Our Services

Banking Products and Services

We offer conventional banking products such as current accounts, savings accounts, Joint accounts, minors accounts, fixed term deposits.

In the area of credits, term loans, overdrafts and micro credits are also available for eligible customers. Other services available are:

  1. Payment services such salary/pension payments.
  2.  Collection of proceeds for clients
  3. Fund transfers
  4. Electronic banking and ATM services
  5.  POS outlets

In addition to the above, we shall offer to our clients, special products tailored to meet certain specific needs as follows:

1) Vacation support line (Credit facility for private schools):

Features:
  • Facility type – 0verdraft
  • Amount – 30% of the previous term fees (direct lodgements of fees only)
  • up to N5m
  • Tenor- 4 months from the beginning of each vacation with one month repayment moratorium.
  • Interest & fees – prime rate
  • Eligibility for consideration:
  • i)Registration with CAC and/or ministry of education approval
  • ii)Acceptable security and other credit appraisal considerations

Benefits:

  • Schools can cover expenses such as renovations, purchase of stationeries, staff salaries during vacations before fees are paid.

2)Target savings a/c (for people who wish to save for specific personal projects.

Features:
  • An interest bearing savings a/c
  • Customer decides the target amount to save for 6 months or more without withdrawal
  • Lodgements can be daily, weekly, monthly.
  • Balances attract monthly interest 0f 2%
  • There will be penalty charge of 5% for withdrawal before the end of 6 months
  • Can also borrow up to 50% of the targeted amount up to a maximum of N1m at the end of the target period, after meeting the target amount and meeting our loan conditions.
Benefits:
  • The program encourages savings to help customers acquire properties or start business with ease and is also part of the qualifications for accessing loan

3) Farmer’s delight (a group micro-credit for small scale farmers)

Features:

  • Farmers within the same farming area are formed into micro-credit groups of 5-10 members.
  • Loan amount to individual farmer is N100,000 or less, which will be covered by cross guaranty among the members.
  • Each farmer must show personal stake and proof of intention to farm by clearing and planting the desired crop.
  • For livestock farmers, the space or accommodation for the animals must be prepared before loan disbursement.
  • Micro-insurance will be arranged against unforeseen circumstances if need be
  •  A group account or joint savings account (if unregistered) will be opened for each group into which each member will contribute a fixed amount to cover the guarantee.
  • Tenor for the loan ranges from 4 -9 months depending on the gestation period of the crop or animals being reared. 
  • INCREASE OF LOAN

     Benefits:

  • Small scale farmers will have access to farming capital after start off, and into harvest time without any hitch.
  • The micro-insurance insures that the famers and the bank do not loose completely even in times of draught, crop failure, disease etc.

4) Group micro-credit for traders, artisans and other micro entrepreneurs.

Features:
  • Customers engaging in small businesses, operating within the same vicinity or market are formed into groups of 5-10 members to access this facility.
  • The amount of loan available is N50,000 for the first disbursement to each member covered only by cross guarantee among themselves
  • A group account or joint savings account (if unregistered) will be opened for each group into which each member will contribute a fixed amount to cover the guarantee.
  • Tenor for the loan ranges from 1-3 months.

Benefits:
  • Access to unsecured credit.
  • Groups that successfully pay back their loans will have their loans renewed with a possibility of increased amounts.
  • Opportunity to grow micro-businesses through credit

5.) Esusu savings account

This is a non-interest-bearing savings account product designed for customers of micro-enterprises to help them save from their daily income. As the name suggests, it is an alternative to the group contribution commonly practiced among low income earners.

Feature:
  • Minimum opening balance is N500
  • Minimum daily deposit is N200 per business day
  • Customer are to save for a minimum of 3 months before withdrawal
  • No interest is paid on account balance since it is a contribution account
  • Any withdrawal before the maturity date attracts 5% interest penalty charges on amount withdrawn
  • Customer is given a passbook which is updated upon each transaction
  • Esusu customers have access to all their savings if they need it at the end of the 3 months.
  • They can also borrow up to 200% of their balance at the end of their contribution period, while the savings balance remains in the account and the contribution continues.

6) Secure future account 

(a life savings plan for those who are not on pensionable work and therefore may not have something to fall back on when they can no longer generate income for themselves.

Features:
  • Customer opens account with N1000 and saves a minimum of N250 or more per week for at least 5 years or more without withdrawal to accumulate savings for a rainy day.
  • Lodgements can be daily, weekly, or monthly.
  • Balances attract monthly interest rate of 2%
  • Customer can access 30% of total savings as loan at prime rate to attend to personal emergencies and pay back while still continuing with the savings program.
  • penalty
 Benefits:
  • The program encourages customers to save money they can use during emergencies or when they cease to generate regular income for themselves instead of completely depending on friends and relatives
  • The bank assists customer with credit facility during the savings period in order not to disrupt the plan when faced with emergencies.

7) ‘‘I pay my school fees’’ account

This is a minor account in which parents and guardians save money for the payment of their beneficiary’s school fees as from when they start their secondary school or university education.

Features:
  • Parents or guardians open and operate a minor interest-bearing savings account for the beneficiaries as soon as they are born or any time before the age of 18yrs.
  •  A minimum sum of N500 to be deposited monthly and the balances attract monthly interest.
  • Although withdrawals are not encouraged before the targeted education planned for, withdrawals of not more than 30% of existing balance are allowed once every six months for emergencies.
  • The account balance can be used as collateral for credit as long as the parent can afford to pay the loan and at the same time continue with the monthly deposit
  • The account may be closed or handed over to the beneficiaries to operate when they are of age, ie, 18 years.
Benefits:
  • Helps parents and guardians prepare for their wards education early and save themselves from financial stress during school registrations and fee payment.

7) Graduate empowerment account

Features:
  • For unemployed graduates of secondary school level and above, who wish to settle down for business.
  • Preparation of a realistic feasibility study of a proposed business venture
  • Show credible evidence of commitment to the venture
  • A guarantor with a reliable source of income and a good collateral to cover amount of loan up to 150%.
  • Loan to be disbursed in tranches according to the stages of development in the venture
  • bank to partner with successful applicants to purchase equipment for the business where possible instead of disbursing cash.
  • Interest at prime rate with suitable moratorium for repayment
  • Amount of loan to a maximum of N1m
  • Tenure of not more than 24 months depending on the type of business