Frequently asked questions

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what is the interest % on Daily Contribution Advance?
5%
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what is the Maximum Amount you can advance to me under Daily Contribution Scheme?
Daily Contribution Advance is based on the ability of customer to pay back monthly considering daily sales activity but not exceeding statutory of Micro lending of N500,000.00
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Does your bank give Debit Card?
Yes. The card can be used on any bank’s ATM.
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i have long operated my account,what can i do if i want to keep operating it?
You can activate your account in less than 5 minutes at our office.
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Can your bank buy motor cycle for okada Riders?
yes. you will contribute 30% of the cost of motorcycle. You will pay back within nine (9)months on weekly basis on equal installments.
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Do you have facilitys (loan) for farmers?
Yes. farmers can also form group to access loan specially packaged under Rural Financing (RUFIN).
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At what rate did you lend to farmers?
20% flat
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What is the tenor for farmers (RUFIN) loan
The tenor is 24weeks (6Months)
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Is your bank insured by NDIC?
yes
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What is the minimum amount of share i can buy?
1000 Units @1.25k
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How many days does it take to process a loan application?
The loan application takes 3-5 working days and/or depending when you complete loan documentations.
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How much can you lend me?
You can get as low as N10,000 but no exceeding 1% (individual) and 5% (Corporate) obligor limit of shareholders fund.
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How many months will i use to repay my loan?
One (1) month to Twelve (12) months depending on the loan model.
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How do i know my repayment amount?
Repayment amount will be given to you and/or prepared along with your offer letter.
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Can i pay-off my loan when i have money?
yes
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What is your interest rate on loan?
Our interest rate is based on the loan type
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Do i need to open an account before i can get a loan?
Yes, you need to open an account.
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What is your interest rate on time deposite?
The interest rate is based on the amount and maturity period. It is negotiable
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Can i use my savings as collateral for a loan?
Yes, you can.
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Do i need to save with you before i can be able to access a loan.
No, once you meet the necessary requirements you can access any loan of your choice.
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What do accept as collateral?
Any valuable asset ranging from household items to landed property
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Can I register for my Bank Verification Number (BVN) in your bank without having an account with your bank?
Yes, it is possible. You will need to provide a means of identification (Drivers License, Voter’s Card, International Passport, National ID)
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Do you charge for BVN registration?
No, it is free
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What are the things needed for BVN registration?
Photocopy of your means of Identification, either National ID card, Voters Card, International Passport or Driver’s License.
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What is the code I can use to check my BVN on phone?
Dial *565*0# on your phone on the phone number submitted.
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What type of account do you have for an individual?
There are different types of account such as Savings Account, Current Account and Fixed Deposit Account
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To open an individual savings account, what are the requirements?
Two passports photograph, Recent Utility Bill, Means of ID (Voter’s Card or Driver’s License or National I.D card or International Passport)
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What are the things need to open Current Account?
One passports, Recent Utility Bill, Means of ID (Voter’s Card, Driver’s License or National I.D card) and two referees keeping current account with our bank or any money deposit bank.
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Can I open a Corporate Account?
Yes it is possible if you have a business name registered with the Corporate Affairs Commission (CAC).
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Will I be given ATM if I open an account with you.
Yes you will be given
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What is the minimum amount for opening savings Account?
The minimum amount is N1,000 for an individual Savings Account and N 2,500 for group account.
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Does your bank do mobile transfer?
Not yet, the Bank has started the process and we will go live soonest
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Can I have your bank transfer code
As soon as mobile banking process is completed, code will be assigned to the respective customer.
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Can I deposit into any of my account at commercial bank through your POS?
NO
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Can I do money transfer with my ATM through your POS.
NO
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How long will I stay to deposit huge amount in your bank?
you will be attended to immediately. You will not be allowed to be on queue.
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What days do you open to customers for business
Everyday, Monday-Friday, except o days declare for public holiday(s) by state or Federal Government.
- As a student which type of account can I open and what is the benefit?
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As a Businessman, what services can I enjoy?
Our bank, products/services/Loans (Various Loan that are available) Shares of the Bank. Fund Transfers BVN Registrations Opening of accounts (types of accounts available)
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can I make money transfer from my account to any commercial bank
Yes, it is possible.
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can I make money transfer from my account to any commercial bank
Yes, it is possible.
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