By Ebinum Samuel
Nigeria Police Force (NPF) Microfinance Bank has recorded remarkable growth over the past three decades, evolving from a modest institution with a capital base of ₦500,000 in 1993 into a national microfinance powerhouse with shareholders’ funds of about ₦13 billion and a customer base of over 1.5 million Nigerians.
Speaking during an interactive session with journalists in Lagos, the Managing Director of the bank, Mr. Habeeb Yusuf,
disclosed that NPF Microfinance Bank is currently the only microfinance bank listed on the Nigerian Stock Exchange, a feat that underscores its stability, transparency and strong corporate governance.
According to him, the bank began operations in 1993 and expanded gradually, opening additional branches before transforming into a national microfinance bank following the Central Bank of Nigeria’s licensing reforms.
“Today, the bank boasts 49 branches across all state capitals in the country.
“We grew from a capital base of ₦500,000 in 1993 to a shareholders’ fund of about ₦13 billion today. We are currently the only listed microfinance bank on the stock exchange and among the best-performing banks in capital appreciation,” he stated.
According to him, in 2025, the bank ranked second best in capital appreciation among financial institutions, according to an independent publication, a development that has further strengthened investor confidence.
While the bank is historically associated with the Nigerian Police Force, he dismissed the notion that it serves only police officers.
“Although police officers and the Nigeria Police Insurance Scheme jointly own about 76 per cent of the bank, our customer base tells a different story. Only about 45 per cent of our salary products are patronised by police officers, while 55 per cent are taken by civilians and other professionals,” he explained.
With over 1.5 million customers nationwide, he estimated that only about 300,000 police officers are among its clientele, proving that its services are open to all Nigerians, including civil servants, traders, artisans, farmers and corporate clients.
In his remarks, the bank’s Executive Director of Operations, Mr. John Kwabe Tizhe, explained that NPF Microfinance Bank offers a broad range of financial products tailored to meet the needs of different segments of society.
“These include current accounts, salary accounts, corporate accounts, multiple savings products and specialised loan schemes. Among its flagship products are the Police Officer Service Account, Kids Education Savings, We-We Account for festive planning, Edu-Finance Savings, and the highly popular Better Women Savings and Loan Scheme, designed to empower women and promote family stability.
“We believe that when you empower a woman, you empower the family and the nation. That is why Better Women is one of our most cherished products, offering the lowest interest rates to support women in business,” he further explained.
He further said that to cater to Nigeria’s diverse population, the bank also introduced Halal Banking Services for customers who prefer interest-free accounts, especially for pilgrimage and festive planning.
“The bank operates a wide range of loan products, including salary-based lending, school facility loans, agricultural loans, transport financing, business loans and micro-housing schemes,” he stated.
According to him, thousands of police officers and civil servants have benefited from incremental housing loans, enabling them to buy land, build houses gradually and secure their future after retirement.
“We have helped many junior officers move from having nothing to owning land, building houses and educating their children. That is part of our core mandate of poverty alleviation,” the ED Operations noted.
On interest rates, he acknowledged the challenges of the high cost of funds in the microfinance sector but insisted it offers one of the lowest lending rates in the industry, with some products as low as three to six per cent monthly.
“Our rates are competitive and affordable. We manage risks carefully and our non-performing loans are far below the five per cent threshold approved by the Central Bank,” he assured.
He further noted that NPF Microfinance Bank has also invested heavily in digital banking, offering USSD services, mobile banking apps, internet banking, agency banking, ATMs and POS services.
“There is no technology deployed by commercial banks that we do not have. Customers can open accounts online, transfer funds, pay bills and withdraw cash anywhere in Nigeria,” he stressed.
The Company Secretary and Legal Adviser, Mrs. Osaro Idemudia, noted that the institution recorded over 1.1 million social media visits and 350,000 interactions in the last month alone, reflecting its growing digital footprint.
She said that, unlike some microfinance institutions, NPF Microfinance Bank operates largely without international donor funding, relying mainly on deposits and local funding sources.
“However, it has accessed intervention funds from the Development Bank of Nigeria and Bank of Industry, and previously participated in the World Bank-supported housing microfinance programme before it was discontinued.
Looking ahead, the Managing Director expressed optimism about the future, with plans to triple its balance sheet size within the next five years, expand visibility nationwide and deepen financial inclusion.
“Our goal is to be more visible, more accessible and more impactful across Nigeria. We want every Nigerian to know that NPF Microfinance Bank is safe, strong and open to all,” he emphasized.
Executive Director, Finance and Administration, Mrs. Olamide Akin-Balogun, called on journalists and stakeholders to help restore public confidence in the microfinance sector by highlighting credible institutions and warning against unlicensed deposit collectors.