This document provides basic information about Seedvest Microfinance Bank Limited, including its physical addresses, contact information, ownership structure, and business description. Seedvest is a microfinance bank located in Ibadan, Nigeria that provides financing and savings services, with a goal of being the best MFB in Nigeria. It currently has over 29,000 deposit customers and has granted over 23,000 loans totaling 1.74 billion Naira since inception. The market for microfinance in Ibadan and Oyo State is large as most residents do not have access to financial services. Seedvest aims to fill this need and help improve lives through microfinance activities.

1. BASIC INFORMATION
Name of business SEEDVEST MICROFINANCE BANK LIMITED
Physical Address
1. Corporate Head Office - 15, ObafemiAwolowo Way,
J. Allen,
Dugbe,
Ibadan.
2. Samonda Branch - 50, Sango-University of Ibadan Road,
Samonda,
Ibadan.
3. Gbagi Branch - Opposite Intercontinental Bank Plc,
New Gbagi Market,
Old Ife Road,
Ibadan.
4. Iwo Road Branch - 84, Ile Pupa Bus Stop,
Opposite Olowotifowosanu,
Iwo Road,
Ibadan.
5. Bodija Branch - 3, Akilapa Street,
Beside Akilapa Mosque,
Opposite Ram Market,
Bodija-Oja,
Ibadan.
6. Gate Branch - HamiduAjibade Shopping Complex,
Agodi-Gate

2. 7. Challenge Branch - 14, Ring Road,
Beside First Bank Plc,
Elewura Junction,
Challenge,
Ibadan.
8. Agbeni Meeting Point - SW4/27, AgbeniOlogede,
Ibadan.
Postal Address P.M.B. 5083, General Post Office, Dugbe, Ibadan
Contact Persons:
Mr.KehindeOyeleke (Managing Director) 08034552355
Mr.NiyiAkinbode (General Manager) 08035134118
Mr. Simon Eromosele (Legal & Compliance Officer) 08032672020
e-mail Kehinde.oyeleke@seedvestgroup.com
Website www.seedvestgroup.com

3. 1. Business Description
1.1 Brief Overview
1.1.1 History
Seedvest Microfinance Bank commenced business on 4th June, 2007 pursuant to a unit
microfinance bank license issued by the Central Bank of Nigeria. In establishing the Bank,
the promoters were driven by the need to increase value creation in the society through the
empowerment of poor and underprivileged people. They believed that entrepreneurship is
the major creator of wealth in every society and that the existing banking system was not
structured to support entrepreneurs and small businesses. The Bank, the first microfinance
bank to be licensed in Oyo State, is the leading microfinance bank in Oyo State, with its
operational base in Ibadan.
1.1.2 Main Business Activity
Seedvest Microfinance Bank provides financing and savings services to individuals, groups,
associations and corporations.
1.1.3 Goals
The goal is to be the best Microfinance bank in Nigeria and one of the country’s best
financial institutions in Nigeria in the next five years.
1.2 Service Description
Seedvest offers a range of banking services to its customers. They can be classified into
deposit mobilization, granting of loans and advances; and advisory services.
1.2.1 Deposit Mobilization
Deposit mobilization enables the customers to save for business needs and asset
acquisition. We have different types of accounts with opening deposits considerably lower
than commercial banks’, so as to make the services available to all classes of
customers.Savings and Fixed deposit accounts are also maintained for customers.
Types of account maintained include: Mustard Seed, Seed Investment, Dynamic and Seed
Enlargement savings accounts.
Opening deposit varies between N1, 000.00 for Mustard Seed and N10, 000.00 for Seed
Enlargement. Fixed deposits are maintained at minimum of N50, 000.00 for a tenor of 90
days to 360 days. Total deposits stand at N82.5million as at 22nd March, 2010.
Total number of deposit customers as at end of March 2010 is 29,512.
1.2.2 Product Development:
New savings products have been introduced to increase the bank’s appeal to the public and
align our services better with the customers’ needs. These are:
Seedvest Children Future Assured Account, to be operated by parents, with a tenor
of twelve months before withdrawal and with benefits such as: student scholarship and
future employment opportunities.
Seedvest Workers Advancement Account, for salary earners with the benefit of
access to cash advances against monthly salary.
Seed Treasure Account, for traders and suppliers with access to bank overdraft.

4. Seed Young Star Account, to be opened in the name of the child and operated by a
parent until the child becomes 18 years old with the benefits of Seedvest customized
school gift items for the child.
1.2.3 Loans and Advances
Since inception, the Bank has granted a total of 23,244 loans, amounting to N1.74billion.
Current loan portfolio is about N300million.
1.2.4 Business Advisory
Seedvest’s customers are mainly lower class, with minimal formal education, especially in
business management and keeping of financial records. Therefore, Seedvest generally
advises and educates its customers on business management, simple book-keeping,
cultivation of banking habit and control of cash flow.
1.3 Location
1.3.1 Characteristics of the Chosen Market
Seedvest Microfinance Bank is located in Ibadan, one of the largest cities in Nigeria, with an
estimated population of 6 million people. It is the third single largest city in Africa, behind
Cairo and the increasingly defragmented Lagos. It is also the home to 6 major markets, and
is adjoined by dozens of other smaller markets. Major markets in Ibadan include the upscale
Dugbe market (where electronics, books and home appliances are sold), Bodija, Oja-Oba
and Aleshinloye (which are three large food markets), the Agodi-Gate market (where
everything ranging from auto spare parts to electronics are sold) and the New Gbagi market
(for clothes). Ibadan is also one of the major metropolises in Nigeria, and the purchasing
power of the residents is second only to that of people living in Lagos, Port Harcourt and
arguably Abuja. It is in essence a very large and growing market.
The main occupations of people living in Ibadan include trading, manufacturing and
artisanship. White collar jobs are few and far between, although the government is the
biggest employer of labour here. Many people also work as factory helps and manual
labourers. It is a skewed society, in which less than 1% of the residents could be considered
rich. Majority lives at the very subsistence level.
Ibadan is part of Oyo State, a State bounded on the North by Kwara State, on the South by
Ogun State, on the East by Osun State. Most of Oyo State is rural; hence majority of the
residents, especially those that live in the rural areas are farmers.
Financial services in Oyo State are not as deep as that of Lagos. Only a handful of banks
(notably First Bank, Union Bank and UBA) were in Ibadan some 10 years ago. Things have
recently gotten better and many of the newer banks have either opened branches in the city
or are in the process of doing so. Despite this, financial services are still largely inadequate
in this city, and have not gone beyond routine banking services. More than 80% of the
residents do not operate any bank accounts and are therefore shut out of the current
financial system.
The situation is even worse in other cities in Oyo State, where most of the residents do not
have any bank at all, and therefore do not have access to savings or credit facilities. The
impact of this unavailability of credit on the life of people is palpable. Most remain mired in
subsistence living, consuming excess harvest in the good years, only to suffer severe
deprivation during the lean years. As a result of this, most people in Oyo State have been
unable to rise out of poverty, cannot afford basic amenities of life, cannot secure critical

5. finance for their businesses and have no savings for the future. These people desperately
need microfinance services.
It is clear that the residents of Oyo State need savings and credit services, which existing
commercial banks have so far been unable to provide. It is considered unlikely that major
commercial banks would develop the kind of orientation needed to service the poor
grassroots people of Oyo State. It is therefore left to microfinance institutions like Seedvest
to step in and provide these services, so that the quality of life of residents can improve.
Seedvest’s promoters are fully prepared for the challenges of touching lives in Oyo State
through such microfinance activities like savings mobilisation and grant of credits.
1.4 Ownership Structure
Seedvest MFB Shareholding Details As at December 2008
2008 % Today % Location Role/Responsibilit
y
Cash
Contribution
OtunbaOlus
olaAdekanol
a
40,000 20 60,000 20 Lagos Chairman 60,000
Mr
KehindeOye
leke
40,000 20 60,000 20 Lagos MD 60,000
Pastor
A.O.R
Oladele
11,000 6 11,000 4 Lagos Shareholder 11,000
Frame
Investment
Ltd
4,500 2 4,500 2 Lagos Shareholder 4,500
Chief
OlabisiOgun
jobi
- 0 - 0 Lagos Director 1,000
Mr
AbiodunAde
oti
5,000 3 5,000 2 California
USA
Shareholder 5,000
Miss B.A
Mustapha
5,000 3 - 0 Port
Harcourt
Shareholder -
Seedvest
Ltd
94,500 47 158,00
0
53 Lagos Shareholder 158,000
Total 200,00
0
10
0
300,00
0
10
0
300,000
All of the company’s shareholders have made cash contribution for the shares. There is
currently no proposed change to the company’s ownership. The relationship between the
shareholders is guided by the company’s Memorandum & Articles of Incorporation
(“MEMART”), and there is no separate shareholders’ agreement. We would be delighted to
furnish you with a copy of the MEMART. Ownership overlaps significantly with management.
The management group owns ~93% of the company (87% as at December 2008).
1.5 LEGAL CONSIDERATIONS

6. NAME DESCRIPTION REQUIREMENTS TO
OBTAIN/MAINTAIN
DATE OF
ISSUE
RENEWAL
DATE
COMPANY
REGISTRATION
Certificate of
incorporation
(issued by the
corporate
affairs
commission)
Memorandum and
articles of association
List and particulars of
shareholders and
shareholdings
List and particulars of
directors
Legal practitioner’s
statutory declaration of
compliance
Annual returns (to be
filed with the audited
statement of account)
yearly at the corporate
affairs commission
Section 636 bi-annual
filings (February and
August)
9th
May
2007
TRADING
LICENCE
Operating
Permit and
Licences
Microfinance
banking final
operating
licence (issued
by the CBN)
Monthly, quarterly and
yearly rendition of
returns to the central
bank of Nigeria
Approval for the
appointment of new
directors and
management staff
Approval for the
increase in share
capital
Approval for the
opening, relocation and
closing of branches or
cash centres
Monthly rendition of
report on money
laundering to the
Economic and
Financial Crimes
Commission (EFCC)
25th
June
2007

7. 2 Opportunity
2.1 Market Overview
The current microfinance banking regime is the latest in the efforts to address poverty and
improve the quality of life for the poor in Nigeria. Past efforts include People’s Bank, Better
Life for Rural Women and the National Poverty Eradication Programme. These programmes
have invariably failed to address the widespread issue of poverty in Nigeria, and
microfinance banking is being looked upon to fill the gap left by all these failed intervention
programmes.
The introduction of microfinance banking led to the licensing of about 300 new players
throughout the country. This is in addition to about 600 existing community banks that were
all grandfathered into microfinance banks. Beyond licensing these banks, the CBN as the
regulatory body has done very little to nurture the nascent industry. The result is that many
of the grandfathered community banks, most of them with grossly inadequate capital bases,
have closed shop. The unwieldy number of approved microfinance banks has severely
tasked the regulatory capacity of the CBN, with the result that many operators have taken on
huge financial risks and some have collapsed totally, often with the depositors’ funds.
Expectedly, the entire sector now faces negative publicity as a result of the failure of these
poorly monitored microfinance banks.
Our experience is that the market for microfinance is huge, given that most poor and middle
class people are locked out of the existing banking system. Ongoing banking sector issues
have further affected the ability of the banks to extend credit, implying large business
opportunities for well organised and adequately funded microfinance banks.
Seedvest MFB is the dominant microfinance bank in Oyo State, and there is practically no
meaningful competition from other MFBs. It has also structured itself for maximum efficiency
of operations and for profitability. Accessing funding for onlending is the Bank’s current main
challenge.
2.2 Customer Segmentation
Product % of
Sales
1 Traders Relief Scheme/Transport Support
Scheme
32%
2 Loans 41%
3 Group Loans 22%
4 Daily Contributions Accounts 5%
Total 100%
Loans:-This is a personal loan taken for business or personal use with monthly repayment
period. Loans could be to individual borrowers or to recognized associations and groups.
Traders Relief Scheme (TRS):- Loans for traders, repayable on weekly basis.
Transport Support Scheme (TSS):- Loans for those in transport business either for repair
or purchase of vehicle.
Daily Contribution Account (DCA):- This is meant for daily sales traders with monthly
revolving tenor.

8. 2.3 Industry & Competition Analysis
In theory, the commercial banks should be the biggest financiers of consumer and
entrepreneur financing in Nigeria. For one thing, they make up more than 85% of the
Nigerian financialservices sector. In addition, the kind of branch networks that commercial
banks have makes them best placed to serve retail consumers and entrepreneurs.
In reality, however, commercial banks in Nigeria have not found microfinance attractive
compared to other areas of banking. The administrative requirement for microfinance is
beyond the competence of most banks. The inability of commercial banks to operate at the
microfinance level is however not a Nigerian phenomenon: commercial banks all over the
world have tended to focus on bigger ticket items rather than multiple loans in the amount of
N50,000.
Notwithstanding the foregoing, many banks are seriously contemplating setting up
microfinance subsidiaries that would leverage their branch network and other resources.
Howthis will be done without eroding the brand equity of the overall commercial bank
remains to be seen.
At a much lower level, community banks had traditionally focused on micro enterprises and
small entrepreneurs. The historically poor capitalisation of the community banks and their
typically poor management quality has however hindered them from being effective in the
finance of small businesses and entrepreneurs. While the CBN has grandfathered some 600
of the previous community banks into microfinance banks, most of them are not likely to be
effective players in the emerging competitive landscape.
Leasing companies have also been involved in financing micro enterprises. These leasing
companies have been limited to few urban areas like Lagos and Port Harcourt, and have
traditionally focused on big corporations. There have not been many testimonies on the
effectiveness of the leasing companies in providing micro credit to small enterprises.
Some NGOs have focused on providing micro enterprises with short term financing. Some of
these NGOs have been in the form of credit cooperatives and have targeted farmers and
artisans in few rural areas. Because many of these NGOs operate as grant giving agencies,
they do not have the kind of capital retention needed to grow a vibrant microfinance system.
While NGO microfinance institutions will continue to play very important roles in funding
small business, their grant-giving orientation is expected to significantly circumscribe their
capital as well as their overall effectiveness within the system.
Lastly, a lot of international microfinance organisations have shown interest in Nigeria,
attracted by the size of the country’s population, and the relative underdeveloped nature of
the microfinance business in Nigeria. These players are expected to be dominant in the
evolving dispensation, although their orientation seems to be more in terms of creaming the
top by focusing on few urban centres rather than genuinely providing micro credit to needy
businesses in the rural communities. The stipulation by the CBN that every licensed
microfinance bank must operate grow organically from a chosen state has somehow whittled
down the expected dominant influence of these organisations.
2.3.1 Licensed Microfinance Banks
Since the CBN commenced the licensing of Microfinance Banks in 2006, some 300 new
MFBs have been licensed to operate, in addition to the 600 former community banks that
have now been grandfathered en masse into the rank of microfinance banks. About a third of
these newly licensed microfinance banks are in the Lagos area, there is yet to be any direct

9. competition among them, given the inadequacy of supply of microfinance services relative to
demand. In any case, a handful of these players are already differentiating themselves from
the pack, and this distinction is likely to accentuate over time, given the fact that the low
entry barrier has created room for all kinds of players, many of which are grossly ill-equipped
to compete in the emerging sector.
Seedvest was the first licensed MFB in Oyo State, and remains the only established player
in the State. It is the Bank’s plan to leverage this position to advantage by developing
products and services tailored to meet the need of its customers. The plan is to cover the
market so aggressively that an automatic entry barrier would be erected against any would
be entrant into the microfinance sphere in Oyo State.
2.4 Competitive Advantage
2.4.1 Strengths
Seedvest has acquired market acceptance and industry leadership in a market that
remains largely underserved;
Demand in the market is still unmet, hence there is still a long way for the business to
grow;
Good market image has enabled the Group to attract experienced top quality
professionals;
Management is seasoned, with deep financial services expertise, and good contacts
within the local financial services environment;
Team has worked together over the years, and understand the business landscape very
well
Business is deemed very scalable, with many potential growth areas still largely
unexplored.
2.4.2 Weaknesses
The microfinance culture is still underdeveloped in Nigeria. Lots of education would be
needed to enable microcredit consumers develop credit management techniques;
Widespread poverty may exacerbate default risks;
Infrastructural inadequacies would increase the cost of providing service in the rural
areas;
Personnel shortage could limit the Bank’s growth and expansion strategy.
2.4.3 Opportunities
Big commercial banks are not equipped to provide microfinance services in the rural
areas. This provides significant growth opportunities for focused microfinance banks;
Weak capital base of previous community banks makes them acquisition candidates for
well organised and capitalised microfinance banks, therefore providing additional growth
avenue;
The entry thresholds of N20million and N1billion for the 2 categories of microfinance
banks as well as the requirement that each Microfinance Bank choose a state to operate
from will minimise the instance of cherry picking by big institutions and enable smaller
microfinance banks to thrive.
2.4.4 Threats

10. Policy reversal by the Federal Government on microfinance may adversely affect the
business. This is however considered unlikely given the expected role of microfinance
institutions and the extent of need for microcredit;
Entrance by the big commercial banks into the microfinance niche may reduce the
space needed for true microfinance banks to grow. Major commercial banks do not,
however, have the infrastructure to effectively provide microfinance services. Also, a
foray by these banks into microfinance would most likely erode their brand equity; hence
such foray is not expected.
2.4.5 Summary
The overall summary of the above factors is that Seedvest has all it takes to succeed in the
emerging microfinance market. The experience and passion of the management team would
combine with the global sentiment to provide credit to poor and aspiring entrepreneurs as
well as the willingness of the Nigerian government to support the establishment of a strong
microfinance system to make Seedvest a success

11. 3 Marketing
3.1 Costing & Pricing
The Bank today is substantially funded by the shareholders’ funds. Only N82.5million of the
Bank’s approximately N450million capital is through the depositors’ fund. It is therefore
difficult to attach any cost to its loan product, as a practical matter. Rates on deposits vary
based on amount of deposits and its duration. The lowest rate is 5% per annum (for savings
accounts), while deposits range from 6% to 13% per annum, depending on amount and
tenure. We would estimate our total imputed costs of capital to be about 22% per annum.
Our loans attract monthly interest charges as well as a one-time administration fee per
transaction. The following table shows the rates for our various products:
Product Monthly Interest Rate Admin Fee (per
transaction)
Loans 7% 5%
TRS 6% 5%
LPO 7% 5%
DCA 6% 5%
You should however note that our customers are stratified based on their performance and
length of relationship. Customers who have taken three transactions without any
performance default are promoted to Gold Status (which attracts a 3% admin fee), while
those with six clean transactions are promoted to Platinum Status (with a 1% admin fee).
3.2 Sales Projections:
Projected monthly loan and advances in 2010 is N136million, which we consider realistic,
subject to funding. We in fact face a huge unmet demand from old and new customers and
therefore believe this target could be surpassed. Increase in income on the short term (say
within the next one year) will results from the current increase incredit demand, but in long
term expansion of branch network will boost income and profitability.
3.3 Marketing Plan:
3.3.1 Marketing Strategy
The Marketing Strategy being used is as follows:
a. Identification of customers banking needs, some customers want to maintain savings
accounts where they can save money for future use. Some require business advice,
while some want loans to support their business equity capital.
b. Segmentation of the market which involves subdividing it into subsets for target
marketing.
c. Penetration of the subset market which means convincing customers to buy particular
services that give a good share of the market to our bank.
d. Customer performance is being encouraged through the promotion of performing
customers into Gold and Platinum Statuses. This not only encourage good credit
behaviour on the part of the customers, it also breeds strong loyalty to the Bank.
Already many deposit and lending products which constitute the needs of the customers
have been identified as explained under service description.

12. 3.3.2 Marketing Method:
Although we had in the past relied on such marketing methods like erection of billboards,
and radio and television adverts, our marketing approach in the past year has focused more
on creating a good image and encouraging our customers to testify of our services by word
of mouth. Our extensive branch network in Ibadan means that we are within the reach of
most customers, thereby avoiding the need for them to travel long distance and incur huge
costs just to transact with us. Our focus going forward will be on improving our operating
efficiencies and improving the customers’ experience,rather than through artificial methods
like adverts, which we believe does not ultimately create long term relationships.
One thing we have done well in the past is to period have interactive sessions with our
customers through occasional Customer Forums. These forums have improved the
perception of the customers of our Bank as a very responsive institution. They have also
flagged behaviours that customers are unhappy with, and have in some cases led to the
introduction of new products and services, and in one case, a new branch.

13. 4 Operations
4.1 Key Operational Functions
4.1.1 Customer Relations Department
Open Account For all Customers
Keeps Customers Profile and Mandate Files
4.1.2 Credit & Marketing Department
Initiates credit request from customers
Process customer's application and packages loan files
Reviews customer files in line with documentation check list
Appraise files for completeness and viability in line with credit policy
4.1.3 Inspection Dept
Verifies location information supplied by customers
Ascertain the existence, ownership and value of assets pledged as security
Prepare inspection report and file in customer's file
4.1.4 Credit Admin Dept
Reviews files for completeness
Forward files to & receive files from Legal unit
Re-appraise customers request for viability
Prepare customers files for credit committee
Convene credit committee meetings
4.1.5 Legal & Compliance
Reviews collateral documentation for completeness and ensure that the bank exposure
is adequately covered
Process all perfection needed for various security types
Has custody of all collateral documents as well as Guarantors' cheques
4.1.6 Credit Committee
Deliberates on all loan requests
Reviews the file to ascertain whether or not, all identified risks have been mitigated.
Gives approval for such loan requests after satisfying itself that the Bank funds are
adequately secured
4.1.7 Credit Administration Department
Prepare offer letters for all approved loans
Send offer letters to finance for disbursement
Forward security documents to legal dept for keep
Keep custody of all approved files
4.1.8 Finance Department
Receives approved offer letters from credit Admin.dept.
Disburses into customers account to allow withdrawals
prepares schedules of expected repayment for the credit officers

14. 4.1.9 Cash Department
Pays cash to customers upon withdrawal request made on approved loans
Post withdrawal instruments into the customer’s account to update the account status
Take deposit and repayment made into various customers’ account.
4.1.10 Credit & Marketing Department
Obtain regularly customers’ transactions report
Monitor the customer's business to evaluate progress made and give situation report.
Liaise with customer regularly to ensure repayment are made as at when due.
TRANSACTIONAL CYCLE AT SEEDVEST MFB
4.2 Key Personnel
4.2.1 Board
Seedvest’s Board currently comprises:
Chief OlusolaAdekanolaFCA, FCCA. (Chairman)
An astute and highly enterprising accountant, Chief Adekanola is a household name in the
Nigerian accounting profession. He is a Fellow of the Chartered Association of Certified
Accountants - United Kingdom, and also a Fellow of the Institute of Chartered Accountants
of Nigeria.
He pioneered the now famous Accelerated Revenue Generation Program which has
remendously assisted over 26 States of Nigeria in improving their Internally Generated
Revenue.
Chief OlabisiOgunjobi - Director
Chief OGUNJOBI is the former Vice President of the African Development Bank (“ADB”) and
was Nigeria’s candidate at the election for the post of the President of ADB in 2005. A
veteran international development economist with over 35 years of national and international

15. financial and development banking experience, he consults for several international
organisations.
Chief Ogunjobi has received national honours of the Officer of the Order of Niger of the
Federal Republic of Nigeria, Chevalier de l’Ordre du Merite of Burkina Faso, Chevalier de
l’Ordre National of the Republic of Mali and Officier de l’Ordre du Merite of the Republic of
Niger. He also holds traditional titles from Nigeria and Cameroon.
Chief Ogunjobi holds a B.Sc. degree in Economics from the University of Ibadan, and an MA
degree in International Development Studies from Bradford University in the United
Kingdom.
KehindeOyeleke (ACA, CPA, MBA) – Group Managing Director
KehindeOyeleke started his career in the Corporate Finance division of Arthur Andersen,
before specializing in Corporate Tax and Business Advisory. He later joined the Transaction
Structuring Group of PricewaterhouseCoopers in New York, where he was involved in
Mergers and Acquisition deals involving Fortune 500 corporations.
Kehinde is a Certified Public Accountant, licensed in the state of New York, and is also an
Associate of the Institute of Chartered Accountants of Nigeria. He holds an MBA in Finance
and Strategic Management from the Wharton School of the University of Pennsylvania.
Mr.Yomi Bello (ACA) - Director
Yomi started his career in Guaranty Trust Bank, where he had a career that spanned retail
and commercial banking, and developed skills in deposit. mobilization, customer
management, activity & performance reporting and team building & management. He left the
Bank in 2006 to set up The Strategos Company (a consulting outfit with offerings in Strategy,
Human Performance & Customer Relationship Management). His consulting experience
over the past 4 years covers business restructuring, policy & procedure reviews, strategy,
business development, recruitment and training.
Yomi joined the Seedvest Group in 2008 as Head, Strategy & Business Development for the
group where he currently has responsibility for business development, strategic direction and
change management for the group.
Yomi has a Bachelor’s Degree in Accounting, and is an associate of the Institute of
Chartered Accountants of Nigeria (ICAN).
4.2.2 Management
1. Akinbode, OlaniyiTajudeen (General Manager)
Niyi has over 10 years proven expertise in banking operations and over 5 years background
in credit and marketing. He had HND in Accountancy Post Graduate Diploma in Credit and
Financial Management. He is an Associate of the Institute of Credit Administration,
Associate Member of the Nigerian Institute of Management, Associate of the Institute of
Corporate Treasurers and Accountants and also a member of the Chartered Institute of
Bankers.
He commenced his career at Wema Bank Plc from 1990 to 1992 and later to Trans
International Bank Plc where he worked as the Credit Manager and Operations Manager at
different dates between 1992 to 2005. He later moved on to Spring Bank Plc where he
worked as Manager from January to May, 2006 before joining the services of Seedvest
Limited in March, 2009 where he worked as Regional Manager till January, 2010 when he

16. was seconded to lead themanagement team of Seedvest Microfinance Bank as the General
Manager. His gross remuneration per annum is N3,625,000.00
2. Ajayi, Adebayo Joachim (Financial Controller)
Bayo commenced his career with the Federal Office of Statistics where he worked as
Statistician I from August, 1982 to May, 1987. He thereafter proceeded to Ernst & Young
(Chartered Accountants) where he worked in various auditing roles from 1987 to 1999
before he was engaged by Peak Merchant Bank Ltd from June, 1999 to February, 2003 as
Head, Inspectorate, later Head of Accounts and later Head of Operations Department. He
thereafter proceeded to Studio Press (Nigeria) limited from May, 2003 to May, 2005 where
he worked as the Chief Accountant before leaving to Industrial Cartons Limited as Head of
Import and Export Department from June, 2005 to February, 2009. He joined the Seedvest
Group in April 2009, and was seconded to Seedvest Microfinance Bank Limited as Head,
Financial Control Department from July, 2009 to date with a gross annual remuneration of
N2,980,000.00.
Bayo holds a Bachelors as well as a Masters Degree in Statistics, and is an Associate of the
Institute of Chartered Accountants of Nigeria (ICAN) since 1991. He is also a member of the
Chartered Institute of Taxation of Nigeria (CITN) since 1995.
3. Akindejoye, John (Head Internal Control & Audit)
John has bachelors and Masters Degree in Finance and Banking in 1982 and 2004
respectively. He is an Associate of the Chartered Institute of Bankers (ACIB) and also a
Member of the Institute of Chartered Accountants of Nigeria (ICAN). He also holds a Post
Graduate Certificate in Lending and Credit Administration. He prides himself in his over 25
years experience on the job, 15 of which has been gained from the banking industry in
various institutions ranging from UBA Plc, Omuoke Community Bank Ltd, Ekiti State, Ala
Community Bank, Akure and AtibaIyalamu Savings and Loans Limited. He joined the
Seedvest Group in October, 2007 and was seconded as a pioneer management staff of
Seedvest Microfinance Bank Limited where he has handled several management positions,
lately as Head, Internal Control and Audit. His gross annual remuneration is N2,235,250.00.
4. Eromosele, Simon (Head, Legal & Compliance/Company Secretary)
Simon currently acts as the Company Secretary/Legal Adviser of the Bank. He holds a
Bachelors Degree as well as a Masters Degree in Law. He is a professional member of the
Nigerian Bar Association and the Nigerian Institute of Management. Simon developed his
career in various law chambers where he was engaged in active legal practice before joining
the Bank on 1st August, 2008 as its pioneer Head of Legal & Compliance Department with
an annual gross remuneration of N1,200,000.00.
5. Afolabi, Bolanle (Branch Manager, Dugbe Branch)
Bola is a seasoned banker and an Associate of the Chartered Institute of Bankers (CIBN).
She holds a Masters Degree in Business Administration from AdekunleAjasin University,
Akungba, Ondo State.
She developed her professional career at the defunct Co operative Bank Plc where she
worked for over 20 years (1986 – 2006) rising through the ranks to the level of Manager. She
commenced her career with Seedvest Microfinance Bank on 1st April, 2008 as the pioneer
Branch Manager of Bodija Branch from where she was transferred to the position of Branch

17. Manager of Dugbe Branch (situated at the Head Office). Her gross annual remuneration is
N1,862,500.00.
6. Akinjoko, Omolola (Manager, Challenge Branch)
Lola has worked as the Head of Accounts and Admin at Trans International Bank Plc from
1989 to 2005, Operations Manager of Spring Bank Plc from 2005 –2006, Credit and
Marketing Manager of Ikire Microfinance Bank from 2008 to 2009 and as MD/CEO of
Corporate Microfinance Bank Ltd from July, 2009 to November, 2009, when she joined the
Bank. She holds a Bachelors Degree in Business Administration from the University of
Lagos, and a Masters Degree in Business Administration from the LadokeAkintola
University, Ogbomosho. Since her emergence in the Bank, she has been assigned the role
of Branch Manager of Challenge Branch with a gross remuneration per annum of
N1,787,500.00.
7. Afolabi, LoladeKudrat (Branch Manager, New Gbagi Branch)
Lolade holds a Bachelor’s Degree in Physics/Educational Management and a Masters
Degree in Industrial and Labour Relations both from the University of Ibadan.
She had a stint in the public service where she worked as Vice Principal (Admin) in various
schools under the Oyo State Teaching Service Commission from 1982 to 1998. She
thereafter proceeded to the banking industry, first at Trans International Bank Plc where she
worked as Pro Manager from 1998 to 2006 and later at Spring Bank Plc where she worked
as the Customer Service Officer in 2006 before proceeding to the accounting firm of
OlusolaAdekanola& Co where she worked from 2006 to the date of her appointment in the
Bank in November, 2008. She commenced her career in Seedvest Microfinance Bank as the
Head, Marketing Department from where she was transferred to the post of Branch
Manager, Agbeni Cash Centre and lately Branch Manager, Gbagi Branch with a gross
remuneration per annum of N1,490,000.00.
8. Oyedele, Philip Adeoye (Head, Credit Administration)
Philip is a member of the Institute of Chartered Accountants of Nigeria (ICAN). He graduated
with Upper Credit in Accountancy from the Osun State Polytechnic, Iree in March, 2001 after
which he joined Seedvest Limited in September, 2003 as an Accountant and became the
pioneer Accountant of Seedvest Limited, Ibadan Branch from January, 2006 to 2007 when
theoperations of the Company became subsumed into the newly incorporated Seedvest
Microfinance Bank where he also worked as the pioneer Head of the Internal Control and
Risk Management Department. He has worked in various roles in the Bank ranging from
Head, Risk Management Department, pioneer Head, Financial Control Department, pioneer
Head, Recovery Department and until lately, Head, Credit Administration Department. Philip
brings in a lot of passion, commitment and integrity to the team making him a crucial team
member. His gross remuneration per annum is N900,000.00.
4.3 Support Personnel
1. Adepoju Deborah Manager, Samonda Br. N1,800,000
2. Adefioye Bade Manager, Gate Branch N1,043,000
3. AlakiuOluwaseunHead, Hr& Admin N894,000
4. AkanbiOlusola Head, It Dept N1,737,500
5. OlawoyeOlusola Head, Recovery N1,112,000

18. 4.4 Technology
The newly deployed technology is Orbit Banking Application. Orbit is a core banking
application professionally developed by Neptune Software Plc for small financial institutions.
Orbit is a robust application that is made up of about six modules each of which designed to
handle specific process of the banking transactions. Such modules include Account
Processing, Teller Processing, System Administration, Report Processing, Nightly
Processing, etc. The application sits on Sybase Database Management System which is a
relational database suitable for banking database.
Orbit Banking Application is being used mainly by banking institutions such as commercial,
mortgage, and microfinance banks both in Nigeria and other countries in Africa. The
following under listed banks amongst others have been using Orbit as their banking
application for a period spanning over a year:
1. Stanbic IBTC Bank Plc
2. Moorgate Microfinance Bank situate at Bode Thomas, Lagos, Nigeria.
3. King Solomon Fund Microfinance Bank situate at Surulere, Lagos, Nigeria.
4. People Serve Microfinance Bank situate at Surulere, Lagos, Nigeria.
5. Pearl Microfinance Bank situate at Berger, Lagos, Nigeria
6. Omni Microfinance Bank situate at Ikeja, Lagos, Nigeria
7. GS Microfinance Bank situate at Ikeja, Lagos, Nigeria
8. Amal Bank in Ghana
The following are the fundamental basis for chosen Orbit as our main banking application:
1. Sufficient Functionalities:
The application provides all functionalities we require to run our banking activities smoothly.
Access Control, Chart of Account, General Ledger, Loan & Deposit, etc are some of the
functionalities that are sufficiently provided.
2. Mobile Banking Technologies:
Orbit provides opportunities to deploy mobile banking services to our esteem customers.
Such services are SMS Alerts, Balance Enquiries, Mobile Transactions (fund transfers), etc
3. Adequate Reporting Facilities:
Decisions making processes have been made easy as reports required for such are easily
generated by the application.
4. Support To Business Expansion Projects:
The robustness of this application has made it suitable to accommodate our development
and expansion projects as new branches can easily be created on the application.
5. Simplicity and completeness:
The application is simple to use and at the same time is detailed enough to address all
banking transactions.

19. 5 Finance
5.1 Expenses
Historical summary expenses for the Bank are as follows:
Items of
Expenses
6 months
ended 31-12-07
Year ended
31-12-08
Year ended
31-12-09
2 months
ended
28-02-10
=N= '000 =N= '000 =N= '000 =N= '000
Insurance - 97 217 339
Depreciation 12,062 11,425 22,991 3,253
Maintenance 781 2,278 2,890 1,146
Staff Cost 9,873 40,798 71,730 10,201
Other
Overhead
7,081 62,900 79,350 11,324
49,797 117,498 177,178 26,263
The 2007 and 2008 figures are audited, while the 2009 figures are unaudited.
Major components of Other Overhead include office rent, telephone expenses, and travels.
2009 overheads include proposed write-off of some assets and investments, deemed bad
and irrecoverable.
There are no monthly fluctuations or seasonality in the Bank’s financials.
Increases in costs have aligned with the general increase in the Bank’s activities.
Expenses for the next 3 years are projected as follows:
YR 1 YR 2 Y R 3
=N= '000 =N= '000 =N= '000
Insurance 1,026 1,231 1,477
Depreciation 27,589 26,210 24,899
Maintenance 3,468 4,162 4,994
Staff Cost 86,076 91,987 92,102
Other Overhead 75,052 82,100 85,140
193,211 205,690 208,613
5.2 Financial Discussion
The Bank currently has authorised share capital of N600million, out of which N350million is paid-up.
Deposit liability is currently about N83million, and projected to increase to about N150million during the
year. What is needed at this point is an infusion of about N150million to shore up the Bank’s loan book,
even as efforts to genuinely increase its deposit liabilities as well as its shareholders’ funds are ongoing.
5.2.1 Creditors
The bank has no other creditors than the Current and Savings accounts depositors. Total deposits
liabilities as at 18-03-10 stood at N 82.7 million.
5.2.2 Debtors

20. The bank debtors are the various loan customers. Most of the loans and advances have various tenors
ranging between 1 month and 6 months, with an average of about 3 ½ months tenor.
These loans attract various interest rates ranging from 3 ½ to 7 % per month, depending on the product.
The Bank's loan portfolio as at 28-02-10 stood at N 269.4 million.
Proposed Funding Structure(N'000)
GROFIN Own Fund Others Total
Assets - 65,919 - 65,919
Loans/Onlending 150,000 269,400 - 419,400
Statutory
Deposits/Others-
14,681 82,700 97,381
150,000 350,000 82,700 582,700

21. 6 Risks &Mitigants
Seedvest as a microfinance operator face the following risks;
i) Default Risks
This is the risk that borrowers from the Bank would be unwilling or unable to repay their
loans. It is a risk that increases as the economic situation in the country worsens. There is a
possibility that the capital base of the Bank along with other funds secured by it may be
eroded by such credit losses.
To mitigate this risk, we have developed a rigorous credit approval system, which, while not
totally foolproof, significantly reduces the risks of bad credit application going through. In
addition, the Banks has a fully staffed loan recovery team, whose main responsibility is the
collection of past due loans.
We have equally learnt from past mistakes and have blacklisted habitually risky borrower
classes. We continue to review operations to evaluate bad loan problems and seek timely
solutions.
We are in addition partnering with a credit bureau, named Credit Registry, to obtain the
credit records of loan applicants to ensure that potential borrowers have good credit history,
and are not unduly indebted to other institutions.
Lastly, the failure of major banks to extend credit to businesses has given Seedvest access
to a higher profile customer group than was historically the case. We intend to keep these
customers satisfied, even as we seek other credible customer groups.
ii) Funding Shortage
Microfinance banks have severe limitations in terms of access to onlending facilities. For
one, they do not have the deposit mobilization prowess of the major banks. In addition, they
typically cannot access loans from banks for onlending to their customers. While this
situation is understandable for many microfinance banks,given their very weak structure,
they pose a major headache for serious players like Seedvest.
We are mitigating this risk by opening up discussions with credible investors. In addition, we
are working toward the scale required to access medium term private equity funding. We
also intend to strengthen our deposit mobilization to minimize the need to rely on equity type
funding for lending purposes, since our mandate as a bank is to engage in financial
intermediation.
iii) Policy Inconsistent by CBN and Other Regulators
The Bank and other sector players might be at the mercy of policy reversal by the Central
Bank of Nigeria and other regulators. Such a reversal might increase competition or
complicate the Bank’s plans and projections.
We believe a complete policy reversal is unlikely at this point, given how much the society as
a whole is vested in microfinance banking. We equally believe the Bank has reached a size
where policy issues are more likely to work in its favour than against it.
iv) Personnel Issues
Progressive growth has meant that the Bank will continuously require high quality staff to
drive the business. There is the risk that such staff may not be available at the right cost.
The Bank as a matter of strategy will not pursue any aggressive growth plan that could water
down the quality of its services. Our plan from the start has been to combine experienced
hiring with a very rigorous training schedule to ensure that our staffs are up to date and
technically equipped to provide needed service.

22. 7 Support Beyond Finance
Seedvest is a small business dealing with characteristic SME issues. In additions, it faces
issues that have to do with credit administration and recovery of loans. It needs help to
navigate these issues, and it is believed that given GROFIN’s extensive network, it could be
of tremendous help to the Bank in accessing relevant training and technical partnership that
can further cement its leadership position within Nigeria’s financial services sector.