In a bid to tap into the vast opportunities in the financial technology (fintech) segment of the economy, leading developmental investment bank, DLM Capital Group, has announced its plans to expand into Nigeria’s million-dollar fintech sector following its acquisition of Links Microfinance Bank (MFB).
The license will give DLM Capital Group the mandate to operate small-scale banking services in Nigeria. This will also allow the successive launch of its star digital lending brand, Sofri, in the second quarter of this year.
The acquisition, combined with the bank’s many fintech efforts already underway, will position them to deliver even more value for corporates and consumers.
DLM Capital Group’s acquisition of Links MFB represents both an entry into new businesses and complementary enhancements to the institution’s existing subsidiaries.
First, this prospect opens new market opportunities for the bank on the African continent.
Second, the acquisition will enable the institution to exit its ‘legacy bank’ visibility and work more closely with the fintech community to build a ‘challenger bank’ brand that proffers innovative technological solutions for the Nigerian market.
The Corporate Communications Manager at DLM Capital Group, Chinwendu Ohakpougwu stated:
“We are particularly excited about our acquisition of Links MFB and how it enhances the growth trajectory of our business.
“This highly strategic acquisition represents another significant milestone for us on our journey as a resilient and well-capitalized financial institution with advanced scale and capacity to deliver sustainable and best-in-class financial services within the Nigerian market.
We are confident that this decade will be bullish for Nigeria’s tech space and are ready to work with the fintech community in strengthening the solutions necessary to meet consumer needs.”
DLM Capital Group prides itself as a foremost developmental investment bank in Africa and functions as sole arranger to more than 80% of structured finance transactions in Nigeria with 100% of all securitization transactions in the market currently.