In a bold move to enhance financial inclusion and sustainability, Sofri Microfinance Bank powered by Links Microfinance Bank, has unveiled a revamped suite of digital platforms that simplifies and streamlines banking for everyday Nigerians — while supporting green and socially responsible initiatives.
Sofri, which currently services over thousands of customers across Nigeria, noted that this overhaul aims to improve the ease of financial transactions and promote its Environmental, Social, and Governance (ESG) principles.
According to a 2023 CBN report, only 45% of adults in Nigeria use formal financial services, a figure Sofri hopes to boost by at least 15% with its new digital offerings and sustainable financing options.
“Our revamp underscores our commitment to making banking more accessible, transparent, and socially impactful,” said Paul Adebayo, managing director of Sofri. “We have prioritized dignity, inclusion, and hope — investing in a future where finance supports not just business growth, but also communities and the environment.”
🌿 Green Finance & Inclusive Growth
Adebayo emphasized that Sofri’s digital transformation integrates sustainability into its DNA — with green loans for businesses investing in renewable energy, waste recycling, and eco-friendly products.
Nigeria generates over 32 million tonnes of solid waste annually, much of it left unmanaged. Sofri’s green finance solutions aim to tackle this issue head-on by enabling small businesses — including waste collectors — to access affordable credit.
Already, Sofri is piloting green financing recycling enterprises under a new program offering structured loans to scale up their capacity to collect and process plastic and other recyclable materials.
📲 Next-Generation Digital Banking
A key highlight of the revamp is the new Sofri mobile app, designed to support rapid financial growth for customers across all income brackets.
The app enables:
- Instant account setup and loan approvals — reducing wait times by up to 60%.
- A more intuitive interface for a seamless user experience, projected to cut service complaints by at least 25%.
- Direct access to tailored green finance options that support sustainable businesses.
The overhaul also features a corporate internet banking portal built for small and medium enterprises (SMEs), allowing them to:
- Initiate payroll processing with just a few clicks.
- Make instant, secure payments and direct transfers.
🌍 Powering Progress through ESG
Frank Ayala, general manager of Sofri, also confirmed that a pilot program is already in progress.
“At Sofri, Our Impact goes beyond naira but in changed lives”, Ayala said.
Recyclers receiving support under this program are likely to see a 35% increase in income over the past three months as they receive affordable loans to scale up their waste-collection and recycling operations.
With these enhancements, Sofri aims to onboard thousands of new customers by 2026 — closing the financial inclusion gap, supporting sustainable development, and aligning with Nigeria’s drive for a green economy.
