03/01/2026
“WE CAN STILL TRUST AFEKHAFE MFB” — STAKEHOLDERS SPEAK AFTER CRUCIAL MEETING
By Theplatformnews
Saturday , January 3, 2026
In response to recent concerns and speculations surrounding Afekhafe Microfinance Bank, a well-attended stakeholders’ meeting was convened on Saturday, 3rd January 2026, at the instance of the bank’s management. The meeting brought together investors, depositors, market women, and community stakeholders with a shared objective: to understand the true state of the bank and chart a clear path forward.
At the meeting, the management provided a frank and detailed briefing on the current health of the bank.
It was clearly stated that Afekhafe Microfinance Bank still possesses the capacity to discharge its core banking responsibilities, despite the existence of some outstanding loans. The central challenge confronting the bank at the moment is liquidity, not insolvency.
Management explained that during efforts to address this liquidity challenge, panic withdrawals by depositors exceeded normal deposit levels, thereby worsening the situation. This reaction, though understandable, further strained the bank’s operations.
Importantly, stakeholders were reassured that Afekhafe MFB is adequately insured by the Nigeria Deposit Insurance Corporation (NDIC) and therefore cannot be liquidated. In addition, the bank is duly registered with the Central Bank of Nigeria (CBN) and remains under the close supervision and monitoring of the apex bank.
A major concern raised during the meeting was the communication gap between management, investors, and depositors. Management openly acknowledged this lapse. In response, the bank has committed to improving transparency and regular engagement with all stakeholders going forward.
In a show of responsibility and humility, the Chairman, Dr. Kingsley Ekundayo, offered a profuse apology for any inconvenience or distress the bank’s lapses may have caused customers and investors. He assured stakeholders that lessons have been learned and that concrete steps are being taken to reposition the bank for better service delivery.
Stakeholders also appealed to the public to avoid any form of altercation or confrontation with bank staff, emphasizing that such actions do not contribute to resolving the situation. Instead, there was a strong call for patience, understanding, and collective support as the bank undergoes its healing and recovery process.
It was announced that Afekhafe Microfinance Bank will reopen to the public on Monday. However, management appealed against panic withdrawals. Customers who do not urgently require their funds were advised not to rush into transferring their money out, as stability is gradually being restored.
The bank also disclosed an urgent need for competent staff and new investors to strengthen its operational capacity and long-term sustainability.
Reaffirming his commitment to the people, Dr. Kingsley Ekundayo assured stakeholders that significant changes will be implemented to ensure that Afekhafe Microfinance Bank serves the community better, stronger, and more responsibly.
At the end of the meeting, stakeholders and market women unanimously agreed on a powerful resolution:
“We can still trust Afekhafe Microfinance Bank.”
As Afekhafe MFB prepares to resume operations, stakeholders call on the people to remain calm, supportive, and united. The future of the bank, they emphasized, is tied to collective trust, patience, and cooperation.
