PROLIFIC MICRO FINANCE BANK LTD emerged from OGBA COMMUNITY BANK NIG. LTD, which is one of the first generation Community Bank in Nigeria, located at 9, Ijaiye Road, Sango-Agege, Lagos State.
The Bank was incorporated on 11th June, 1991 by the Corporate Affairs Commission (CAC) with the Registration Certificate no: 165221. It was issued a provisional licence No: 0027 by the National Board for Community Banks (NBCB) on September 10th 1991 and commenced Community Banking business on 25th September, 2004.
The paid up share capital of Prolific Microfinance Bank Ltd was taken up in full by 1,939 shareholders. The list includes about 100 co-operative organizations in Lagos State.
The bank is noted for her unequal business model which revolves around corperative association and clubs.
Effective September, 2011, a major and corporate investor “INDEPENDENT CONTINUATIONS LTD” injected additional capital to reposition the bank into her usual leadership role in the microfinance bank sub-sector.
With this development, the bank has proposed to shore-up its Authorized share capital to enable the bank to play within the state-wide category of MFBs.