With the advent of microfinance finance policy and the regulatory framework for Nigeria, the commission decided it was time to achieve the initial goal of making the services easily available to the vast majority of Nigerians. Hence application was made through the FRSC Staff Cooperative Society Limited in 2008 to set up a microfinance bank with the name Safeline Microfinance Bank Limited, separate and distinct from the FRSC staff cooperative societies.
Thus, the CBN granted an approval in principle to the Bank in July 2009 while the final approval to commence business was received from the CBN in February 2010.
To ensure that the new Bank takes off on a good and sound footing, the promoters engaged and retained the services of renowned consultants in this area, namely: Nextzon Business Services Limited.
The Bank commenced official business to the public on March 02, 2010 after its official commissioning on February 25, 2010 by the Honorable Minister of Finance, Mansur Muktar.
In addition to the shares of the Bank held by the members of the Federal Road Safety Commission, some high-net-worth Nigerians also hold shares in the bank. However, no one holds more than 5 million Share or 2.5% ownership of the book today, the bank has an excess of 3,000 shareholders with a combined paid up capital of N186 million. Well above the current prescribed minimum of N20 million and the upgraded minimum of N100 million (to be effective after December 31, 2021)
Since commencing business, the bank has grown from strength to strength and is today a microfinance bank to be reckoned with in Nigeria. This is attested to by the confidence reposed on the bank by such institutions as the National Directorate of Employment (NDE), National Economic Reconstruction Fund (NERFUND), the Small and Medium Enterprise Development Agency of Nigeria (MEDAN) amongst others.