About Victory Empowerment Centre
A micro-finance Non Governmental Organization (NGO)
Since 2013,
Operating in 5 States, with 48 Branches
Victory Empowerment Centre (VEC) is a registered microfinance non-governmental organization established in 2013 with a core mission to improve the lives of underserved individuals—especially women—through innovative and flexible financial services. We exist to bridge the financial gap for people who are often excluded from traditional banking systems by providing accessible loans, savings solutions, and empowerment programs that support entrepreneurship, self-reliance, and sustainable economic growth.
Our Mission Statement
To provide a Framework with the responsibility of supporting the Active Poor people that financial Incapacitated by Empowering them through Microcredit scheme to Improve their social Economic condition
Our Vision Statement
To build stable great Future for the Active Poor and Small Micro Business Entrepreneurs
Our Vision Statement
To build stable great Future for the Active Poor and Small Micro Business Entrepreneurs
- To promote a lasting positive change in the lives of the less privileged and the small-scale business operators in Nigeria.
- To create an opportunity for poor citizens to achieve their vision
- To enhance a better standard of Living in the Nigerian Communities
- To ensure sustainable development through fund empowerment, and skill acquisition
- To support structures that promote self-reliance and economy development
- To assist and guide people in obtaining financial assistance for future development
- Provision of employment to Nigerian youths.
What We Do
• Group Loans for Active Poor People • SME Loans for business expansion • Individual Loans for scaling operations
Whom We Serve
• Small business owners • Traders and artisans • Entrepreneurs
Our Core Values
• Reliability • Teamwork • Excellent Customer Service • Integrity • Accountability
Date of Establishment
2013
Date of Establishment
2013
Date of Establishment
2013
EMBRACING THE FUTURE: Our cashless solution across branches.
Our cashless solutions have been carefully designed to provide a seamless and secure experience for our valued customers. We understand that the world is rapidly moving towards digital transactions, and we believe that going cashless not only keeps us at the forefront of this evolution but also offers numerous benefits to our customers.
We at Vec are thrilled to announce a revolutionary change in how we conduct business—a change that embraces the way money will be transacted in the future. We have decided to remove cash transactions from all of our branches as part of our commitment to innovation and client convenience.
Convenience: With our cashless solutions, customers no longer need to carry cash, count change, or visit ATMs before visiting our branches. Payments can be made effortlessly using various electronic payment methods, including credit/debit cards, mobile wallets, and online transfers.
Enhanced Security: Cashless transactions offer a higher level of security compared to cash payments. The risk of theft, loss, or counterfeit money is completely eliminated, ensuring that our customers' hard-earned money remains safe and protected.
Time-saving: By eliminating cash transactions, we significantly reduce the time spent on handling and processing physical money, leading to faster service at our branches. Customers can complete their transactions swiftly, allowing them to focus on other important aspects of their lives
DIGITALAZATION OF DISBURSEMENT AND COLLECTIONS
Businesses all over the world are now recognizing the transformative power of technology to improve efficiency and streamline processes. VEC has adopted digitalization as a crucial tactic for transforming the collection and disbursement procedures. We have been able to optimize resource allocation, improve financial management, and improve customer experiences.
Streamling disbursement and collection processes VEC has transform collection process into a seamless and efficient operation through the use of USSD , Direct Debit, Bank transfers to VEC account, VEC POS or other POS to VEC account.
NOTE: In order to be eligible for a loan from VEC, all clients must have personal bank accounts. Numbers of VEC-approved bank accounts are clearly displayed in our branches. Each client has the sole responsibility to repay his/her loan to VEC account and not through any third party.
Date of Establishment
2013
Date of Establishment
2013
Microfinance being provision of financial services for poor and low-income clients without access to formal financial institutions offered by different types of service providers. In practice, the term is often used more narrowly to refer to loans and other services from providers that identify themselves as “micro-finance institutions” (MFIs). Microfinance refers to a movement that envisions a world in which low-income households have permanent access to a range of high quality and affordable financial services offered by a range of retail providers to finance income-producing activities, build assets, stabilize consumption, and protect against risks. These services include savings, credit, insurance, remittances, payments, and others.
The opportunity of Micro-financing was triggered by the poor performance of the conventional finance sector. The essence was to reach the overwhelming population of the poor in Nigeria and to assist in the drive to alleviate poverty. Barely a million had been provided with some small credit in Nigeria while over 40 million poor are yet to be attended to in terms of supply of microloans. Micro-finance specific institutions in Nigeria have not adequately addressed the gap in terms of credit, savings and other financial services required by the micro entrepreneurs. The existence of Micro-finance institutions in Nigeria was based on the existence of a huge unserved market, over 80 million people with a population of over 150 Million been the most populous country in Africa, two third of Nigeria people are poor and they all depend on microloan for their livelihood.
Victory Empowerment Centre is a microfinance Non Governmental Organization, registered with the Corporate Affairs Commission (CAC) Certificate Number (CAC/IT/NO 61969).
Also registered with Special Control Unit Against Money Laundering (SCUML) an arm of Economic And Financial Control Commission (EFCC) in Nigeria, Certificate Number SC 251400532. Having money lender’s permit with certificate no 210.
Victory Empowerment Centre methodology is based on international best practices in micro-finance delivery, and is essentially an adaptation of the Grooming People for Better Livelihood in Nigeria and International methodology to local market conditions.
The Initial Loan is N40,000 after repayment of the initial loan, the loan is increased in subsequent loan cycles. This is a continuous process until the client decides to end the services.