Paragraph 1: A New Financial Player Emerges
Preferred Finance Company Limited has officially launched operations in Nigeria, marking a significant step in the country’s financial landscape. Having secured a coveted finance company license from the Central Bank of Nigeria (CBN), Preferred Finance is poised to offer a wide array of financial services, with a particular focus on supporting the growth and development of micro, small, and medium-scale enterprises (MSMEs). This strategic focus on MSMEs underscores the company’s commitment to fostering inclusive economic growth and empowering businesses that often face challenges in accessing traditional financial services. The company’s grand opening ceremony in Abuja served as a platform to unveil its vision and strategic direction, signaling its intent to become a key player in Nigeria’s financial sector.
Paragraph 2: From Cooperative Roots to Financial Institution
The genesis of Preferred Finance can be traced back to the Guarantee Multipurpose Cooperative Society Limited, which was established in 2012. This cooperative foundation has provided Preferred Finance with over a decade of experience in serving its members and understanding their financial needs. The transition from a cooperative society to a fully licensed financial institution represents a significant evolution and reflects the ambition of the company’s leadership to expand its reach and impact. This transition also demonstrates the company’s commitment to rigorous regulatory compliance and adherence to sound corporate governance principles, essential elements in building trust and credibility within the financial sector.
Paragraph 3: Empowering MSMEs through Diverse Financial Solutions
Preferred Finance is equipped to provide a comprehensive suite of financial solutions tailored to address the diverse needs of its target market. These offerings encompass funds management, financial advisory services, and structured finance solutions. Moreover, the company offers a range of loan products designed to cater to various requirements, including personal loans, education loans, contract financing, asset financing, LPO financing, payday loans, and critically, MSME loans. This diverse portfolio of financial products positions Preferred Finance to become a one-stop shop for businesses seeking capital and financial guidance, particularly within the vital MSME sector, a key driver of economic growth.
Paragraph 4: A Commitment to Social Impact and Community Development
Beyond its core financial services, Preferred Finance has demonstrated a strong commitment to social responsibility and community development. The company has already taken proactive steps to make a positive impact, including providing CCTV and surveillance systems to an orphanage in Abuja and supporting the education of indigent students. These early initiatives underscore the company’s belief in giving back to the community and highlight its dedication to making a tangible difference in the lives of vulnerable populations. This focus on social impact aligns with the company’s broader vision of contributing to the overall economic and social development of Nigeria.
Paragraph 5: Building Trust and Customer-Centricity
The company’s name, "Preferred," encapsulates its core values and its commitment to prioritizing customer needs. This customer-centric approach is central to the company’s strategy and is reflected in its dedication to providing exceptional financial services and building long-term relationships with its clients. Preferred Finance aims to become a trusted partner for businesses and individuals seeking financial solutions, fostering a culture of integrity and transparency in all its operations. This commitment to customer satisfaction is seen as a key differentiator in a competitive financial market.
Paragraph 6: Leveraging Innovation and Expertise for Future Growth
Looking ahead, Preferred Finance plans to leverage digital innovation, disciplined investment practices, and its extensive experience to transform access to finance for Nigeria’s MSME sector. The company recognizes the transformative potential of technology and aims to harness its power to streamline processes, enhance customer experience, and expand its reach across the country. This forward-looking approach, combined with a deep understanding of the local market, positions Preferred Finance for sustainable growth and further reinforces its commitment to empowering businesses and contributing to Nigeria’s economic prosperity.
