Isale Oyo Microfinance Bank Limited (formerly Isale Oyo Community Bank) came into being more than two decades ago as a result of passion of visionary Fathers and Community Developers who deemed it fit to have financial institution in form of bank for rapid development in Isale Oyo Community in Oyo town of Oyo State.

Many prominent individuals, groups and associations in Isale Oyo among who are: Late Chief Amuda Olorunkosebi (Asipa of Oyo), Late Mr J.O Ogunniran, IsaleOyo Development Associations, Isale Oyo Literate Union e.t.c made patriotic efforts to invite Banks such as Wema bank to establish branch in Isale Oyo but all efforts proved abortive.

In January 1992, during the meeting of Isale Oyo Development Association under the chairmanship of Mr Joshua Olajide Oyerinde (popularly called Lodo Jesu), Messr J.A.B. Kehinde and Kola Ishola moved a motion that a community bank be established. The motion was unanimously adopted. Consequence upon this, a Working Committee was set up, Messrs Oyerinde and Adeyi (represented home (Oyo) front) while Messrs J.A.B. Kehinde and A.K. Ishola (represented Lagos front) to work on the urgent and smooth modus Operandi that would lead to the establishment of the Bank. They succeeded in naming the Bank “Isale Oyo Community Bank”, chosen Saabo Market as the site/ location of the Bank; they created awareness and sensitized the Isale Oyo indigenes both at home and abroad which led to huge purchase of shares of the bank.

REGISTRATION AS LIMITED COMPANY

On February 6^th 1992, the application form collected for the establishment of the Bank was duly filled and submitted with all relevant documents and on January 4^th 1993. A letter of authority to establish the Bank was received from the National Board for Community Bank (NBCB) while the certificate of incorporation (RC226064) under the Companies and Allied Matters Act 1990 was issued by the Corporate Affairs Commission, Abuja on June 23^rd, 1993.

APPRAISAL INSPECTION AND PROVISIONAL APPROVAL TO COMMENCE BANKING OPERATIONS

In February 1993, the application for appraisal and inspection of documents, Memorandum and Article of Association (MERMAT) were vetted at the NBCB and the provisional approval License was issued on January 30^th, 1995 conveyed the establishment of the Bank. On the 22^nd March, 1995 the Bank was commissioned and commenced full banking operations on the 4^th April, 1995.

SHAREHOLDINGS OF THE BANK

The equity of the bank is distributed among the rank and file of the community where the bank operates.

Pre Conversion: The Bank commenced business with the Authorized Share Capital of N1,000, 000.00;Issued and Paid up Capital of about N888,860.00 with over 300 Shareholders in the share register of the bank in 1995.

Post Conversion: In 2007 the Central Bank of Nigeria (CBN) promulgated a policy that changed the status of the bank from Community Bank to Microfinance Bank and raised their capital to N20 Million which every existing Community Banks in Nigeria complied with. Consequent upon the new requirements, Isale Oyo Community Bank met the minimum Capital requirement of N20Million, its status changed to “Microfinance Bank” through a letter of approval dated August 31^st, 2010 conveying the Microfinance Bank status to the Bank from the CBN. By December 31^st, 2017 the Authorized Share capital stood at N30Million while share issued and fully paid is N25,227,193 with 1,111 shareholders.

The Bank carries out its correspondence banking activities with the under listed commercial banks:

1. First Bank Nigeria Plc
2. United Bank for Africa Plc
3. Guaranty Trust Bank Plc
4. Stanbic Ibtc Bank
5. Polaris Bank
6. Eco Bank Plc
7. Heritage Bank
8. Unity Bank
9. Union Bank

1. Mr James Adetunji Babatunde KEHINDE (B.ScMaths, FCCA, FCA, MINST.AM(DIP) – Chairman. He is a Community leader, formerly Finance Director Ibafon Chemical Nigeria Ltd, he worked and headed several corporate financial establishments in Nigeria and overseas before he retired to manage his own enterprises.
2. Mr. Salaudeen Kamar Oyedele (B.Sc Banking & Finance, MBA, ACIB) Managing Director/CEO. He is an astute banker with vast experience in both commercial and microfinance banking. While working in the commercial bank, he rose to the post of Branch Manager and FOREX Operations Head. He also worked as Lagos and Ibadan Regional Manager at Blue Microfinance Bank. He was the Managing Director with Rolez Microfinance Bank before he joined Isale Oyo Microfinance Bank Ltd as MD/CEO, the position he occupies till date.
3. Prof Matthew O. ODEDOKUN (B.Sc, PhD Economics, FCCA) – Director. He is presently an Economics Professor in a Nigerian University. He had previously lectured in many Universities in and outside Nigeria. He had worked as an Economist with the International Monetary Fund(IMF) in Washington, a Research Project Director with the United Nations Agency (UNA) in Helsinki, Finland; Economic Adviser at the Commonwealth Secretariat, London; a Director and Technical Adviser in Debt Management Office, Abuja and a Special Consultant to the Honorable Minister of Finance, Abuja.
4. MrsLoladeKudirat AFOLABI(B.Ed, MILR, CIM, MCB) – Director. She was formerly Marketing Manager at Seedvest Microfinance Bank Ltd. She is presently the Managing Director at FFP Global Investment and Management Resources.
5. Mr David Oluwole OYENIYI (B.Sc. Computer Science, Oracle Certified Application Developer OCAD)– Director. He worked as Programmer/Analyst with Z. O. Ososanya& Co. (Chartered Accountants), Ibadan, also as Programmer/Analyst with UBA Plc, Computer Systems Division, Head Office, Lagos. He was Head of I. T. Department at Prudent Merchant Bank Limited, Lagos. He also worked with Skye Bank Plc and retired as Senior Manager and Head, I.T. Services & Operations.
6. Mr. Josua Adeniyi ADEYINKA (HND, MBA) – Director. He is a member of Nigeria Institute of Management and Nigerian Marketing Association. He did his National Youth Service Corp (NYSC) at The Federal Polytechnic Nasarawa as an Assistant Lecturer. He worked with Jare Odedokun and Company (Chartered Accountants) as Trainee Accountant and Guinness Nigeria Plc where he worked in various positions and retired as Acting Sales Operations Manager to manage his own ventures. Before his appointment as a member of the Board, he had served the bank as a member of the Audit Committee and as Secretary to the Board of Directors.