n Frequently Asked Questions (FAQs) | Assets Microfinance Bank
+234 903 4030 559

Who can apply?

Find out if you qualify to take a loan.

Age

18 - 60

Years

Nationality

Nigerian

Citizen

Income

N100,000

Minumum Monthly Salary

General

You must have been business for more than 6 months and been at your shop for more than 6 months.

2 passport photograph.

Mode of Identity (Driver’s license, Permanent voters Card or International Passport) BVN.

license, Permanent voters Card or International Passport) BVN.

Utility bill not less than 3 months

A Guarantor (a business person or salary earner).

Collateral for SME loans.

Account statement and cheques for loans above 400,000.

The loan application takes 2 - 3 working days after you have submitted your documents.

You can get as low as N50, 000.00 and as high as 1 Million subject to our assessment

Loan repayment is between 1 month to 12 months depending on the type of loan applied for.

You can make transfer from correspondent (other) banks to your Assets MfB account.

You can make transfer from Quick teller on ATM machines or on your mobile phone to your Assets MfB Account.

You can also visit any of our Agent Banking officers to deposit through POS into your Assets MfB.

While we encourage you to save for a Brighter Future, you do not have to save before applying for a loan.

Yes, from your new location base on our credit assessment.

Yes, we give loans to salary earners.

No, Family members may not be used as guarantors.

Please speak with your account Officer or visit any of our branches closest to you.

You will write an application for letter of Non-indebtedness to Assets MfB and it will be treated.

Interest rate varies from 3% to 6% depending on the loan product.

Banking Services/Deposit products

A valid ID-card, and a minimum balance of N2,000.

National ID card, International Passport, Driver’s license, Permanent voter’s card etc. that has not yet expired.

Deposits can be made through various platforms available:

- Correspondent bank from our partner banks .

- Internet banking transfer from all commercial banks in Nigeria.

The interest rate depend on the type of Savings account you have with us

The interest rate depends on the amount and maturity period. It is negotiable.

The minimum amount is N50, 000.

The minimum tenor is 30days.

Yes, however accrued interest may be charged depending on the type of interest payment chosen.

Interest payments can be paid into your account of choice monthly, quarterly, annually or upon maturity