How did Integrated Microfinance Bank start?
We had a very small beginning. We started on July 3, 2006 July. We applied and got approval from the Central Bank of Nigeria. When we got approval in principle from the CBN, our capital base was N20 million. With this, we began to put the documentation for further license. By the time we were completing documentation for further licenses, our capital base was N106 million. So as at October 12th 2006 when we were starting operation, we had a capital base of N106 million. From this initial capital we started business on No.64 Adeniji Jones, Ikeja. When we started we had a business plan of acquiring 10,000 customers in the first year. Even the 10,000 customer acquisition target was considered to be very high. But we knew the potential of this market and we were adequately positioned to pursue the target. But we had done just three months and we had 17,000 customers. We then realized that we needed to increase our capital base to be able to cope with the potentials of the market we work in
