On Wednesday, January 20, 2021, officials from the Central Bank of Nigeria paid a visit to the UNILAG Microfinance Bank (UMFB). The main purpose of the visit was to inspect the physical structure of the microfinance bank and available facilities; see the original documents earlier submitted to the apex bank as well as meet the members of the UNILAG Microfinance bank Board and its Management Staff.
Based on the report of this inspection, the fate of the UNILAG Microfinance would be determined as the Central Bank of Nigeria would decide whether or not to grant the Bank licence to operate.
Before a bank commences full operations in Nigeria, a physical team of at least two officials from the Central Bank of Nigeria pays a visit to that bank after which an operating licence will or will not be granted, depending on if it meets certain criteria. This is, of course, after it has made an application and submitted all the necessary documents prior to the inspection.
The team inspected the physical structure, the banking hall and took an inventory of all the facilities available, for example, desktops, CCTV cameras, note-counting machine, IT software, time-stamping machines, etcetera. It also took stock of the security around the Bank and the University campus and certified it adequate.
Thereafter, the team held a brief meeting with the Management Staff of the Bank, during which, among other things, the heads of various units explained what their roles and functions would be in the Bank.
Lastly, the Team met with the UMFB Board members headed by the Vice-Chancellor, Prof. Oluwatoyin T. Ogundipe, FAS, at the Council Chamber Committee Room. The Vice-Chancellor welcomed the team and assured them that everything has already been put in place for the smooth commencement and sailing of the Bank as the University prides itself in being the University of First Choice and the Nation’s Pride.