Ilora Microfinance Bank Limited (formerly Ilora Community Bank) came into being more than two decades ago as a result of passion of visionary Fathers and Community Developers who deemed it fit to have financial institution in form of bank for rapid development in Ilora Community in Ilora town of Oyo State.

Many prominent individuals, groups and associations in Ilora among who are: Late Chief John Obitunde Lawale, Late Prince John Oyebamiji Ojo, Mr. Joseph Ogunronbi Oluade, Dr. Oyebamiji Stephen Awotunde, Mr. Lasisi Adepoju Ajuwon, Ilora Development Associations, e.t.c made patriotic efforts to invite Banks such as Wema bank to establish branch in Ilora but all efforts proved abortive.

In January 1993, during the meeting of Ilora Development Association under the chairmanship of Chief John Obitunde Lawale , Mr. Joseph Ogunronbi Oluade and Mr. Lasisi Adepoju Ajuwon moved a motion that a community bank be established. The motion was unanimously adopted. Consequence upon this, a Working Committee was set up, Mr. Lasisi Adepoju Ajuwon (represented home (Ilora) front) while Late Prince John Oyebamiji Ojo and Mr. Joseph Ogunronbi Oluade (represented Ilora front) to work on the urgent and smooth modus Operandi that would lead to the establishment of the Bank. They succeeded in naming the Bank “Ilora Community Bank”, chosen Akibio Market as the site/ location of the Bank; they created awareness and sensitized the Ilora indigenes both at home and abroad which led to huge purchase of shares of the bank.

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