10, Moshood Abiola way, Challenge. Ibadan

070–0777-7778|www.fcmbmfb.ng

MFB Products

FCMB Mirocfinance Bank is a pro-poor financial institution committed to the social and economic empowerment of low-income households.

E Don Beta:

This loan product is designed to operate on a group (union) methodology. The customer is expected to be in a group of 10 to 30 member and the group is a self-selected group of people who access loans individually, but have group guarantees. E Don Beta Loan is created to help meet the working capital needs of clients that run small businesses. 

Features:

  • Facility range: N30,000 (minimum) to N200,000 (maximum)
  • Methodology: Individual lending but group liability
  • Duration: 6 months
  • Grace period: 2 weeks
  • Repayment frequency: Weekly
  • Clients must belong to a group

Benefits:

  • No collateral, but group guarantees
  • Low income earner have access to funds for business expansion
  • Flexible repayment structure
  • Professional training on basic financial management, business planning and customer relations
  • Low interest rate
  • Professional financial advice available

Documentation Required:

  • Duly completed application form
  • 2 guarantors
  • 2 recent passport-size photographs
  • Current electricity bill
  • A certified copy of valid identification such as a National Driver’s License, or an International passport, or a National ID card, or a Voters Card (original copy to be sighted by Account Officer) or Third party identification.

Savings Product:

Regular Savings Account:

The saving product is very flexible and convenient as it is designed for our customers to make savings on a regular basis. The customer make a weekly contribution to his or her account for a period of time and then can be withdrawn and invested back into the customer business.  

Features:

  • To offer savings product to low income earners, market women, traders, artisans.
  • Account minimum operating balance of N1, 000.
  • A rewarding opportunity to save and earn monthly interest on savings.
  • Flexible daily, weekly or monthly savings to meet emergency needs.
  • Issuance of debit cards to ensure unhindered access to funds
  • Incentive to clients with highest savings balances per Region
  • Access to our suit of electronic banking offerings i.e. online / real time banking, internet banking, mobile banking and banking via ATM & POS
  • Free e-mail transaction notification service.
  • SMS alert for all transactions.
  • Professional financial advice available for our customers.

Documentation Required:

  • Duly completed registration form
  • 2 recent passport-size photographs
  • Utility bill
  • A certified copy of valid identification such as a National Driver’s License, or an International passport, or a National ID card, or a Voters Card (original copy to be sighted by Account Officer)