DSC targets digital banking operations in expansion drive

By Joy Obakeye

Digital Space Capital says it plans to operate a proper digital commercial banking license as part of its expansion drive into Nigeria’s financial sector. 

The group which also unveiled its new corporate governance structure in Lagos at the weekend, says the move is to attract reliable and credible partners in its new journey. 

Chief Executive Officer of DSC, Olubukola Abitoye, maintained that the organisation which has operated for about 28 months, did so with two directors 

“At this point, we hope to have reputable people with so much trust in us and are ready to walk with us on this journey. The beauty of corporate governance is about bringing Nigeria together,” she stated. 

Abitoye who has about 16 years in Nigeria’s financial sector, added that the driver saw the organisation’s staff strength rise to over 120, which has led to the birth of other subsidiaries. 

“We also have a microfinance bank with a customer base of over 228,000. Our dream is to be the first fully digitalised commercial bank in Nigeria; offering a seamless banking service without the four walls of a building.” 

According to her, the company has been able to deliver N369 million as profit before tax (PBT) in the last 18 months while N769 million has been recorded in 9 months of 2022. 

“In 18 months, the company was able to produce a profit before tax of about N369 million. Also, the management report prepared by us in the 10 months of this year, shows earnings of about N769 million. Even the N369 million is going back to the company as retained profit and that is how the shareholders will move from N100 million to N469 million. It means nobody is pulling anything out of the company.   

“Shareholders fund grew from 100 million nairas to 469 million nairas in 18 months, and now I can’t imagine at the end of this year when the audit comes out. The management report is already showing about 769-million-naira PBT from January till date. 

She further added that funds managed by the group have grown to N10 billion. 

“At this juncture, it is important to let you know that your support, partnership, and trust in us with our processes and strategies will lead us to the promised land – which will be unveiled during our three years projection. 

“The end product is to have a proper digital bank that does everything a commercial bank does without a building,” she maintained.