One year after deal, CBN gives approval for DLM Capital to acquire Links MFB

The Central Bank of Nigeria (CBN) has given its full approval for Development Investment Bank (DLM Capital) to acquire Links Microfinance Bank 12 months after the deal was struck by the two companies.

The group received the go-ahead on Wednesday despite agreeing on the deal since April 2021, and will now look to fully expand into Nigeria’s million-dollar fintech sector.

In his reaction, Group CEO/MD, DLM Capital Group, Sonnie Ayere said: “We sincerely thank the Securities and Exchange Commission (SEC) and CBN for consent and final approval respectively of our MFB acquisition.

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“This will help to position us more as a full-fledged financial services institution which will develop and disseminate various financial products and services that will reach millions of Nigerians who are underserved. We are looking forward to working with all stakeholders, including the Central Bank of Nigeria, and to expand financial inclusion to meet the ever-evolving needs of the average Nigerian.”

MD/CEO, Links MFB, Funsho Idowu also said, the bank was positioned to carve a niche for itself in the market space, having just joined the unique group of digital banks to create loans, investment opportunities, support job creation and empower MSMEs through unhindered access to its financial services, as clearly spelt out in the bank’s mission statement.

He stated that “this deal, together with our NDIC insurance, will demonstrate to our customers that they can trust us with their financial needs.”

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