LivingTrust Mortgage Bank Plc has again been recognised for its leading role in supporting the growth of newly-established and rural-based Micro, Small and Medium Enterprises (MSMEs) in the country.
For the second year running, LivingTrust carted the award of Participating Financial Institution (PFI) with the Highest Impact on MSMEs Accessing Credit for the First Time, at the 2023 Development Bank of Nigeria (DBN) Service Ambassadors Awards, held on Friday, in Lagos.
Unlike most other financial institutions, who only give loans to customers with credit history, LivingTrust was singled out for its innovative credit origination system, which enables it to avail credit to MSMEs who are first time borrowers, while still ensuring very low non-performing loan ratio.
According to DBN, Livingtrust Bank’s excellent performance in this area has offered tremendous boost to the attainment of its (DBN’s) core objective to reach MSMEs, who would have been unqualified for loan due to lack of credit history.
The bank in a statement by its Managing Director, Dr Adekunle Adewole, thanked DBN for recognising its unique efforts in supporting the growth and success of otherwise disadvantaged MSMEs.
“Livingtrust Mortgage Bank Plc is pleased to receive this award for two consecutive years, having also received the award for the 2022 financial year. As a bank, we have operational footprints in communities where we are the only financial institution physically present. In these communities, we play significant roles in driving financial inclusion by making credit available to small businesses to spur economic activities in rural areas. We are proud of what we have achieved and we intend to do more in this regard,” Adewole added.
