By Nkiruka Nnorom
DLM Capital Group has announced plans to expand into the fintech sector following its acquisition of Links Microfinance Bank.
The license will give DLM Capital Group the mandate to operate small scale banking services in Nigeria.
This, according to the company, 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 it to deliver even more value for corporates and consumers.
In a statement, DLM Capital Group said the acquisition of Links MFB represents both an entry into new businesses and complementary enhancements to the institution’s existing subsidiaries, adding that the prospect opens new market opportunities for the bank on the African continent.
Additionally, 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 firm said.
Chinwendu Ohakpougwu, Corporate Communications Manager at DLM Capital Group, said: “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-capitalized financial institution with advanced scale and capacity to deliver sustainable and best-in-class financial services within the Nigerian market.”