Glory Micro Finance Bank Limited (GMFB) commenced operations as a micro finance bank in January 2008 with authorized and paid up share capital of N32 million.
The bank was formerly known as Ijegun Community Bank Nigeria Limited. Our history dates back to 11th August 1992 when Ijegun Community Bank Nigeria Limited commenced operations as a community bank in a building built and owned by the bank. The bank, with certificate of incorporation number RC185158, commenced business with an authorized and paid up share capital of N250,000 divided into 250,000 ordinary shares. In 1995, the bank’s authorized share capital was increased to N10 million, out of which almost N9.7million was paid up. The bank started with a 7-man board of directors.
As a community bank, Ijegun Community Bank Nigeria Limited positively impacted Ijegun Town, assisting to establish a banking culture in a semi-urban area, mobilizing millions of Naira in savings and providing financial assistance to many small scale and micro enterprises. Between 1992 and 2007, Ijegun Community Bank Nigeria Limited was the only bank in Ijegun, with the nearest bank over 5 miles away.
Ijegun community bank successfully passed through the rigorous conversion process of Central Bank of Nigeria (CBN) to become a micro finance bank in 2007, when the CBN gave approval for its licence under the name Glory Micro Finance Bank Limited. Thus GMFB started out on the basis of the tremendous goodwill which the meritorious existence of its forebear has created in the Ijegun Community.
The bank operates from its owned premises at 295 Ikotun Road, Ijegun. Ikotun road is the major road in the area, and is a recently completed World Bank Financed road linking Ijegun with the whole of Lagos State. Ijegun Town is in Alimosho Local Government Area (ALGA) of Lagos State with a population of close to a million people. It is bordered by Ijegamo and Ije-ododo in the south, Isheri-Osun, Oke-rube and Abaranje in the west and east of ALGA.