OSOPADEC Chairman Leads Ondo State Lawmakers on Strategic Visit to Memphis Microfinance Bank
In a significant show of support for local economic development, the Executive Chairman of the Ondo State Oil Producing Areas Development Commission (OSOPADEC), Prince Biyi Poroye, led members of the Ondo State House of Assembly Committee on OSOPADEC on an official visit to the headquarters of Memphis Microfinance Bank in Isikan, Akure.
Established in 2019 as the investment arm of OSOPADEC with an initial share capital of ₦20 million, Memphis Microfinance Bank was created to provide accessible financial services, especially loans, to individuals running small and medium-scale businesses. Over the years, the bank has grown remarkably, now boasting a share capital of ₦300 million.
During the inspection, Prince Poroye emphasized the bank's original vision, describing it as a strategic institution designed to foster economic empowerment, boost financial inclusion, and support grassroots entrepreneurship.
“I strongly believe Memphis has a promising future in the microfinance banking sector. With the kind of personalities present here today, I can confidently say that once the bank receives the right publicity, there will be an influx of customers.”
He highlighted that many people are unaware of the bank’s existence, urging for stronger brand visibility. The Chairman also shared that during a recent ₦50,000 and ₦100,000 empowerment programme benefiting hundreds of youths and women across Ondo’s 18 local governments, he incurred high banking charges using a commercial bank. Going forward, he said such initiatives would be routed through Memphis Microfinance Bank instead.
Prince Poroye encouraged fellow public office holders and philanthropists to partner with the bank for their empowerment programmes and urged all lawmakers present to open personal accounts as a show of support and to help expand the customer base.
Speaking during the visit, the Managing Director of Memphis Microfinance Bank, Mrs. Funmi Akinde, assured the lawmakers of the bank’s dedication to customer satisfaction and innovative service delivery. She reaffirmed that the bank remains committed to promoting financial inclusion and supporting small businesses within the communities it serves.
“We are committed to driving financial inclusion and economic empowerment across our communities. Innovation and customer-centric service remain at the heart of what we do,” she said.
The visit concluded with the OSOPADEC Chairman, Committee members, and lawmakers all opening accounts with the bank — a symbolic gesture underscoring confidence in Memphis as a key player in community-focused banking.