Bama Micro Finance Bank Limited was incorporated in 4th January 2013 as Ideke Community Bank Nigeria Limited with Registration Number: RC1088897 and was earlier granted a provisional banking license by National Board for Community Banks (NBCB) in April 2012 to commence Community banking business. The bank soon after it commenced operation had operational problems due to some factors beyond control and consequently closed shop.
The present investors came to the rescue of the bank as they took over the ownership and management of the bank and injected some funds. Amongst the actions taken by the new investors/management to re-position the Bank was to change the name of the bank from Ideke Community Bank Nigeria Limited to Bama Micro Finance Bank Limited. The choice of this name was guided by the integrity and successful business records of the present Chairman of the bank (Dr. Adamu Dangoni) whose traditional title name the bank adopted.
The bank was granted permanent licence by the Central Bank of Nigeria and this was due to its performance since the new investors/management came to be. The Bank's Authorised Share Capital is N26, 000,000 while its paid-up Share Capital is N22, 970,000. However, efforts are already in motion to increase the authorized and paid-up capital to the required minimum of N40, 000,000.
The Bank is located at Bama Main Market, Barma L.G.A, Borno State, Federal Republic of Nigeria with an estimated population of more than 750,000 inhabitants. There are many commercial and microfinance banks in the area.
The Bank is one of the providers of financial services within the area of its operations with great opportunities which if well exploited will not only ensure the Bank's continued existence but will also assist in alleviating the poverty level of the people within its catchment area.
Recently, in the bank's bid to encourage education within its catchment area, it sponsors outstanding students to study abroad through its programme called "Foreign Higher Education Scholarship". This programme started last year with 5 outstanding Students sponsored for studies in Malaysia and Canada. The winners of this year's edition of "Foreign Higher Education Scholarship" have been shortlisted and preparations are underway.
