Standard Microfinance Bank Limited was set up as a Community Bank (Jimeta Community Bank) in 1992 by a group of socially conscious individuals in the Town of Jimeta in North Eastern Nigeria. It became a Microfinance Bank in 2007 and was named Standard Micro Finance Bank (SMFB). In these 24 years, we have changed thousands of lives through financial inclusion and other activities. SMFB is owned by the people of Jimeta. It is regulated by the Central Bank of Nigeria and deposits are insured by Nigeria Deposit Insurance Corporation (NDIC). In 2012 we were awarded a state MFB license that enables us to operate all over the State of Adamawa. We have 13 offices spread over 15 Local Government Areas of the State.
Ideal for small and micro entrepreneurs who wish to expand their business. Different tenor on offer.
Meant for salaried people to enable them to manage liquidity challenges and for asset acquisition.
Modelled on the Susu/ Adashe traditional savings model popular in West Africa. Small daily/ weekly contributions lead to accumulation of savings. This amount is leveraged to obtain a loan
Loans on profit sharing basis.
Loans for small holder farmers. We finance diverse crops like yam, rice, groundnut, maize, cassava, pepper etc. Loans are linked to the crop cycle.
Adamawa is the land of cattle and sheep fattening. Loans are given for people to buy young animals and to provide them nutritious feed before they are sold.
In addition to regular savings accounts, we offer special purpose savings options too. These include Hajj savings account, Eid and Christmas savings accounts and school fee accounts.
Offer high return saving options.
Meant for entrepreneurs, with all the services attached to current accounts. Clearing and remittance facilities are arranged through our correspondent banks who are the leading banks in Nigeria.
Modelled on the Susu/ Adashe traditional daily savings model prevalent in West Africa. Small daily/ weekly contribution becomes significant over a period of time.
Ideal for employers and employees. We handle the salary disbursement of the State, several Local Governments and teachers in addition to leading private sector players. Employees also benefit from our salary linked credit products.
Savings for a specific purpose with a pre agreed time frame.
Financial Literacy and Entrepreneurship Development
SMFB has realized that financial education is the catalyst for developing the under privileged. Effects of financial inclusion are optimised through financial education. Every micro borrower goes through a structured financial education and entrepreneurship development programme, which is free.
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