In this review, we would be looking at AB Microfinance Bank Nigeria as we know the bank to be a foreign-owned financial institution, based in Lagos state Nigeria, which offers a broad range of financial services to micro, small and medium-sized enterprises (MSMEs) and other clients in the lower income strata to encourage them move up in the business radar, considering the toughness of the economy.
AB Microfinance Bank Nigeria is committed to its passion of helping to improve the business opportunities of entrepreneurs by availing them of easy access to affordable loans, as well as improve the general financial status of everyone with its deposit accounts. It is a limited liability company duly incorporated in Nigeria under the 2002 Companies and Allied Matters Act, and is regulated by the Central Bank of Nigeria as a fully-fledged microfinance bank.
The Bank has an exceptional group of very strong international shareholders committed to the task of improving access to financial services in the country. These shareholders are Access Microfinance Holding AG of Germany, KfW – the German Development Bank, Impulse Microfinance Investment Fund N.V. in Belgium, the African Development Bank, and the International Finance Corporation of the World Bank Group. Together, they have an established record of setting up and managing microfinance banks across the African and Asian continents in such countries as Nigeria, Tanzania, Liberia, Zambia, Rwanda, Madagascar, Azerbaijan, Tajikistan,Georgia and Brazil.
TYPES OF LOANS PROVIDED BY AB MICROFINANCE BANK
- Micro Loans
- Micro SME Loans
- Medium SME Loans
AB Microfinance Bank Nigeria offers all classes of entrepreneurs the opportunity to easily access loans in a quick and stress free ways, in a transparent and efficient environment.
The company’s expertise and international standards gives the clients that calmness and the assurance of getting quality service and delivery from the organization. AB Microfinance Bank Loans currently range from N 15,000.00 to N1.5 million; maximum maturity is 18 months; for larger loan sizes.
Benefit And Features Of AB Microfinance Bank
- No mandatory deposits/savings and no cash collateral required from customers.
- Financial statements audit is not required.
- Flexible collateral arrangements depending on loan size (household goods, business equipment, goods in stock, vehicles, property etc.)
- Flexible documentation requirements.
- Long-standing clients with impeccable repayment record qualify for successive interest rate discounts and even faster loan processing.
- No constitution of borrower groups – you are responsible only for your own loan.
Please note that all applications will undergo an on-site assessment by one of the lending staff prior to a committee decision on any loan application.
If you are interested, simply visit any of the branches as listed below and meet with the loan officers for a proposal.
MICRO LOAN PRODUCTS AND THE INTEREST RATES
|NAME||AMOUNT AVAILABLE||INTEREST PAYABLE|
|AB Business Flexi||N15,000 – N100, 000||6% interest (on declining balance)|
|AB Business Plus||N100, 001 – N500, 000||5.5% interest (on declining balance)|
|AB Business Max||N500, 001 – N1, 000, 000||5% (on declining balance)|
|Maxiplus||N 1,000, 001 – N 1, 500, 000||4.5% (on declining balance )|
Micro SME Loans:
AB Microfinance Bank offers business homeowners of little and Medium Size Enterprises the chance to access loan product in an exceedingly fast, clear and economical means. Building on our world experience and on our international standards, we are able to assure our shoppers highest quality service and delivery. Prospective borrowers do not necessarily need to have saved any cash with AB Microfinance Bank before applying for a loan, as we have a tendency to don’t support forced savings. All that’s required is associate degree existing and a viable business.
What sets AB Microfinance Bank apart is primarily the potency and simple access to credit facilities. Documentation and collateral needs are considerably a lot versatile than anyplace else within the Nigerian banking sector, and therefore the interval is that the shortest out there
Credit Products Obtainable By Micro SME clients
- Loans from NGN 1,500,001 to NGN 2,500,000 for your existing business
- Competitive Interest Rate of 4.5% monthly on reducing balance
- Disbursement fee of 2.5% of the loan amount (down to 1.5% for renewal)
- Maturity period from 6 to 24 months with equal monthly installments
- Hard collateral required (vehicles, landed properties, etc.)
- Free SMS Reminder for your Monthly Repayments
|Amount in NGN||1,500,000|
|Interest Rate p.m.||4.5%|
|Installment in NGN||164,499|
Benefits And Feature Of Medium SME Loans
- Loans from NGN 20 Million and above for your existing business
- Competitive Interest Rate of 2.5% monthly on reducing balance
- Disbursement fee 1 – 1.5%
- Maturity period from 9-24 months with equal monthly installments
- Diverse types of collateral accepted
- Free SMS Reminder for your Monthly Repayments
AB Microfinance Bank Branches In Lagos
|000||HEAD OFFICE||28, Akintoye Shogunle Street (Opposite No 2 John Olugbo Street), Ikeja, Lagos|
|001||IKEJA||11, Oba Akran Avenue, Ikeja, Lagos||01-2122387,|
|002||OSHODI||101 Oshodi-Apapa Expressway, by Oshodi Oke Bus Stop Opposite Mecure Healthcare Limited, Oshodi, Lagos||07098119475,|
|003||IPAJA||319 Ipaja Road, Opposite Government College,Iyana-Ipaja, Lagos||07027996478,
|004||SURULERE||29B Itire Road, Surulere, Lagos||07027996474,|
|005||KETU||56 Ikosi Road, Ketu, Lagos||07027996504,|
|006||APAPA||74 Mobil Road, Ajegunle, Apapa.||07027996501|
|007||ALABA||20/22 Ojo-Igbede Road. Chemist Bus Stop, Alaba Int’l. Market||07027999479,|
|008||TRADE FAIR||No Zone Dr.4 Aspamda Plaza,Trade Fair Complex, Badagry Expressway,Lagos State. Former Sterling Bank Building.||07027996511,|
|009||LAGOS ISLAND||26,Idumagbo Avenue,Lagos Island||07027996496,|
|010||VOLKS||179,Lagos Badagry Expressway Volks Bus Stop,Lagos||07027996507|
|011||BARIGA||72,St.Finbars Road,By Chemist Bust Stop, Akoka Lagos.||07027996467,|
|012||OKE ARIN||No 18,Ijaiye Street,Idumota, Oke Arin Market, Lagos.||07027999470,|
|013||IKORODU||75,Ipakodo Road, Opposite mobil petrol station,Ebute,Ikorodu Lagos.||07027996483,|
|014||IKOTUN||26 Isolo Egbe Road, Beside Synagogue Church, Ikotun, Lagos.||07027999483,|
|015||DUGBE||Rational Building, 22, Oke Bola Road, Behind Femi Johnson Plaza, Dugbe Ibadan. Oyo State.||02-2918707|