LivingTrust Mortgage Bank Plc has been honoured with the Development Bank of Nigeria (DBN) Innovation Award in the Other Financial Institution (OFI) category for the financial year 2024. This award, given by DBN, is to recognise financial institutions that have shown exceptional innovation and support for micro, small, and medium enterprises (MSMEs) in Nigeria, despite economic challenges.
The Development Bank of Nigeria is owned by several global and local financial institutions. These include the World Bank, African Development Bank (AfDB), European Investment Bank (EIB), French Development Agency (AFD), and the Federal Government of Nigeria through the Federal Ministry of Finance. The award is part of DBN’s effort to encourage Nigerian banks and other financial institutions to create better financial access for small businesses.
LivingTrust Mortgage Bank Plc was selected for this honour due to its outstanding efforts in financing MSMEs and introducing innovative banking solutions during a period when many businesses were struggling due to Nigeria’s tough economic environment in 2024. The bank continued to provide services that helped MSMEs survive and grow despite rising inflation, unstable exchange rates, and other financial pressures.
In a statement released on Monday by DBN, the institution praised LivingTrust Mortgage Bank for its resilience and creativity in the Nigerian financial space. “This award is a recognition of LivingTrust Mortgage Bank’s unwavering commitment to supporting MSMEs through innovative financial solutions that promote sustainable growth,” the statement read.
Reacting to the award, the Managing Director of LivingTrust Mortgage Bank Plc, Mr. Adekunle Adewole, said the recognition was a big motivation for the bank. “We are honoured to receive this award from DBN. It affirms our commitment to innovation and inclusive finance, especially in empowering small businesses to thrive despite economic headwinds,” he said.
Mr. Adewole added that the award would push the bank to do more in supporting MSMEs across the country. He promised that LivingTrust would keep finding new ways to serve small businesses, which play a vital role in creating jobs and boosting the Nigerian economy.
LivingTrust Mortgage Bank Plc has also been doing well financially. According to its audited financial statement for the year ended December 31, 2024, the bank declared a profit of ₦981.2 million. This figure is one of the highest profits in the history of the bank and reflects the strong performance of its business model, especially in retail and mortgage banking.
The bank has been focusing on delivering financial services that are accessible to Nigerians at all levels. Its innovative approach includes the use of digital platforms to make loans, savings, and other banking services easier and faster for MSMEs. The success of these efforts is now being recognised by key institutions like DBN.
The award ceremony also highlights the role of innovation in Nigeria’s financial system, especially as the country works towards economic recovery and growth. Other financial institutions that have received similar recognition in recent times include Stanbic IBTC and several fintech firms, showing that the sector is moving towards more modern and inclusive banking.
LivingTrust Mortgage Bank Plc is expected to continue in this direction as it builds on this recognition to expand its services and reach more small businesses across Nigeria.
