Ek-Reliable Microfinance Bank, formerly Ikole-Ekiti Community Bank, was incorporated as a community bank on 15th May 1994. It was licensed by the Central Bank of Nigeria on the 25th May 2004 to carry on community banking business subject to the provisions of the Banks and Other Financial Institutions Act No of 1991 (as amended and the Guidelines for Community Banks and Other Regulation issued pursuance thereof).

Having satisfied the conditions for conversion from community bank to a microfinance bank, which include among other things, its capital base, it was issued a license by the Central Bank of Nigeria to operate as a microfinance bank on 12th March 2007. The bank shareholder fund has increased to above N50 million unimpaired by losses as at date.

The bank is situated at the centre of Ikole town in Ekiti State, adjacent to the Oba’s palace and close to the main market. It is strategically located at the main road that connects other towns and states. The bank serves its clients in the community and local government areas surrounding it with the varieties of products and services.

Ekiti in south western Nigeria was declared a state on 1st October 1996 alongside five other states in the country by the military under the headship of General Sani Abacha. As one of the newest states of the Nigerian federation, it was carved out of the territory of old Ondo State. On creation, it had 16 Local Government Areas.


Our strategic focus is to achieve the following objectives:

Ø Operational stability and sustainability

Ø Profitability

Ø Expansion and growth



Our vision is to see to the creation of an economic environment where capital ceases to be an impediment.



To develop grassroots economy through capital disbursement devoid of stringent conditions.



  1. Respect
  2. Honesty
  3. Professionalism
  4. Integrity
  5. Excellent
  6. Team work
  7. Commitment



Ÿ     To provide prompt services to customers

Ÿ     To be courteous to all customers (Good customer Relation)

Ÿ     To ensure timeliness in all Banking Operations.

Ÿ     To strive towards customers satisfaction and retention (Customers loyalty)

Ÿ     To ensure strict adherence to policies.

To exhibit professional competence in Banking Operations.


SWOT ANALYSIS FINDINGS & DATA ANALYSIS                                                                                                                                                                    


Ø    Strong Deposit

Ø   Age in the Business

Ø   Patronage by Micro, Small and Medium Enterprises among the populace

Ø   Competent Staff

Ø  Adequate Liquidity

Ø  Effective Board of Directors



Ø  Huge deposit potentials from host community like farmers, Traders and Artisans

Ø  The higher percentage of the town’s population in which the bank operate are low

income earners and active poor, which is in line with the core mandate of the


Ø   Ever increasing population

Ø  Presence of various business outlets and service centers within the town and local

government suburbs.

Ø  The Bank has an edge over its peers and can take advantage of the over 24

communities in the area that are without bank.

Ø   To encourage more Micro credit formation especially in groups

Ø   Expansion from UNIT to STATE MFB status




We constantly aim to achieve the following goals:

Ÿ  Organisational stability

Ÿ  Increase in Market Share

Ÿ  Profitability

Ÿ  Increase in shareholders fund

Ÿ  Dividend payout