Kayvee Microfinance Bank Limited is proud to announce its financial results for the full year ended December 31, 2024, reflecting an outstanding performance across all critical areas of our business. The year marks a significant milestone in our journey, with key financial indicators demonstrating remarkable growth that affirms the strength of our operational model, governance, and strategic initiatives. Our Profit Before Tax (PBT) surged by an extraordinary 501%, rising to ₦371 million compared to ₦62 million in 2023. Equally impressive is our Profit After Tax (PAT), which climbed by 556% to ₦228 million from ₦41 million in the prior year. These figures are a testament to the hard work of our entire team and the trust our customers have placed in us. The Central Bank of Nigeria has reviewed and approved these results, underscoring the credibility and transparency that we maintain in all our operations. This approval further bolsters our commitment to uphold the highest standards in governance and regulatory compliance. Our growth is underpinned by several key drivers. Interest income rose sharply by 164%, while net interest income increased by 240%, reaching ₦475 million. This growth highlights the robustness of our core lending activities and the diversification of our revenue through fee-based income streams. At the same time, we have focused intently on operational efficiency. Our Cost-to-Income Ratio improved from 80% in 2023 to 60% in 2024, reflecting tighter cost controls and more efficient resource management. Additionally, our Cost of Risk remains notably low at 0.3%, which is well below industry averages and demonstrates the effectiveness of our risk management framework. The quality of our loan portfolio also improved significantly. The Non-Performing Loan (NPL) ratio declined to 4% from 7% the previous year, while the NPL coverage ratio increased to 82% from 52%. These improvements indicate prudent lending practices and robust provisioning for potential credit losses, ensuring the bank’s financial health and stability. Our profitability ratios further illustrate our success. We achieved a net margin of 16%, alongside a remarkable Return on Equity (ROE) of 88%. The basic earnings per share (EPS) stood at 1.90 kobo per share, highlighting the value delivered to our shareholders. Our Chairman, Mr. Ade-Ibileke Adebayo, attributes these achievements to sustained investment in talent and technology, alongside a steadfast commitment to product innovation and exceptional customer service. He emphasizes that these results reflect strong governance from the Board and the diligent execution of strategies by management. Mrs. Olatoun Ogunnaike, our Managing Director, regards these results as a pivotal moment in Kayvee MFB’s ongoing transformation. She highlights that while these achievements are significant, the bank’s focus remains on leveraging technology to enhance customer experience and expand our reach. Innovations such as the Kayvee MFB mobile app, branded debit cards, and wider deployment of point-of-sale terminals are central to our growth strategy. Mr. Ayoku Liadi, Group Managing Director of Bay Holdings and a key investor, remarks that since acquiring Kayvee MFB in April 2022, the bank has undergone a profound transformation. Starting with modest assets and deposits, the institution now boasts a more than 100-fold increase in customer deposits and substantial growth in other financial metrics. This achievement, he notes, is due to strategic investments in governance, systems, and people. The 2024 financial results firmly establish Kayvee Microfinance Bank as one of Nigeria’s fastest-growing microfinance institutions. Our clear upward trajectory positions us well to continue supporting financial inclusion, delivering value to customers, and generating sustainable returns for shareholders. We extend our gratitude to our customers, staff, shareholders, and regulators for their continued support. Kayvee MFB remains committed to driving growth responsibly and providing excellent financial services that empower individuals and businesses across Nigeria. As we look ahead, our vision is to further strengthen our market presence, deepen customer relationships, and sustain operational excellence. Kayvee MFB is ready to meet the challenges of tomorrow and seize new opportunities in the evolving financial landscape.
KayVee MFB Honoured at Excel Africa 2024
KayVee Microfinance Bank, on the 30th of September, 2024 received one of the continent’s highest recognitions in financial services at the Excel Africa Awards, hosted under the prestigious common seal of the African Leadership Review Hall of Fame. At this elite gathering, KayVee MFB was honoured with the Financial Services Leadership Personality of the Year (Institutional Excellence) award—an achievement that reflects our relentless pursuit of innovation, customer empowerment, and inclusive finance in Nigeria. This accolade also recognised the exceptional leadership of our Managing Director, Ogunnaike Olatoun, whose strategic direction has redefined what responsible, human-first banking can look like in today’s Nigeria. In this blog article, we explore the full scope of what this award means for us—and more importantly, for you, our customers. It is not just a feather in our cap; it is a validation of every step we have taken to be the financial partner Nigerian individuals and SMEs deserve. Understanding the Excel Africa Awards The Excel Africa Awards, organised by the African Leadership Review Hall of Fame, is an annual platform designed to celebrate excellence, innovation, and ethical impact in both public and private institutions across the continent. The awards place emphasis on leadership that fosters societal growth through sustainable practice, innovation, and people-focused service delivery. KayVee MFB’s recognition in 2024 marks a historic moment—not only because it highlights our transformation within the Nigerian financial services landscape, but also because it validates the broader vision we uphold: to make banking more human, more inclusive, and more empowering for everyday Nigerians. Why This Award Matters to You It’s easy to think of industry awards as internal victories, but in truth, recognitions like this one reflect something much more profound: they are a promise of value to our customers. A Symbol of Institutional Trust The Excel Africa Award is a vote of confidence from an external body that sees and recognises our structure, stability, and standards. It sends a clear message that KayVee MFB is not just a bank you can trust today—but one you can rely on tomorrow. Confidence in Our Leadership and Direction With the award specifically recognising the leadership of our MD under the category of Financial Services Leadership, you can be confident that KayVee MFB is led by people who combine technical expertise with emotional intelligence. Leadership that listens, responds, and adapts. Better Products and Services for You An award of this nature enhances our visibility and credibility among investors and development partners. This paves the way for collaborations that result in better financing products, improved digital banking tools, and more resources tailored to your personal and business goals. Greater Investment in Technology Our transformation journey has been largely powered by technology—and this recognition encourages us to go further. We’re investing even more in secure, user-friendly digital banking that gives you better access and control over your finances. A Renewed Focus on You Above all, this recognition reminds us that the heart of our success is you. Whether you’re an artisan in Ibadan, a startup in Lagos, or a teacher saving for your child’s future in Port Harcourt, we remain deeply committed to making your financial dreams possible. Expanding on Impact: How the Award Deepens Our Promise An award is only as meaningful as what follows it. For KayVee MFB, this moment is not a peak—it is a platform. Here’s how we are leveraging this recognition to create even greater value: Empowering More Businesses Through Tailored Credit We’ve always been passionate about giving SMEs a real chance to thrive. With this new recognition, we’re expanding our reach—rolling out region-specific products that solve the pain points of underserved sectors, including agriculture, trade, education, and informal markets. Building More Inclusive Digital Channels Financial inclusion is not just about access—it’s about equal access. We’re simplifying our digital platforms to be more intuitive for first-time users, while enhancing functionality for our digitally savvy customers. Think: multi-language support, voice-enabled services, and offline functionalities for low-bandwidth areas. Training and Upskilling Our Team Our service is only as good as the people behind it. Following this milestone, we are doubling down on staff training—equipping every employee, from customer service agents to loan officers, with the tools to serve you better and more empathetically. Expanding Our Financial Literacy Programmes We believe that financially empowered customers are the foundation of a healthy economy. That’s why we’re launching free workshops, virtual training sessions, and community-based events designed to help you master your money, grow your business, and make smart financial choices. Co-Creating with Our Customers Every product innovation we have introduced—from the SME Flexi Loan to our Target Savings Account—has been influenced by real customer needs. We’re formalising that relationship even further by launching a Customer Innovation Panel, where select clients can preview and shape future products. On a final note, recognition on the continental stage is humbling, but it’s not the destination—it’s a springboard. The Excel Africa Award for Financial Services Leadership is a powerful affirmation of our journey, our vision, and our capacity to do more. To our team: Thank you for embodying our values every day. To our customers: Thank you for your trust. We don’t take it lightly. To Nigeria: Our promise is simple—we will continue to lead with purpose, act with integrity, and serve with empathy.
What Nigerian Salary Earners Really Want from Their Bank
For the average Nigerian salary earner, banking is more than just an account number and a debit card. It is about trust, reliability, ease, and being genuinely understood. In a country where every naira counts and unexpected bills can show up without warning, salary earners want their banks to go beyond transactions and deliver meaningful support. They want banks to offer convenience without stress, solutions without surprises, and tools that make managing money less overwhelming. This article explores what salary earners in Nigeria really want from their banks today. From stress-free salary loans to 24/7 mobile banking, we will explore the essential expectations that modern earners have—backed by insight, empathy, and the reality on ground. 1. Salary Earners Want Their Banks to Be Reliable This is non-negotiable. If you ask any working-class Nigerian what they need most from their bank, the answer will likely be: “I just want it to work.” Salary earners do not want to: Worry about delayed salary credits. Visit a branch to resolve simple app errors. Be locked out of their funds during emergencies. In Nigeria, where economic uncertainty already places pressure on monthly income, a bank that is unstable is simply unacceptable. Earners need banks that: Process transactions instantly. Offer strong app performance even during peak periods. Provide consistent and clear communication on updates or issues. KayVee MFB understands this need deeply. Our mobile banking platform is optimised for speed, with built-in safeguards to prevent failed transfers, ghost debits, or downtimes during high-traffic hours. 2. They Need Financial Support, Not Just Storage Banks used to be considered mere vaults—places where you “keep” money. But times have changed. Now, salary earners expect their bank to support their financial progress, not just their savings: They want access to salary advance loans when emergencies come up. They want transparent repayment terms—no hidden charges or exploitative interest rates. They want tools to help them plan for rent, school fees, and even short getaways. At KayVee, we have designed products like: Salary Advance Loans with flexible repayment plans. Target Savings Plans to help you gradually save towards goals. Emergency Loan Products for sudden, short-term needs. Because we understand that sometimes, the month feels longer than the money—and a good bank should bridge that gap with compassion and clarity. 3. They Want to Spend Less Time Banking Ask a typical salary earner when they have time to visit a branch and they will likely laugh. Between the morning rush, daily hustle, and the demands of family life, time is currency. Banks must adapt to this. Nobody wants: Long queues in hot banking halls. Form-filling just to update details. Branch-only customer service. Nigerians today are saying, “Let me do everything from my phone—please.” KayVee’s mobile banking app was built for exactly this lifestyle. From the comfort of your living room, you can: Open an account. Transfer funds and pay bills. Apply for loans and monitor repayments. Freeze your card or reset your PIN. No queues. No branch visits. Just banking that fits around your life. 4. They Value Respect and Clear Communication Nothing frustrates salary earners more than vague charges or poor communication. Banks must move from being intimidating institutions to friendly financial partners. Customers want: Clear explanations of charges. Transparent interest rates. Prompt SMS/email notifications. Account managers who listen and offer solutions. This is especially true when a salary earner’s account faces issues. Whether it is a suspicious transaction, a delayed payment, or a service interruption, the customer wants: “Just talk to me like a person. And tell me the truth.” At KayVee, our customer service team is trained to do just that. We do not hide behind bank-speak. We explain things simply. We escalate issues quickly. And when we make a mistake, we say so—and fix it. 5. They Crave Financial Education and Guidance The more you know, the better your decisions. Salary earners are increasingly aware of this. They do not just want to keep money; they want to understand it. In Nigeria’s rapidly changing economy, financial literacy is no longer optional. It is empowerment. Banks that take the time to: Educate customers through articles, videos, and workshops. Help them build healthy money habits. Provide insights into spending patterns. …will earn long-term trust. KayVee regularly shares helpful content through our app and website—teaching everything from budgeting to loan management, and even guiding you through major life decisions like house purchases or school fees planning. 6. They Want Technology That Does Not Frustrate Them A beautiful app that does not work is not helpful. Nigerian salary earners want: Easy-to-use banking platforms. Fast load times. No downtime on salary days. A balance between security and simplicity. And this tech should work even with modest internet connections or older phones. That is why KayVee’s mobile platform is built with Nigerian users in mind. Whether you are using a mid-range smartphone or relying on 3G in a busy part of Ibadan, our app will load, respond, and serve you smoothly. We also offer USSD banking, so that even without data, you can perform key transactions. 7. They Want Personalised Banking Salary earners want their banks to see them. It is no longer enough to have “generic” services. Your bank should recognise: Your income pattern. Your risk profile. Your spending behaviour. With that knowledge, banks can suggest: Better saving options. Smarter repayment plans. More suitable credit offers. KayVee uses intelligent analytics (always with your privacy in mind) to provide tailored financial advice. No more generic messages like, “Dear customer, your loan is due.” Instead, we say: “Hi Amina, your target savings goal for school fees is 82% complete. Want to top up this month?” 8. They Expect Their Bank to Have a Human Side People want to bank with brands that are human—banks that show empathy, celebrate wins, and understand hard times. KayVee MFB is built on this principle. We do not see you as “just” a salary account. We see your story: The parents trying to give their kids a
Banking from Your Phone Is Not a Luxury—It Is a Necessity
A Change That Is Not Going Away The way we manage money has evolved—and it is not going back. There was a time when banking involved long queues, physical ledgers, and strict branch hours. Today, with the fast pace of life and growing digital awareness, banking from your phone has become more than just an option. It is a daily necessity. In Nigeria, where agility is key and access can determine progress, mobile banking has stepped in to close long-standing financial gaps. It empowers everyone—from the roadside trader in Ibadan to the young professional in Abuja. At KayVee Microfinance Bank, we understand this transformation because we are part of it. We have built our digital banking experience not just to follow global trends but to meet the unique needs of the Nigerian people. Our mobile banking platform is not merely a product. It is a financial companion, a guide, and a dependable tool for everyday life. Why Your Phone Is the Most Important Branch Convenience That Matches Your Lifestyle We all live busy lives. Whether you are managing a small business, raising a family, or studying for your degree, time is precious. Traditional banking often fails to respect that. With mobile banking, you gain: 24-hour access: There are no holidays or branch closing times. Bank at midnight or on Sunday. Banking wherever you are: In traffic, at home, or even during a lunch break. Zero paperwork: Complete transactions without filling any forms. For the average Nigerian, whose daily schedule is packed with responsibilities, this kind of convenience is not a luxury. It is vital. Expanding Access to Rural and Underserved Areas Millions of Nigerians have lived outside the formal financial system—not by choice, but because of barriers like distance, lack of documentation, or branch availability. Now, mobile banking is helping to level the field: Open an account from any location using your phone. Complete transfers and receive payments without visiting a branch. Access financial education directly from the app. At KayVee, we have designed our app to be inclusive, making sure it is not just for the elite but for the everyday Nigerian. Your phone becomes your bank—whether you are in a city or in the village. Control and Transparency With mobile banking, your money is no longer a mystery. You know where it is, how it is being used, and what is going on with it—all in real time. Through the KayVee App, you can: Receive instant notifications for every transaction. Monitor your spending habits. Lock or unlock your account within seconds. This clarity builds trust. You are not waiting for monthly statements to know what is happening—you have the facts right in your hand. Encouraging Better Financial Habits Mobile banking can also be a teacher. Through features built into the app, you can: Set and manage savings targets. Track your budget with daily and weekly updates. Receive tips on responsible borrowing and saving. These tools help Nigerians grow financially, not just transact. Nigeria Is Going Digital: What Is Fueling the Trend? There is no denying it—Nigeria is embracing digital services across sectors. Whether it is e-commerce, learning, or communication, Nigerians are relying on their phones more than ever. What is driving this digital shift in banking? Youth population: A large, tech-savvy generation that prefers mobile-first solutions. Increased mobile penetration: Smartphones are more affordable, and 4G networks are spreading. Supportive policy environment: Initiatives from the Central Bank of Nigeria (CBN) promoting financial inclusion and a cashless society. According to the Nigeria Inter-Bank Settlement System (NIBSS), over 50 million Nigerians now use digital payment channels. These numbers are not just impressive—they show a clear direction for the future. What Sets KayVee’s Mobile App Apart? KayVee Microfinance Bank did not just add mobile banking as an afterthought. We built it from the ground up, with Nigerian needs at the centre of the design. It is secure, easy to use, and packed with the features that matter most. Here is what you get when you use the KayVee Mobile App: ✅ Easy Account Opening Sign up in a few minutes with just your BVN and an official identification. No long forms. No need to visit a branch. ✅ Transparent Fees We believe in clear communication. All charges are disclosed upfront—no hidden deductions or confusing figures. ✅ Complete Product Range Our app lets you access all key services, such as: Fixed Deposit Accounts Business Loans Educational Loans Salary Advance Target Savings Plans ✅ High-Level Security With fingerprint authentication, one-time passwords (OTPs), and continuous monitoring, your account is in safe hands. ✅ Support That Cares If you need help, we are just a message away. No robots. No frustrating loops. Just real people who are ready to assist. Myths That Are Holding People Back Despite all the advantages, some people still hesitate to adopt mobile banking. Let us address the common concerns: “It is not safe.” Mobile apps use encryption, biometric login, and multi-step authentication. “It is too complicated for me.” Our app is designed with simplicity in mind. If you can use WhatsApp, you can use KayVee. “My phone or internet is too basic.” Our app works on modest smartphones and slow connections. We also offer USSD codes for offline access. The Future Is Now: Beyond Just Banking Banking from your phone is only the beginning. At KayVee, we are building a digital ecosystem that supports your entire financial life. Soon, you will be able to: Enrol in digital financial literacy programmes Participate in savings challenges and earn rewards Access micro-investment opportunities Set financial goals with reminders and support We are not only offering services. We are empowering lifestyles. How to Get Started in Minutes You do not need to be a tech wizard or a financial expert. Getting started with KayVee’s digital banking is quick and simple: Download the KayVee Mobile App from the Google Play Store or Apple App Store Register using your identification and BVN Start exploring and enjoying the features With that, you have a
