Overview & Legal Status

Full name: Ultraviolet Microfinance Bank Limited

Incorporation / Registration number: RC-7211680, registered on 6 November 2023.

Headquarters / Address: Dunukofia Street, Area 11, Garki, Abuja, Federal Capital Territory, Nigeria.

Licensing & regulatory status:

Fully licensed by the Central Bank of Nigeria (CBN).

Insured by the Nigeria Deposit Insurance Corporation (NDIC).

Received its full license in 2024 after re-capitalization in line with CBN directives.

Mission, Vision & Strategy

Ultraviolet MFB positions itself as customer-centric, inclusive, and innovative.

Its core aim is to provide technology-driven financial services to underserved populations while fostering economic growth.

Leadership restructuring was carried out to drive growth and expand its impact.

Products & Services

Ultraviolet MFB offers a range of financial services with a focus on micro, small, and nano enterprises:

Biz-Boost Loan: A loan product designed for artisans, traders, and small businesses, with fewer complex requirements.

Deposit services: Savings accounts, current accounts, and corporate accounts.

Credit facilities: Overdrafts, fixed deposits, and microloans.

Digital banking (via mobile app):

Instant transfers to any Nigerian bank.

Bill payments, airtime, and subscription purchases.

Account management tools such as balance checks and transaction history.

Biometric login features like fingerprint and Face ID.

Leadership & Key People

Bayonle Omoyele serves as the Managing Director/Chief Executive Officer.

Other professionals in business development, treasury, and internal control form part of its leadership structure.

Challenges & Considerations

Track record: As a new institution, it is still building credibility and performance history.

Regulatory compliance: Must continue meeting CBN’s capital, operational, and governance standards.

Competition: Faces competition from established microfinance banks, fintechs, and commercial banks.

Sustainability: Long-term success will depend on loan recovery rates, default management, and maintaining profitability.