Legend Microfinance Bank Nigeria Limited was incorporated in September 1992 as Inisa Community Bank Nigeria Limited with Registration Certificate (RC) No. 205591. The Bank was commissioned to commence community banking business in December 1992 having also secured community banking approval from National Board for Community Banks (NBCB).

Setting up the Bank was primarily the initiative of Inisa Descendants Union (IDU) under an executive organ called “Inisa Forum”. The initial subscribers to the shareholding of the Bank (as a going concern) comprise of members of Oyemojo and Inisa Progressive Clubs (members of IDU) who commenced the banking operations with N1, 000,000.00. Between 1993 and 2003, the bank operated under a highly regulated economy and with stiff competition from the commercial banks, survived the heat and still remained strong in the grassroots banking business throughout the period. Prior to obtaining operating license, the Bank, in June 2003 acquired a modern Banking Software for the automation of its operations which made it the first Community Bank to be computerised within Osun State.

In May, 2004 the Central Bank of Nigeria (CBN) granted the Bank a final license to operate as a full fledged Community Bank having met all the requirements for the license. Interestingly, the required paid up capital as at then was N5, 000,000.00, the bank had over N10m as shareholders funds. As at the end of 2004 financial year, the Bank had increased its share capital (authorised) to N20, 000,000.00 at the Corporate Affairs Commission (CAC), Abuja.

The Bank operated under a highly competitive environment in the following year and by December 2005, the Federal Government of Nigeria came up with a policy mandating all Community Banks to convert to Microfinance Banks under a new capital base of N20, 000,000.00 (a 300% increase from N5, 000,000.00) with a deadline of December 2007 for compliance with the new capital requirement.

The Board of Directors of the Bank accepted the conversion policy and without delay put all its resources together towards achieving the requirements of the Microfinance Policy and Regulatory Framework of the Federal Government of Nigeria. In December 2007, the Bank was granted a final license by the Central Bank of Nigeria to operate as Microfinance Bank in Osun State under the corporate name Legend Microfinance Bank Nigeria Limited.

During the conversion year, Legend Microfinance Bank commenced the construction of its own permanent banking premises in the heart of the town at Inisa. Construction work is going on with the aim of completing the edifice (that will serve as the Head office and main data centre for a new modern technology platform for microfinance operations) before the end of the year 2008.

The uniqueness of the conversion period in the life of the Bank was the ability to acquire three other Community Banks (within Osun State) that could not meet the conversion requirements. Legend microfinance bank successfully took over the old Igbaye Community Bank in Odo-Otin Local Government (the Bank’s primary operational base), old Ileogbo Community Bank Limited and Kuta Community Bank Limited both located in Aiyedire Local Government Area of Osun State. The main purpose of the acquisition is to extend our services beyond our immediate operating environment in preparation for a broader expansion programme that will see Legend microfinance bank become a country-wide operation within five years (2008-2012). Towards this, the Board of Directors recently increased the authorised share capital of the Bank from N20, 000,000.00 to N100, 000,000.00 at the Corporate Affairs Commission (CAC), Abuja.

Legend Microfinance Bank has established itself as a formidable player in the microfinance sector within the markets we operate. Our operation has grown despite competition from some of the largest universal banks and other microfinance banks within our area of operation. Key to this success is our foresight and exemplary leadership role in Grassroots Banking, driven by products and services that meet the subsistence and financial empowerment needs of the our customers. Legend microfinance bank (and its precursor, Inisa Community Bank) has also contributed directly to the development of its immediate community through its social responsibility programmes.

The Board of Directors presently comprises of professional Bankers, Accountants and Managers who are highly experienced in their chosen careers. The management team is led by a professional Banker and supported by other professionals carrying out the board of directors’ policy in line with the laid down regulatory frameworks of the Central Bank of Nigeria and the Nigerian Deposit Insurance Corporation.