satisfaction, reach retail customers and a large proportion of the unbanked/underbanked”.
Abraham mentioned that the TouchGold board of directors believe the acquisition is in the best interest of all stakeholders including, employees, customers, depositors and shareholders.