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12/05/21

How to apply for microfinance loan in Nigeria

Microfinance bank in Nigeria

 Most microfinance banks in Nigeria operates under the guidance of the central bank of Nigeria the (CBN) for their operations to succeed they most invest in loan given to the general public with interest rate of mostly 4 to 10 percent of the initial capital to be paid by the customers who are willing to collect the loan for business purposes. For small and medium scales business to survive most of them need loans to boost their business operations and increase profit. In this topic you are going to see the basic procedures for you to apply and get your loan application aproved in no distance time.

Microfinance bank


First you will need to open an account with any of the microfinance bank of your choice, the classes of account s are as follows

Savings account class

1. Savings account
2. Time deposit (fixed deposit)
3. Target savings
4. Great future saves 
5. Individuals retirement account (I. R. A)
6. Smart kid saves
7. Better tomorrow.

Current account class

1. Current account
2. Coroparate account
3. Traders companion account
4. Bumber harvest account.

For most microfinance banks the initial deposit before you start operating the microfinance account is ;
Savings account.    #30000
Fixed deposit minimum #50000
Current account.   #3000
Coroparate account #5000

Account opening requirements for microfinance banks

Savings account;

1. Two recent passport photograph
2. One recent passport for next of kin 
3. Proof of identity international passport or natoinal identity card
4. Proof of address utility bill
5.letter from employer for a salary account
6. Specimen signature card dully completed.

Current account;

1. Dully completed account opening form 
2. Specimen signature card
3. Two independent and satisfactory reference
4. Proof of identity
5. One resent passports of next of kin
6 prove of address mostly utility bill
7. Resident permit (for domiciliary account only.

Make sure that you open a current account as most microfinance bank give loans to individuals with Current account or a coroparate account. If you are business man or woman already in business it will be much easier for you to aquire the microfinance bank loan because most of microfinance banks like to partner with business men and women that already starting some form of enterprise. It will be and added advantages to you. If you are about to start a business then it may take a little longer for you to be able to access the loan, most microfinance banks in Nigeria will want to observe your financial inflow to see weather you are capable of repayment when the loan is being granted to you. You will have to bank with them for at list six months or less then you will be able to build a customer based relationship for the bank to get to know their customer (kYC) know your customer concept is applied at this moment for better service delivery.

List of top mrofinace banks in Nigeria

Main Street microfinance bank;

This bank was establush in the year 2009, with an efficient work force to discharge third duty. There headquarter is at number 94 broad Street Lagos island

Accion microfinance bank

Accion microfinance banks commence in 2006 with their customer at heart for efficient customers service ,they head office is located at 4th floor elizade plaza 322 ikorodo road Lagos State.

Fina trust microfinance bank

This microfinance bank starter in Nigeria in 2009, and you can locate them at 44 tiyin street ikeja logas state Nigeria.

FBN microfinance bank

The fbn microfinance bank was established in 2008 for helping enterprises grow thier businesses, there office is at 305 Herbert macualy road yaba Lagos State Nigeria.

Rehoboth microfinance bank

It was established and registered in 2008 in Nigeria with a well customer based Orientation their head office is located at number 13 aweh cresent omoanu Lagos Nigeria.

Lapo microfinance bank

The year the bank was established was in 2010 you can locate them at number 18 Dawson road Benin city edo state Nigeria.

Mwaghavul microfinance bank

This microfinance bank was established in the year 2002 with a slogan driven by excellent is well dedicated to it customers. Thier head office is located at no 2 mission road mangu plateau state Nigeria

Light microfinance bank

It commence it activities in the year 2005 to help business men and women achieve their Target goals. Their office is located at no 5 noad avenue Jos plateau state.

As an enterprises you will need to equip your self with the basic skills as a manger of your micro business. Visit link for more information

BASIC FUNCTIONS AND SKILLS OF A MANAGER

For you to succeed with microfinance bank and be able to pay back the loan you most have to decipline your self and fucus on maximising profit in your business. As a new business man or looking for a business to venture into you can also  read , HOW TO START A SMALL AND MEDIUM SCALE BUSINESS ENTERPRISES

Creteria for microfinance loan 

Most microfinance bank will require the you have an excellent business plan on ground that shows that the idea for the business is ready. Have a business plan that covers for expenditure and risk management for that business.

Secondly for most agriculture loan most microfinance banks will require that you have a qaurantor to stand in for you in case of unfortunate suituations that may occur in the future.

Next if the loan you apply for is a bit huge let from 500000 thousand naira and above most microfinance banks will ask for a collateral to cover the risk in case we're the customer is unable to pay back the loan he or she collected.

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