Nigeria Police Force (NPF) Microfinance Bank has recorded significant growth over the past three decades, transforming from a small financial institution with a capital base of ₦500,000 in 1993 into a national microfinance bank with shareholders’ funds of about ₦13 billion and a customer base exceeding 1.5 million Nigerians.
The Managing Director of the bank, Habeeb Yusuf, disclosed this during an interactive session with newsmen over the weekend, where he highlighted the bank’s journey, performance and future outlook.
According to Yusuf, NPF Microfinance Bank began operations in 1993 and expanded steadily, opening additional branches across the country before transforming into a national microfinance bank following licensing reforms introduced by the Central Bank of Nigeria.
“Today, the bank boasts 49 branches across all state capitals in the country,” he said.
He added that the institution’s financial growth has been consistent over the years.
“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,” Yusuf stated.
He further disclosed that NPF Microfinance Bank is the only microfinance bank listed on the Nigerian Stock Exchange, a development he said reflects its stability, transparency and strong corporate governance.
According to him, the bank ranked second best in capital appreciation among financial institutions in 2025, based on an independent publication, a performance that has further strengthened investor confidence.
While the bank is historically linked to the Nigerian Police Force, Yusuf dismissed the perception that its services are limited to 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,” he explained.
He said only about 45 per cent of the bank’s salary products are patronised by police officers, while 55 per cent are taken up by civilians and other professionals.
“With over 1.5 million customers nationwide, only about 300,000 police officers are among our clientele. This clearly shows that our services are open to all Nigerians, including civil servants, traders, artisans, farmers and corporate clients,” he said.
The Executive Director of Operations, John Tizhe, explained that the bank provides a wide range of financial products designed to meet the needs of different segments of society.
“These include current accounts, salary accounts, corporate accounts, multiple savings products and specialised loan schemes,” Tizhe said.
He listed some of the bank’s flagship products to include the Police Officer Service Account, Kids Education Savings, We-We Account for festive planning, Edu-Finance Savings, and the Better Women Savings and Loan Scheme.
“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 explained.
Tizhe also said the bank introduced Halal Banking Services to cater to customers who prefer interest-free accounts, particularly for pilgrimage and festive planning.
He added that the institution operates several loan products, including salary-based loans, school facility loans, agricultural loans, transport financing, business loans and micro-housing schemes.
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 plan for life 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,” he said.
On interest rates, Tizhe acknowledged the challenges associated with the high cost of funds in the microfinance sector but maintained that the bank offers some of the lowest lending rates in the industry.
“Our rates are competitive and affordable, with some products as low as three to six per cent monthly. We manage risks carefully and our non-performing loans are far below the five per cent threshold approved by the Central Bank,” he stated.
He also noted that the bank has invested heavily in digital banking infrastructure, offering USSD services, mobile banking applications, internet banking, agency banking, ATMs and POS services.
The Company Secretary and Legal Adviser, Mrs. Osaro Idemudia, said the bank recorded over 1.1 million social media visits and about 350,000 interactions in the last month alone, reflecting its growing digital presence.
She noted that the 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 the Bank of Industry, and previously participated in the World Bank-supported housing microfinance programme before it was discontinued,” she said.
Looking ahead, Yusuf expressed optimism about the bank’s future, revealing plans to expand operations and impact nationwide.
“Our goal is to triple our balance sheet size within the next five years, expand our visibility nationwide and deepen financial inclusion. We want every Nigerian to know that NPF Microfinance Bank is safe, strong and open to all,” he said.
The 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.
She stressed that public awareness and accurate reporting would help protect depositors, strengthen trust, and support sustainable growth across regulated microfinance institutions nationwide in Nigeria.
