If you’re an entrepreneur and have never heard Mr. Peter Mbama speak, this interview with Connect Nigeria, where he speaks on RegCharles Finance and Capital Limited’s dedication to Nigeria’s MSMEs, and shares valuable advice for entrepreneurs looking to start up their own businesses, is a must read.
CN: Tell us about yourself and your professional background.
PM: I am the Managing Director and CEO of RegCharles Finance and Capital Limited, a Finance and Consulting House which focuses on MSMEs and is licensed by the Central Bank of Nigeria. I am also the founder and Chairman Board of Trustees for RegCharles Foundation, a not-for-profit social enterprise dedicated to capacity development, entrepreneurship programmes, philanthropy and social impact investing, especially in disadvantaged populations in Nigeria. I chair the Board of RegCharles Management Services which is a one stop shop for financial leasing solutions, haulage services, real estate and other management services tailor-made to suit our clients’ request.
As a multi-tasking serial entrepreneur and corporate enterprise specialist, I serve on the board of Kodec Connect Consulting Limited, an outfit specializing in Human Resource Consulting and Outsourcing, Research, Strategy and Value Chain support systems; and as Chairman of Real Woodwork Ltd, a furniture making outfit in Lagos, Nigeria, that specializes in children’s furniture and fittings. This company which commenced its operations a few years ago can presently boast of over 5 outlets.
I serve as a Director at Circuit Systems and Networks Communications Limited, a foremost ICT company with focus on IFRS, Risk and Loan Management Solutions. I can also boast of being on the board of over 30 companies presently and have incubated over 300 companies in my career as a finance and consulting specialist.
During my early years, I worked at Diamond Bank, FCMB and Access Bank Plc, garnering experiences in the field of investment Banking, Asset Management, Consumer Finance and Advisory Services. I must also mention here that I am a Fellow of the Institute of Financial and Planning Managers in Delaware (FCFM) and an MBA holder from MIT Sloan School of Management. I hold a BSc degree in Accountancy from Imo State University, Nigeria and I have a Master’s in Management from the University of Lagos.
CN: What inspired you to start up RegCharles Finance and Capital Limited? How many years has it been?
PM: RegCharles started with the mindset of solving all the problems associated with poverty and granting access to finance for MSMEs. We are the only institution truly focused on achieving this. We have been on for 27 months now and we have demonstrated and proven our capacity in dealing with this volatile sector.
CN: How did you generate capital to start up the business?
PM: We raised capital through the Board of Directors. We have numerous investors forour products that have added greatly to the actualization of this vision.
CN: What have been the recorded successes of RegCharles Finance and Capital Limited since inception?
PM: RegCharles has operated for 24 months since the restructuring, renaming and re-branding of the institution from Alex Finance and Trust Limited. During the 24 months period, we’ve had a skilled management team and a well structured organization with the right mix of divisions such as Capacity Development, Legal, Fincon, Business Support services, MSME team, Commercial and Consumer Finance, Investment division, Internal Audit, Robust Risk Management team, Asset Management, Human Resources, Partnerships and Opportunities division. We have successfully introduced capacity programs ranging from pre-funding training and post-funding trainings to incubation and acceleration services. We reached a landmark in funds regarding management beyond $4million in 11 months. Our total assets exceed $7million with Return on Investments hovering around 25-27% and Return on Assets of 30%. RegCharles have financed over 80 businesses (MSMEs) including co-operatives. We have successfully incubated 25 businesses, and 20 are undergoing acceleration and post funding programs. We have successfully financed businesses in neglected sectors of the economy such as Agric and Agro-allied sectors including poultry and livestock, health, hospitality, FMCG, restaurant chains, Services, supply chain of Blue Chip companies. RegCharles is in membership with global organizations in support of entrepreneurship, Social and Impact Investments, reporting standards and risk management such as GIIN, ANDE, FAST, GIIRS, IRIS. We are the second financial institution in Nigeria that is a signatory to United Nations Principle Responsible Investments and we actively participate in various local organizations such as LACCI, AMEN, NAMSE, NACCIMA, IOD.
CN: What services do you offer at RegCharles Finance and Capital Limited?
PM: The company is a non-banking financial service company licensed to serve the public with an array of products that will help drive entrepreneurship and growth by inculcating an investment spirit among our chosen sectors and championing the recreation of the Nigerian consumer finance market by revolutionizing the model of MSME financing and advisory services and encourage the GEN-ys (the youths) in the process. Part of our scheme is to lend and invest using various financial models, manage the funds and wealth of customers, advise them on funding and business strategies. The idea is to support existing and upcoming entrepreneurs in their quest for financial solutions, take advantage of the opportunities that abound in this sector and ultimately position the company to consolidate on her mission and vision. As a social and impact investment financial institution, our target focus remains to reduce unemployment by empowering men, women and youths with great potentials in helping to grow the economy through employment generation and productivity.
CN: Who are your target customers?
PM: There are two aspects when it comes to our business. We have the fund management angle and the financing angle. For the fund management angle, we manage funds on behalf of our investors who are high net-worth individuals in society with a view to impact SMEs and gain sufficient financial returns on their investments, socially responsible companies committed to entrepreneurship and business savvy investors looking for alternative means to invest and enjoy competitive rates on their investment. For the business we finance, we target SMEs who provide social and environmental returns by the influence of their businesses as well as sustainable financial returns for themselves as well as the investors.
CN: What makes your clients’ experience at RegCharles Finance and Capital Limited unique?
PM: We have value added services for both our investors and investees that complement MSMEs both locally and internationally. We provide internet and web services to enable our MSMEs have access to internet at subsidized rates and we provide web development, business support services, branding and networking for MSMEs all at subsidized rates.
CN: How would clients/customers describe the services you give?
PM: Most of our fund management clients are pleased with the returns on investment with us. This is not only because we invest in the real sector of the economy but we also deliver competitive returns that are not obtainable from our competitors. Our investee accounts are grateful for our involvement in their business. Not only are they structured businesses now, they have started exhibiting turnovers that they were unable to boast of in the past.
CN: How would you rate your customers’ satisfaction level?
PM: Above average. Satisfactory. The services we provide are second to none and are scarcely provided by traditional financing options.
CN: Where do you see the Finance and Capital industry going in Nigeria?
PM: The industry has great potentials to succeed in the long term. I foresee a re-capitalization exercise that will usher in a strong sector soon. In addition, the current policy changes by the new CBN Governor will invariably lead to the sector thriving and ensuring that MSMEs succeed in their entrepreneurship drive. Some of the finance companies will be heading towards becoming a robust financial institution. Above all, with the support of the regulators and the Judiciary, the sector will achieve a lot in the future.
CN: Are there challenges you face constantly in this field? How have you been able to overcome them?
PM: Of course, it has not been easy dealing with the Nigerian entrepreneur. The sector is quite risky and their financial demands are enormous. Moreover, some of them have dubious minds which we try to deal with using our robust risk management strategies. We have experienced multiple taxation, harsh business environments for our customers and poor government support. Although we have been mandated by the CBN to support entrepreneurship and MSMEs, CBN is yet to provide us with support in terms of funding just as they do with banks. Whatever impact and support we have has been accorded to us from our capital and borrowings from the public. Billions of naira are being channelled through banks for agric and other developmental projects but these funds hardly reach their targets. RegCharles have applications from businesses exceeding N10billion naira. If these funds provided by CBN are being deployed appropriately by banks, how come these MSMEs are running to us for solutions? Our work speaks for itself. The media is aware and the economy is feeling our contributions. We are therefore using this opportunity to tell the government and the public to channel their funds to us to enable RegCharles continue with her work of impacting lives and improving MSMEs just as the government has always wanted.
CN: What books have impacted your life positively?
PM: Stephen Covey’s 7 Habits of Highly Effective People
CN: What more does RegCharles Finance and Capital Limited seek to do?
PM: I will start by saying RegCharles Finance and Capital has a unique focus which is social and impact investing. Impact is investments made into companies, organizations and funds with the intention to generate measurable social and environmental impact alongside a financial return. Impact investing tends to have roots in either social issues or environmental issues. We therefore actively seek to place capital in businesses that can harness the positive power of enterprises and the economy. We are one of the pioneers of impact investing not only because of our trailblazing individual work, but because we recognize the importance of collective action for poverty alleviation and wealth creation. Better infrastructure is required to facilitate the flow of capital to companies that demonstrate the highest positive social and environmental impact. Hence, our approach guarantees success to the businesses we fund and we try as much as possible to be transparent in our dealings and ensure we give feedback to our investors as agreed as at when due. We are hoping that with time, people will understand that here at RegCharles Finance and Capital Limited, we possess the relevant skills to mitigate all risks from the surplus to the scarce sides of the circle. We are here to make a difference and I believe with focus, determination and support from the public and households, we shall reach our vision.
CN: Where do you seeRegCharles Finance Capital Limited in five years?
PM: We aspire to become the first privately owned development finance institution in Nigeria. We hope to be in at least ten states of the Federation and four countries in Sub-Saharan Africa. We are targeting a balance sheet size of N10 billion in five years time. We would have impacted on over 5,000 MSMEs, created employment beyond 7,000. We are working on a holding structure of which the details will soon be provided. We intend to become the first non-banking financial institution in Nigeria to adopt this model based on the numerous structures we are creating. Finally, RegCharles is positioning to become the most profitable and efficiently run finance company in Nigeria. We cannot achieve all of this without our investors. Investing in RegCharles will enable us to work towards creating a robust economy together.
CN: What advice will you give those looking towards starting their business?
PM: Sincerity is the watchword here. We have observed insincerity as the number one impediment in the average Nigerian entrepreneur hence the difficulty in obtaining finance from all finance providers. Also no man is an island, partnering with likeminded individuals and companies will provide you with the relevant boost required to spur your business to the level you want it to get to and finally, a passion to succeed, hardwork and determination are paramount in all human endeavours.
Find contact information for RegCharles Finance and Capital Limited below;
Office Address:
24B Providence Street, Opposite Bras Motors
Lekki Phase 1
Lagos, Nigeria.
Phone numbers:
+234 (0) 1-766-0001,
+234 (0) 1-766-0004,
+234 (0) 1-766-0018
BB Pin: 2b39a3ba
Email: info@rfcng.com,
customercare@rfcng.com
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This article was first published on 1st July 2014 and updated on January 25th, 2017 at 8:10 am
Comments (1)
CN: What services do you offer at RegCharles Finance and Capital Limited?
PM: The company is a non-banking financial service company licensed to serve the public with an array of products that will help drive entrepreneurship and growth by inculcating an investment spirit among our chosen sectors and championing the recreation of the Nigerian consumer finance market by revolutionizing the model of MSME financing and advisory services and encourage the GEN-ys (the youths) in the process. Part of our scheme is to lend and invest using various financial models, manage the funds and wealth of customers, advise them on funding and business strategies. The idea is to support existing and upcoming entrepreneurs in their quest for financial solutions, take advantage of the opportunities that abound in this sector and ultimately position the company to consolidate on her mission and vision. As a social and impact investment financial institution, our target focus remains to reduce unemployment by empowering men, women and youths with great potentials in helping to grow the economy through employment generation and productivity.
CN: Who are your target customers?
PM: There are two aspects when it comes to our business. We have the fund management angle and the financing angle. For the fund management angle, we manage funds on behalf of our investors who are high net-worth individuals in society with a view to impact SMEs and gain sufficient financial returns on their investments, socially responsible companies committed to entrepreneurship and business savvy investors looking for alternative means to invest and enjoy competitive rates on their investment. For the business we finance, we target SMEs who provide social and environmental returns by the influence of their businesses as well as sustainable financial returns for themselves as well as the investors.
CN: What makes your clients’ experience at RegCharles Finance and Capital Limited unique?
PM: We have value added services for both our investors and investees that complement MSMEs both locally and internationally. We provide internet and web services to enable our MSMEs have access to internet at subsidized rates and we provide web development, business support services, branding and networking for MSMEs all at subsidized rates.
CN: How would clients/customers describe the services you give?
PM: Most of our fund management clients are pleased with the returns on investment with us. This is not only because we invest in the real sector of the economy but we also deliver competitive returns that are not obtainable from our competitors. Our investee accounts are grateful for our involvement in their business. Not only are they structured businesses now, they have started exhibiting turnovers that they were unable to boast of in the past.
CN: How would you rate your customers’ satisfaction level?
PM: Above average. Satisfactory. The services we provide are second to none and are scarcely provided by traditional financing options.
CN: Where do you see the Finance and Capital industry going in Nigeria?
PM: The industry has great potentials to succeed in the long term. I foresee a re-capitalization exercise that will usher in a strong sector soon. In addition, the current policy changes by the new CBN Governor will invariably lead to the sector thriving and ensuring that MSMEs succeed in their entrepreneurship drive. Some of the finance companies will be heading towards becoming a robust financial institution. Above all, with the support of the regulators and the Judiciary, the sector will achieve a lot in the future.
CN: Are there challenges you face constantly in this field? How have you been able to overcome them?
PM: Of course, it has not been easy dealing with the Nigerian entrepreneur. The sector is quite risky and their financial demands are enormous. Moreover, some of them have dubious minds which we try to deal with using our robust risk management strategies. We have experienced multiple taxation, harsh business environments for our customers and poor government support. Although we have been mandated by the CBN to support entrepreneurship and MSMEs, CBN is yet to provide us with support in terms of funding just as they do with banks. Whatever impact and support we have has been accorded to us from our capital and borrowings from the public. Billions of naira are being channelled through banks for agric and other developmental projects but these funds hardly reach their targets. RegCharles have applications from businesses exceeding N10billion naira. If these funds provided by CBN are being deployed appropriately by banks, how come these MSMEs are running to us for solutions? Our work speaks for itself. The media is aware and the economy is feeling our contributions. We are therefore using this opportunity to tell the government and the public to channel their funds to us to enable RegCharles continue with her work of impacting lives and improving MSMEs just as the government has always wanted.
CN: What books have impacted your life positively?
PM: Stephen Covey’s 7 Habits of Highly Effective People
CN: What more does RegCharles Finance and Capital Limited seek to do?
PM: I will start by saying RegCharles Finance and Capital has a unique focus which is social and impact investing. Impact is investments made into companies, organizations and funds with the intention to generate measurable social and environmental impact alongside a financial return. Impact investing tends to have roots in either social issues or environmental issues. We therefore actively seek to place capital in businesses that can harness the positive power of enterprises and the economy. We are one of the pioneers of impact investing not only because of our trailblazing individual work, but because we recognize the importance of collective action for poverty alleviation and wealth creation. Better infrastructure is required to facilitate the flow of capital to companies that demonstrate the highest positive social and environmental impact. Hence, our approach guarantees success to the businesses we fund and we try as much as possible to be transparent in our dealings and ensure we give feedback to our investors as agreed as at when due. We are hoping that with time, people will understand that here at RegCharles Finance and Capital Limited, we possess the relevant skills to mitigate all risks from the surplus to the scarce sides of the circle. We are here to make a difference and I believe with focus, determination and support from the public and households, we shall reach our vision.
CN: Where do you seeRegCharles Finance Capital Limited in five years?
PM: We aspire to become the first privately owned development finance institution in Nigeria. We hope to be in at least ten states of the Federation and four countries in Sub-Saharan Africa. We are targeting a balance sheet size of N10 billion in five years time. We would have impacted on over 5,000 MSMEs, created employment beyond 7,000. We are working on a holding structure of which the details will soon be provided. We intend to become the first non-banking financial institution in Nigeria to adopt this model based on the numerous structures we are creating. Finally, RegCharles is positioning to become the most profitable and efficiently run finance company in Nigeria. We cannot achieve all of this without our investors. Investing in RegCharles will enable us to work towards creating a robust economy together.
CN: What advice will you give those looking towards starting their business?
PM: Sincerity is the watchword here. We have observed insincerity as the number one impediment in the average Nigerian entrepreneur hence the difficulty in obtaining finance from all finance providers. Also no man is an island, partnering with likeminded individuals and companies will provide you with the relevant boost required to spur your business to the level you want it to get to and finally, a passion to succeed, hardwork and determination are paramount in all human endeavours.
Find contact information for RegCharles Finance and Capital Limited below;
Office Address:
24B Providence Street, Opposite Bras Motors
Lekki Phase 1
Lagos, Nigeria.
Phone numbers:
+234 (0) 1-766-0001,
+234 (0) 1-766-0004,
+234 (0) 1-766-0018
BB Pin: 2b39a3ba
Email: info@rfcng.com,
customercare@rfcng.com
Thanks for the interview of my MD/CEO. Regcharles Grop is a one stop business shop. There is one correction please, his surname is Mbama not Mba.