Olamide Famuwagun

Car loan Companies in Nigeria

January 19, 2021 by Olamide Famuwagun

For most Nigerians, buying a car whether new or Tokunbo is a huge financial decision that often requires getting a loan. This is because only a few Nigerians can purchase a car conveniently without having to take a loan. If you are one of the many Nigerians that need a loan to finance the purchase of your dream vehicle, then you are on the right page. In this article, we have carefully reviewed some car loan companies in Nigeria.

List of car loan companies in Nigeria.

There are different auto-financing companies in Nigeria. The majority of these lending organizations are either independent or affiliated with notable banks in Nigeria. Here is a list of car loan companies in Nigeria.

1. First Bank of Nigeria Auto Loan:

The First Bank of Nigeria (FBN) has designed this loan to help you purchase the car of your dream. Also, Businesses registered in Nigeria can also apply for this loan option to acquire vehicles for their day-to-day activities. The FBN Auto loan has a maximum loan amount of #15 million, a maximum tenor of 48months, and an interest rate of 22%. To find out about this loan option, visit their official website at www.firstbanknigeria.com

2. Access Bank Group (Vehicle Finance)

The vehicle finance is a product of the Access Bank Group. They design this product to enable their customers to acquire their dream cars in a financially convenient way. To apply for this loan, all you have to do is visit their official website at www.accessbankplc.com. The maximum loan tenor is 48 months, and they finance only vehicles sold by the bank’s accredited dealers.

3. First City Monument Bank ( FCMB Auto Loan)

The FCMB auto loan is a consumer credit scheme. It allows customers of the FCMB to own the dream car of their choice and conveniently spread the payments over a period. With the FCMB auto loan, you have access to about #500,000 to #3 million. The tenor or payment is between 12 to 60 months, depending on the type of car and the amount they borrow you. To learn more about this loan option, visit www.fcmb.com/auto-loan

4. Cars45

This is an online marketplace for people who are looking to sell used cars. Asides from this, they also have car loan options to help customers finance the purchase of their vehicle of choice. The Cars45 loan is specifically designed as a loan option for income earners, who have a proven source of income. Their interest ranges from 28% to 48% depending on the vehicle you are purchasing, and they offer a maximum loan tenor of 18 months. To learn more, visit www.cars45.com.

5. Creditville

Creditville is one of the notable digital lending platforms in Nigeria. They provide soft loans to their customers to cater to their various needs. Asides from this, they also offer auto loans to their customers. They design this product to enable the purchase of their vehicle of choice easily. To apply for the Creditville car loan, all you need to do is visit their official website at www.creditville.com. Fill out the online car loan form, their agent will contact you if they approve your application.

Please note, that the Creditville auto loan is not available for commercial purposes. Like other lending organizations, this loan option is only available for personal use.

6. United Bank of Africa (UBA Auto loan)

UBA is one of the top guns in the Nigeria Banking Industry. Over the years through quality customer experience and service, they have risen through the ranks. They design the UBA auto loan option to help customers upgrade their car to a higher model or to purchase a new one. This option provides customers with a maximum loan amount of #15 million and a maximum tenor of 48 months. To learn more, visit www.ubagroup.com.

Conclusion:

The joy of having the car of your dream and becoming a car owner is incomparable. If you are looking to finance the purchase of your dream car through auto loans, you can leverage any of the institutions we have listed in this article.

It’s also important to know that getting a car loan is one thing and taking proper care of the car so you don’t have to keep wasting money on fixes while servicing the loan. Educate yourself on DIY tips and other helpful car resources on reputable car blogs so you can be able to save while servicing your loan.

Federal Government loan agencies in Nigeria

January 15, 2021 by Olamide Famuwagun

The economy of a country is largely controlled by government input and regulations, which ultimately determines the success of businesses. As a result, the Nigerian government has put in place several structures to help SMEs because of the fundamental role they play in the economy. There also loans available for Federal Government workers in Nigeria. Therefore, in this article, we would discuss federal government loan agencies in Nigeria. Furthermore, just as the name implies, these agencies provide loans and grants to businesses in need. We also have the Federal Government empowerment loans available in Nigeria

Federal Government loan agencies in Nigeria

The federal government loan agencies in Nigeria typically include the following:

Central bank of Nigeria (CBN)

the central bank of Nigeria can be said to be the top of the pyramid for federal government loan agencies in Nigeria. In addition, through a number of other institutions, they provide loans for different businesses in different sectors of the economy. Some products and services previously or currently run by the CBN include:

Anchor Borrower’s Programme (ABP)
Commercial Agriculture Credit Scheme (CACS)
Creative Industry Financing Initiative
Credit Support Scheme For The Healthcare Sector
Maize Aggregation Scheme (MAS)

Bank of Agriculture (BOA)

it is not difficult figuring out their function considering their name. The bank of agriculture is essentially a government sponsored bank. In addition, its job is to provide credit along with other funding to agriculture related businesses, especially to farmers.

Agro-Processing Facility
Direct Credit Product
Equipment Leasing Product (ELP)

Development Bank of Nigeria (DBN)

this is another government run bank, and it can be regarded as a wholesale financial institution. Also, this bank has a goal to expand and provide access to loans for MSMEs in the country. In addition, some services offered by the bank are:

Partial credit risk guarantees
Capacity building (entrepreneurship training program)
Wholesale lending

Read: Federal Government Loan

Nigerian Export-import Bank (NEXIM)

the government specially established this bank to provide financial assistance for export related businesses. Furthermore, it ensures that businesses exporting goods and services from Nigeria have access to loans for proper functioning. Also, some of the NEXIM services include:

Direct Lending Facility
Foreign Input Facility
Local Input Facility
Nigerian Creative Arts and Entertainment Industry Loans
Small and Medium Enterprise Export Facility (SMEEF)

Bank of Industry (BOI)

This is like the opposite side of the coin to the Bank of Agriculture. In reality, the bank of Industry focuses on providing long-term loans to the industrial sector of the economy. Also, its focus on sectors including information communication technology, solid industry, oil and gas, creative, agriculture, and agro-processing industry. Examples of the services offered by the Bank of Industry include:

ASM Fund
Bottom of Pyramid
Fashion and Beauty Product
Light Manufacturing
Food and Agro Commodity Processing
Graduate Entrepreneurship Fund
Youth Entrepreneurship Support (Yes) Program

Small and Medium Enterprises Development Agency of Nigeria (SMEDAN)

if you are a small or medium sized business owner, the name SMEDAN would surely ring a bell. In reality, they are responsible for monitoring and coordinating the growth of MSMEs in Nigeria. Also, they help these businesses get access to loans and other funding. In conclusion, their services include the following:

Automotive (Component Parts Fabrication) Empowerment Scheme
Commercialization, Empowerment Initiative (for ICT)
Conditional Grant Scheme (CGS)
Enterprise Network Initiatives

How do I apply for a loan in these federal government loan agencies in Nigeria?

Firstly, you should know that different federal government loan agencies in Nigeria, have different procedures for application. However, it is important that you start by researching the particular loan that you need. In addition, these loans agencies have different qualifications and application procedures that you need to know. In reality, a good way to start is by visiting their official website, which mostly contains the necessary information that you need.

Conclusion

The federal government loan agencies in Nigeria are one of the most important institutions in the country. Furthermore, they provide access to amazing loans, and overall support to businesses in need of it. In essence, you should look into these agencies as a business owner, to see how you can grow. The IMF loan is available to borrow for countries. Read more on it here.

Interest Free Loans – How to get interest-free loans in Nigeria

January 15, 2021 by Olamide Famuwagun

While it might seem as though there are no banks offering no-interest loans in Nigeria, the fact is there are banks offering interest-free loans. Most of these banks operate under Islamic banking principles. An interest-free loan means that you will only be paying back the money you borrowed from the lending organization. In most cases, some of these loans require you to have a very strong credit record. This article covers all that you need to know about interest-free loans in Nigeria.

About Islamic Banking (No-Interest Banking)

Islamic banking, which is also called sharia-compliant finance, refers to banking activities that find their root in the laws of sharia. The main fundamental principles of this type of banking are the prohibition of interest collection from customers and sharing of profit and loss. Sharia frowns against any form of speculation or gambling. In addition to this, it also prohibits the collection of interest on loans. This condition makes Islamic Banking dent from the conventional Banking system.

Where can I get Interest-Free Loans in Nigeria?

Jaiz Bank:

Jaiz bank is a financial organization that operates and is compliant to Islamic banking principles. This bank is a public and national quoted organization with well above 26,000 shareholders. The goal of Jaiz Bank is to be the distinct leader in the areas of ethical Banking in the Sub-Saharan region.

Furthermore, as we expect of a bank operating under Islamic principles, Jaiz Bank offers Non-interest loans to its clients. These loan options are generally available to all and sundry at zero interest rate, but, definitely with a loan tenor. That is a repayment period. Some of these loan options are:

Murabaha ( Household Appliance)

The Household appliance loan is a consumer product loan. If you are looking to purchase some household essentials, this loan option got you covered. This could include a Television set, Refrigerator, laptop computer, etc. The repayment of this loan is for 24 months.

Project Financing:

If you have a big project but don’t have the capital strength to do it, Jaiz Bank got you covered. They will agree to complete the project for you and sell it to you at a cost-plus profit margin.

Other loan options available with Jaiz Bank include Lease to own and Working capital Financing. To learn more about Jaiz Bank and its loan offerings, kindly visit their official website on www.jaizbankplc.com.

TAJ Bank

TAJ Bank, just like Jaiz Bank, basically operates under the sharia financial principle. This means they do not give or receive interest. They operate 3 branches in Nigeria and also provide regular services, just like conventional banks. This includes ATM services, online and mobile transactions, etc. They have their head office in Abuja and a further branch in Kano. Some of their loan offerings include:

Cost Plus Working Capital (Murabaha):

They design this loan option to help you finance the purchase of raw materials and assets you desire. All you have to do is the source for the asset or raw material, once you do, they will pay the supplier of the asset. After this, TAJ bank expects you to repay at a date you both agree on a cost-plus profit basis.

Bonds and Guarantees: (Kafalah)

TAJ bank generally designed this loan option for organizations that need to give their trading partner or clients a guarantee.

Cost Plus SME Finance:

This finance product helps to meet the funding requirements of Small and medium-sized enterprises. If you fall into this category, then this loan option is for you. TAJ bank put people in this category into cooperative clusters and fund their capital needs.

Conclusion:

In Nigeria today, only banks operating under Islamic banking principles are the only ones offering no-interest loans. You can visit their official website to learn more about their loan offerings or visit any of their branches near you.

How to apply for COVID-19 loans in Nigeria

January 13, 2021 by Olamide Famuwagun

The impact of COVID-19 extends across the world’s economy, with virtually no country spared. However, in Nigeria, the impact was so significant due to the fact that the economy comprises predominantly SMEs struggling for survival. This led to the government implementing a N50 Billion targeted credit facility to support Small businesses in the country. Also, asides the government, some private institutions also provided access to loans for individuals and businesses struggling to get back on their feet after the pandemic.

Who is eligible to apply for COVID-19 loans in Nigeria?

According to the minimum qualification, only those whose enterprise were adversely affected by Covid 19 with verifiable proof, qualifies for the loan. However, it also accommodates businesses with plans to take advantage of emerging opportunities resulting from the pandemic situation. Furthermore, the government COVID-19 loan scheme is to be financed from the Micro, Small and Medium Enterprises Development Fund (MSMEDF) account and covers the following:

Hospitality, which includes accommodation and food services
Health (pharmaceuticals and medical supplies)
Agricultural value chain activities
Airline service providers
Trading
Manufacturing and value addition
Other income-generating activities as stated by the Central Bank of Nigeria

Also, NIRSAL microfinance Bank disburses the covid 19 loan on behalf of the government, and all applications must go through them. In addition, some private commercial banks also offer loan services with relaxed requirements to individuals, to ease the pandemic effect. However, the loans are not as elaborate as their government counterparts.

What are the document required to apply for COVID-19 loans in Nigeria?

To become a beneficiary of this loan, you would need the following documentations:

Moveable asset(s) duly registered on the National Collateral Registry (NCR);
Deposit of title documents, in perfectible state;
Deed of Debenture (for stocks) in perfectible state;
Irrevocable domiciliation of proceeds;
Two (2) acceptable Guarantors;
Personal Guarantee of the promoter of the business;
Life Insurance of the Key-Man, with NMFB noted as the First Loss Payee; and
Comprehensive Insurance over the asset.

Also, note that these requirements could be more or less, depending on the specific type of loan you are applying for. However, all applications usually contain the documents as stated above.

How do I apply for covid 19 loans in Nigeria?

To apply for the COVID-19 loans in Nigeria, you should visit NIRSAL website by following the link http://nmfbng-website.azurewebsites.net/covid-19-support/. Also, depending on the type of loan you intend to apply for, you can view the individual requirements. Follow the procedure below:

Submit an application directly to NIRSAL Microfinance Bank (NMFB) along with an evidence of how COVID-19 has imparted your business
After this, they review your application and forward to CBN for approval
On successful application, CBN releases the money to NMFB for disbursement into your account

Note that you can only apply for this loan online.

Conclusion

These covid 19 loans in Nigeria have been a source of great help to businesses and homes in the nation. Furthermore, you should seek to apply for the fund to ease your financial distress and take advantage of emerging opportunities in the market, if greatly affected.

How to prepare a loan document explained

January 2, 2021 by Olamide Famuwagun

Depending on the financial institution, several lenders or loan services require you to provide some specific documents in order to access their loan offerings. And if you do not provide these documents in the right format, or if incorrect, your loan may be denied. In this article, we will discuss explicitly how to prepare some important loan documents that they may require of you.

How do you write a Personal loan agreement?

A personal loan agreement is a promissory note or contractual agreement between you and the lending organization. In fact, it could even be between you and another person. This document is needed to formalize the specifics of your loan. Personal loan agreements are usually unsecured. This means you do not have to give something valuable in return as collateral if you default.

To write an excellent personal loan agreement, it is imperative that you follow these procedures.

When starting the document, the first thing you must write is the date. This must be at the top of the page. If the document is an informal personal agreement before they pay you the loan, fill in the date you receive the money.
The next thing after the date is the Terms of the Loan. This must contain the terms for repaying the loan and the personal payment agreement. For example, if you are lending #50,000 for a specific need and you desire to repay #10,000 a week, you will state this in the body of the agreement. E.g. I Samuel Lawrence, understand and I agree that I owe, XYZ lending company a sum of #50,000. I agree to repay this loan back #10,000 per week until I fully settle the loan.
After the terms of the loan, the next thing is to write your proposed date of repayment. Something like “Repayment of this loan will begin on the first Saturday of every week of January 2021 and be completed on the last Saturday of January 2021.
Statement of Agreement: This section of the document places emphasis on the agreement between the two parties involved in the loan deal. “The borrower and the lender, hereby agree to the terms and conditions stated in this document” You should put this just a few lines below the repayment schedule.
Signature: The signature is very important in any contractual agreement. Without the signature, the agreement may be hard to enforce. Therefore, ensure you leave a space for both parties involved to sign the agreement.

How do I write a Personal letter of application for a loan?

There are several reasons for requesting a loan. This could be to cater for your business, family need, purchase an item, etc. A loan application letter is a request that you write to the financial organization to which you are requesting a loan. This letter helps the organization to make a decision as to whether to approve or disapprove your loan request. When writing this letter, it is important that you follow the right procedure. You must write with the right tone and also in the right format. Additionally, you must also ensure that you are honest with the information you provide. This is because the financial organization might cross-check to confirm the validity of the information you provide.

To write a loan application letter, you must follow the following:

Address the letter to the financial organization you are lending from.
Input your name and address on the application form
Add your date at the top of the document.
State the intent of your letter. For example, I have been an active customer (your account details) in your bank for (state the years). I wish to apply for (write the type of loan you are applying for). This should be followed by the purpose of the loan (what you wish to use the loan for)
Close your letter with “Yours Sincerely”
Date and signature

Conclusion

We cannot underestimate the importance of loan documents. They are important in helping you secure that loan offer. Leverage all information in this article to prepare an excellent loan document.

Top 10 banks in Nigeria by assets

December 23, 2020 by Olamide Famuwagun

The banking sector in Nigeria keeps swelling, raking trillions in revenue, and also keeping customers happy per year. Many Nigerian banks have even expanded from owning local license to international permit that has allowed them to establish in different countries. This shows how well the sector has done. In recent times, Nigerian banks have had varying degrees of success due to so many factors. Regarding prosperity, age ranks amongst the lowest factors as the oldest doesn’t always mean the richest. Here is a list of the top 10 banks in Nigeria by asset.

Top 10 Banks in Nigeria

The top ten banks in Nigeria according to their assets are:

1. Zenith Bank Nigeria

if you follow news or the stock market, then you would surely have heard the praise sang of zenith bank. This bank ranks number one regarding assets and capital. They offer numerous services including foreign exchange, treasury, SME banking, corporate, and investment banking. They are currently listed on the stock market and have a network of over 500 branches in and out of Nigeria. As at the time of this writing, Zenith bank total asset is worth about N8 trillion.

2. Access bank

the recent acquisition of diamond bank by access bank shows their strength in the Nigerian banking economy. This bank has grown stronger, and only a few can match its position today. This is true, especially when we consider the fact that they also acquired intercontinental bank many years ago. They currently have an asset base of N7.93 trillion.

3. First Bank of Nigeria

first bank remains one of the largest and oldest banks in Nigeria. They operate majorly through the following strategic business units; commercial, public sector, retail, and corporate banking. The bank has branches overseas including Abu Dhabi, and Beijing and employs over 7,000 staff. First Bank of Nigeria currently has a total asset of N7.1 trillion.

4. United Bank for Africa

popularly known as UBA, they have over 10 million Nigerian customers and are a very reliable institution to bank with. Also, UBA provides outstanding digital banking and customer care services for an all-around excellent experience. As of the last financial year, they had a total asset of N6.8 Trillion.

5. Guaranty Trust Bank

this bank is arguably the best when it comes to customer relations and services. They have a reputation for offering the best and therefore patronized by many citizens daily. Recently, GTBank recently declared a total asset of N4.06 trillion for the first quarter of 2020 back in April.

6. Ecobank Nigeria

Ecobank offers different services including retail, corporate, wholesale, and transactions. It is a subsidiary of Eco Transaction Inc. and operates through wholesale, retail banking, and treasury. Also, it currently has more than 600 branches all over Nigeria alone, with branches overseas in other countries.

7. Union bank

established in 1917, Union bank remains one of Nigeria’s oldest and best financial institutions. Also, they are among the richest banks in the country and cater to the needs of small, medium, and large companies. They currently have about N2.24 trillion in assets.

8. Fidelity bank

fidelity bank is one of the top institutions in the country, with over 2.5 million customers. They are especially popular among SME owners who are women. Also, the bank was licensed and established in1988, and have a total asset value of N2.4 trillion.

9. Polaris bank

The recently sold out Polaris bank is one of Nigeria’s biggest, drawing millions of customers as a result. The bank is listed on the Nigerian Stock Exchange, and has branches overseas, including Angola, Liberia, and Sierra Leone. They currently have a total asset of N1.14 trillion as of April 2020.

10. Keystone bank

Although a new generation bank, keystone has thrived over the years in competing with the very best. Also, they acquired bank PHB many years ago, which further added to their asset value. This bank provides services to individuals, SMEs, public institutions, and large corporations.

Conclusion

These are the top 10 banks in Nigeria according to assets. These banks, along with a few others, hold the lion’s share of the banking industry in the country. Interestingly, the nature of the industry is such that it is always looking to grow. Therefore, in the not too distant future, we could see the rise of more megabanks in the nation.

How To Get A Loan From The Development Bank of Nigeria

December 21, 2020 by Olamide Famuwagun

Loans can be accessed from practically everywhere and anywhere in Nigeria. Other than financial technology institutions and traditional banks, small businesses can secure loans from other sources.

The Development Bank of Nigeria is one of those trusted and secure places to obtain a loan. We answer questions pertaining to the operations of the Development Bank of Nigeria, her interest rate, as well as how to obtain a loan. Subsequently, we discuss some FAQs that may stem from securing a loan from the Development Bank of Nigeria.

About The Development Bank of Nigeria

The Development Bank of Nigeria is a Federal Government-initiated scheme in collaboration with global development partners. It exists to tackle the challenges facing small and medium-scale enterprises.

Its core objective is to alleviate financial constraints experienced by these business owners.

How does the DBN achieve this? Simple – It provides finances and partial credit guarantees to eligible financial intermediaries.

Who is Eligible For The Development Bank of Nigeria Loan?

Like we have established, small and medium-scale enterprises are eligible to get a loan from the DBN. We shall also reiterate that financial institutions remain the channel through which funds and risk-sharing guarantees are provided.

In securing a loan from DBN, it is mandatory that the prospective borrower patronises any of the eligible financial institutions. Furthermore, the DBN has enlisted 10 commercial banks and 15 microfinance banks to serve as intermediaries.

List of Commercial Banks You Can Get DBN Loans From

Access Bank PLC
Ecobank Nigeria PLC
Fidelity Bank
FCMB Limited
First Bank Nigeria Limited
GTBank Nigeria
Stanbic IBTC Bank PLC
Sterling Bank PLC
Union Bank of Nigeria
Wema Bank PLC

List of Microfinance Banks You Can Get DBN Loans From

AB Microfinance Bank Ltd
Addosser Microfinance Bank
Baobab Microfinance Bank
Bosak Microfinance Bank
HALAL Microfinance Bank
Infinity Microfinance Bank Ltd
Nirsal Microfinance Bank
LAPO Microfinance Bank Ltd
MainStreet Microfinance Bank Ltd
NPF Microfinance Bank Ltd
Parallex Microfinance Bank
Seedvest Microfinance Bank
Accion Microfinance Bank Ltd
La Fayette Microfinance Bank Limited
Davodani Microfinance Bank
Trust Microfinance Bank

Getting A Loan From The Development Bank of Nigeria

We have summarised the processes of obtaining a loan from the DBN in three stages:

Visit a Bank: Either you decide to drop by at a commercial bank or its microfinance variant, you can simply request a DBN loan. All you have got to do is indicate interest for application; that’s stage 1 of 3. Shall we also mention that other financial institutions apart from traditional banks offer this service?
Indicate Interest: Upon indicating the interest in a loan application, the bank assesses the business owner’s purpose and overall motive. If this process is successful, the bank directly applies to DBN for funding.
Get Your Application Approved: The Development Bank of Nigeria will need to approve the loan for disbursement. Once this is completed, commercial banks and other financial institutions serve as the intermediary between DBN and the borrower.

When Am I to Complete The Loan Repayment?

This factor is dependent upon the nature of your business and motive for seeking a loan. However, the Development Bank of Nigeria offers up to 18 months moratorium on principal payment for working capital and investment projects. Subsequently, you have until 10 years to provide the loan.

What Is The Interest For A Development Bank of Nigeria Loan?

The Development Bank of Nigeria offers flexible interest rates that are on tenure and relate to market rates.

Conclusion

The Development Bank of Nigeria targets a specialized niche. What sets the DBN apart from commercial banks is the longer duration of repayment. For the latter, they are usually short-term. A relationship between them, however, is that commercial banks, as well as other financial institutions, are responsible for the supervision and evaluation of pans that DBN granted.

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List of microfinance banks in Lagos

December 18, 2020 by Olamide Famuwagun

Microfinance banks are on a rapid increase rate in Nigeria due to their importance in reaching out to low-income earners. They provide banking services that would otherwise be inaccessible. As the business hub of the nation, a majority of microfinance banks are domiciled in Lagos. Read on to check out the complete list of microfinance banks in Lagos. Note that this list only includes licensed microfinance banks.

List of licensed Microfinance Banks in Lagos

Ab Microfinance bank
Addosser Microfinance bank
Asset Microfinance bank
Baines credit Microfinance bank
BC Kash Microfinance bank
Berachah Microfinance bank
Billionaire blue bricks Microfinance bank
Blueridge
BOI Microfinance bank
Bishopgate Microfinance Bank
Boctrust Microfinance Bank
Bosak Microfinance Bank
Bowen Microfinance Bank
Bridgeway Microfinance Bank
Broadview Microfinance Bank
Capstone Microfinance Bank
Cardinal Rock Microfinance Bank
Cashconnect Microfinance Bank Ltd
Cedar Microfinance Bank
Chanelle Microfinance Bank
CIT Microfinance Bank
Corestep Microfinance Bank
Cowries Microfinance Bank
Credit Afrique Microfinance Bank
Credit Express Microfinance Bank
Crossover Microfinance Bank
Daylight Microfinance Bank
Desmonarchy Microfinance Bank limited
Echo Microfinance Bank
Edo Microfinance Bank
Empire trust Microfinance Bank
Enrich Microfinance Bank limited
FFS Microfinance Bank
Finatrust Microfinance Bank
Finex Microfinance Bank
First Option Microfinance Bank
Flourish Microfinance Bank
Fortress Microfinance Bank
Giant strides Microfinance Bank
Global Initiative Microfinance Bank
Glory Microfinance Bank
Green energy Microfinance Bank
Hackman Microfinance Bank
Headway Microfinance Bank
High street Microfinance Bank
GTI Microfinance Bank
IBILE Microfinance Bank
Ipodo-Ikeja Microfinance Bank
Island Microfinance Bank
Jessefield Microfinance Bank
Kayvee Microfinance Bank
Kudimoney Microfinance Bank
Lawebod Microfinance Bank
Leadcity Microfinance Bank limited
Letshego Microfinance Bank
Lifegate Microfinance Bank
Links Microfinance Bank
Magnet Microfinance Bank
Main trust Microfinance Bank
Mainstreet Microfinance Bank
Manny Microfinance Bank limited
Lovonus Microfinance Bank
Maritime Microfinance Bank
Mercury Microfinance Bank
Meridian Microfinance Bank
Metro Microfinance Bank
Mayfair Microfinance Bank
Mofzin Microfinance Bank
Moneytrust Microfinance Bank
Mountain top Microfinance Bank
Mutual Benefit Microfinance Bank
Mkobo Microfinance Bank
Moneywise Microfinance Bank
Network Microfinance Bank
New women Microfinance Bank
NPF Microfinance Bank
Okengwe Microfinance Bank
Oros Capital Microfinance Bank
Owotutu Microfinance Bank
Parallex Microfinance Bank
Parkway Microfinance Bank
Pecan Trust Microfinance Bank
Penny wise Microfinance Bank
Personal trust Microfinance Bank
Petra Microfinance Bank
Projects Microfinance Bank
Providence Microfinance Bank
Primera Microfinance Bank
Purple money Microfinance Bank
Rhehoboth Microfinance Bank
Renmoney Microfinance Bank
Ric Microfinance Bank
Richway Microfinance Bank
Pyramid Microfinance Bank
Qube Microfinance Bank
Reliance Microfinance Bank
Rigo Microfinance Bank
Royal blue Microfinance Bank
Royal Exchange Microfinance Bank
Safe Gate Microfinance Bank
Seed Capital Microfinance Bank
Shalom Microfinance Bank
Shepherd trust Microfinance Bank
Snow Microfinance Bank
Solid Allianze Microfinance Bank
Solid trust Microfinance Bank
Stallion Microfinance Bank
Stateside Microfinance Bank
Stellas Microfinance Bank
Still waters Microfinance Bank
Sunrise Microfinance Bank
Supreme Microfinance Bank
Surbpolitan Microfinance Bank
Susu Microfinance Bank
Touchgold Microfinance Bank
Townserve Microfinance Bank
Treasures Microfinance Bank
TCF Microfinance Bank
Ultimate Microfinance Bank
VCL Microfinance Bank
Verdant Microfinance Bank
Verite Microfinance Bank
VFD Microfinance Bank
Wesley Microfinance Bank
Vineland Microfinance Bank
Virtue Microfinance Bank
XSLNCE
YCT Microfinance Bank
Zikado Microfinance Bank

What are the benefits of microfinance banks in Lagos?

Some benefits of using a microfinance bank in Nigeria are:

Microfinance banks allow you to provide for your family through opportunities that may yield more income
It serves the unbankable in the society
Microfinance banks create jobs
It helps the country’s economy grow
The bank offers loan to the poor as well as a better repayment rate

How do I set up a microfinance bank in Lagos?

There are structural requirements that you should have before getting approval to start a microfinance bank in Lagos. These requirements vary depending on the focus region that your bank intends to cover.

The three categories available for microfinance banks in Nigeria are:

Unity microfinance bank (only one main office, and a paid capital of N20,000,000)
State microfinance banks (can have branches within a state and capital of N100,000,000)
National microfinance banks (allowed to have branches all over Nigeria and must have a capital of N2,000,000,000).

After sorting out your category, you would need to write an application to the governor of the Central Bank of Nigeria. Along with this list, you are required to submit the following:

Application fee of N50,000 for a unity mfb, N100,000 for state mfb, and N250,000 for national mfb
A capital deposit to your microfinance bank share capital escrow account with the Central Bank of Nigeria
Evidence that your capital was acquired through lawful means
Detailed feasibility report
A copy of the memorandum of association and articles of association
Capital importation certificate if your capital was imported
The details of your proposed board of directors
Your list of proposed shareholders along with their addresses and the name of their banker’s addresses
An intent letter which states that the bank’s subscribers are going to pay for their subscribed shares of your bank.

Conclusion

Lagos hosts the largest number of microfinance banks in Nigeria. You can always refer to the list above to know the one you have around.

Ferratum Loan Review – Everything you should know

December 16, 2020 by Olamide Famuwagun

Are you in dire need of cash to settle some pressing needs? If yes, then Ferratum loan is the answer. Ferratum Group is a financial lending institution that provides quick and accessible loans to its customers. As with other Fintech Companies, you do not have to go through lengthy procedures before you can get a loan. This article covers all you need to know about obtaining a loan from the Ferratum group.

About Ferratum Loan

Ferratum group is an international provider of small business loans, mobile banking, and digital consumer which are distributed and managed by mobile devices. They were established in the year 2005, and through the years they have expanded at a fast rate to operate in 25 countries. This includes Africa, Europe, South and North America, and the Asia-Pacific region.

Furthermore, as a forerunner in the digital and financial technology space, they are at the very front of the digital banking revolution. In the year 2016, in a bid to make banking easier for their customers, they launched an innovative banking platform. This platform allows users to perform different banking services and perform proper time digital transfers and payments. At the moment, this mobile application is active in five European countries.

What are the Pros and Cons of Ferratum Loans?

Loan approval or rejection is within a few minutes
They offer flexible, easy, and convenient repayment options.

Cons

Loan offering might not be enough to cater to some needs
Loan tenure is too short—Not up to a month

How can I get a Loan from Ferratum?

Ferratum offers micro-loans that are essentially similar to short-term loans. You can access between a minimum of #1,000 – #10,000 with a 14 days repayment period. To apply for a loan with them simply follow the following procedures:

Dial *322*6# on your mobile device
A prompt will appear asking you to accept or decline their Terms and Conditions.
After accepting, follow the prompt response as directed.

What are the minimum and maximum requirements?

To qualify for Ferratum loans, you must satisfy all the following criteria.

You must be at least 18 years of age at the time of application
Must be Living in Lagos State
Excellent Credit record
You must have a stable source of income.

How fast are funds released?

After a thorough examination of your loan application, which will only take a few minutes, they will give you a loan decision. If the decision is positive, they will disburse the requested amount into the bank account you provided during registration.

How do I repay my Ferratum Loan?

As a forerunner in the financial technology industry, Ferratum has made repayment easy and convenient for its customers. If you wish to repay your loan on or before the due date, you can leverage any of the following options.

Quickteller: You can make your loan repayment via quickteller.com/ils. This repayment channel is quick and convenient.
USSD: Dial *322*1*04309401*Amount to be paid back#

Mobile App: You also make repayment via their mobile Application. If you don’t have one, visit quickteller.com to download the app to your phone.
SMS: In addition to the above-listed options, you can also make payments via SMS. Just send “QT HELP to 32122”

Conclusion

Ferratum remains one of the best platforms for obtaining quick loans. Their application process is easy and straightforward, so also are their requirements. If you need quick cash to meet up with some emergency needs, all you have to do is dial *322*6# or visit their official website.

Nirsal Microfinance bank Covid 19 Loan – How to apply

December 15, 2020 by Olamide Famuwagun

Nirsal microfinance bank is one of the leading Nigerian financial institutions licensed by the Central Bank of Nigeria. It owned by a joint partnership between the bankers committee, Nirsal and Nipost. Incorporated as a PLC in 2019, the bank began operation in the same year, providing excellent services to customers in Nigeria.

Following the Covid 19 pandemic, the government charged Nirsal with a credit facility system to help citizens, and they put the Nirsal microfinance bank covid 19 loans in place. In this article, you would find everything you need to know about the loan.

Overview of Nirsal Microfinance bank Covid 19 Loan

The breakout of Covid 19, shook the entire world, spreading ripples across that led to loss of lives and jobs. In aid to reduce the impact, the federal government of Nigeria introduced a loan package to support households and SMEs who were affected by the economic impact.

The consequence of basically shutting down the world’s economy was felt the most by SMEs, who were not exactly doing well before. To ease things, the government has provided N50 billion to support. This sum is available in form of loan to the public.

Who is eligible for the Nirsal Microfinance bank Covid 19 Loan?

This loan is only accessible to households, the virus impact greatly affected. To qualify, you have to show verifiable evidence of your livelihood being affected by covid 19. If you cannot prove this, then your loan request would be rejected. The loan is also accessible to SMEs, who have verifiable evidence that the pandemic affected their business. In summary, it covers the following areas:

Household
Small and medium size enterprises
Micro enterprises

How do I apply for the Nirsal Microfinance bank Covid 19 Loan?

Applying for a loan with Nirsal Microfinance bank Covid 19 Loan is very easy. Follow the process below:

Click this link to their official loan page on their website http://nmfbng-website.azurewebsites.net/covid-19-support/
Provide in all the details as requested by the bank. These documents must include a clear evidence of how the pandemic affected your business.
After application, your details are reviewed and submitted to CBN for the final confirmation
Money is disbursed in to your account if successful

What is the interest rate?

The interest rate for this loan is currently 5%. This holds up to 28th February 2021, after which the interest on the facility will revert to 9% per annum. This new rate kicks in as of 1st March 2021.

Tenor and maximum amount

The working capital loan has a maximum tenure of one year and has no option of rollover. On the other hand, term loans have a maximum tenor of3 years and at least a year moratorium. You can access up to N3 million for house hold loans, and up to N25 million for SME loan.

To read more, you can simply visit their official website at http://nmfbng-website.azurewebsites.net/covid-19-support/.

How can I contact Nirsal microfinance bank?

You can contact Nirsal microfinance bank through any of the following means:

Call: 09010026900—7

Email: covid19@nmfbng-website.azurewebsites.net

Conclusion

Nirsal microfinance bank is the institution in charge of the covid 19 credit facility. The Nigerian Government initiated this facility through CBN. Although not the provider of the loan, they are in charge of applications and screening of applicants. If your family or business has been greatly affected by the pandemic, it is an excellent opportunity for financial relief.

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