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Nume Ekeghe

Lovonus Microfinance Bank Limited is ramping up its investment in digital infrastructure as part of a deliberate strategy to deepen financial inclusion and extend its footprint to underserved communities across Nigeria.

In a statement, the Managing Director and Chief Executive Officer of Lovonus MFB, Adeola Ayibiowu, said the bank’s digitisation push is not merely about streamlining costs but also about boosting service quality and operational agility.

“Beyond automating our processes, we’ve seen real impact improved loan monitoring, more efficient collections, and enhanced customer convenience,” Ayibiowu said.

According to him, the bank’s philosophy leans on tailored support rather than a one-size-fits-all approach. “We assess each customer’s situation to restructure loans, extend tenures, or offer moratoriums. This not only builds loyalty but also protects our loan book,” he explained, noting that such personalised engagement has strengthened both customer retention and institutional resilience.

Ayibiowu also pointed to the evolution of Lovonus MFB’s loan portfolio, which now includes structured credit products, asset-based lending, and SME-focused financing models that are better suited to Nigeria’s current economic realities. “We also offer financial literacy training because knowledge is power. Educated clients are less likely to default and more likely to grow,” he added.

On risk management, the bank has turned to non-traditional credit evaluation tools, integrating alternative data sets to better understand borrower behaviour in informal markets.

“We now use alternative data, including mobile transaction histories and behavioral patterns, to make more accurate lending decisions,” Ayibiowu said.