The Federal Road Safety Corps (FRSC) has handed over ownership of Safeline Microfinance Bank to Robopay Nigeria Limited in a move aimed at strengthening the bank’s capital base.
He said it would also accelerate technological transformation and positioning it for sustainable growth.
The handover ceremony, held on Monday at the premises of Safeline Microfinance Bank in Abuja, marked a new phase for the financial institution established by the FRSC to provide financial services and opportunities to members of the Corps.
Chairman of the Board of Safeline Microfinance Bank, Engr. Ibrahim Babagana, FWC, Deputy Corps Marshal (Rtd.), said the decision to divest the bank followed careful consideration of the prevailing regulatory environment and emerging government policies affecting the microfinance banking sector.
Babagana said the changing financial landscape required significant additional capital, investment in technology and stronger human resources to sustain the bank’s operations and competitiveness.
He explained that the Board therefore considered it necessary to transfer ownership to an investor with the capacity and commitment to make the required investments and drive the institution towards long term sustainability.
According to him, Robopay Nigeria Limited demonstrated the competence, commitment and vision required to build on the foundation established by the FRSC and take the bank to a higher level of growth and service delivery.
He said the new owners had particularly demonstrated their readiness to strengthen the bank’s capital base, deploy modern technology and invest in human resources, describing the three areas as critical to remaining competitive in the increasingly digital financial services sector.
Responding on behalf of Robopay, Malam Aliyu Abiodun thanked the Board and Management of Safeline Microfinance Bank for the confidence reposed in the company.
Abiodun described the acquisition as a major milestone and an opportunity to unlock the potential of the institution, noting that the bank already had valuable assets, structures and an established institutional foundation upon which the new owners would build.
He said Robopay would deploy financial technology (FinTech), alongside strategic investments in capital, technology and human resources, to transform the bank’s operations, improve service delivery and expand its competitiveness.
He assured stakeholders that the new ownership would preserve and build on the foundation laid by the FRSC while introducing innovative solutions to strengthen the bank’s presence in Nigeria’s evolving financial services sector.
