The DLM Capital Group has acquired Links Microfinance Bank as part of plans to expand into Nigeria’s million-dollar fintech sector.
The Corporate Communications Manager at DLM Capital Group, Chinwendu Ohakpougwu, who disclosed this in a statement, explained that the acquisition would give the group the mandate to operate small scale banking services in Nigeria.
According to Ohakpougwu, 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 statement said.
Ohakpougwu added: “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-capitalised 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.”