Microfinance banks are on a rapid rise in Nigeria and especially helped small to medium-sized enterprises (SMEs) with loans. AB Microfinance is one of those banks with a rich history of success since its establishment in 2002.
It has several branches spread across the country, including Lagos, Oyo, Ogun, and Ondo State.
Just like Nirsal microfinance bank, AB provides loans to individuals and SMEs that need it, at no stress, and competitive interest rates. They are licensed by the Central Bank of Nigeria and committed to improving financial accessibility all around the country.
AB Microfinance banks offer two major services – Savings and account, ebanking, and Credit. Let’s look at more details of each:
With this account, you have unlimited access to your money any day, any time. It is available for both individual and corporate bodies and has no restrictions. Some of its benefits are:
AB savings account helps you keep your money with an added advantage of a competitive interest rate. Your funds are accessible anytime without forfeiting interest on withdrawal, and the account is accessible to individuals and corporate organizations.
Some of its benefits are:
The deposit account allows you to fix your money for a particular duration and gain outstanding interest rates. Some of its benefits are:
As an entrepreneur, you can easily access a quick loan in Nigeria through this AB Microfinance service. Loan value ranges from N15,000 to N3 Million and has a maximum maturity of 18 months.
Some features of this loan are:
They design this service for SME owners. It offers you access to transparent and quick loans to build your business. You can access up to N20,000,000 but require collateral, and it has a maximum tenor of 24 months.
Just as the name implies, housing loans offer you access to loans for your housing projects. The available amount ranges from N300,000 to N3,000,000. In this service, you also have access to access quality building materials and free expertise on house designs.
AB microfinance also has other services like commercial banks, which makes accessing their services much easier. These services are:
AB microfinance currently offers up to N5,000,000 loan, which expands to N20,000,000 for SME business owners. If you meet all the loan requirements as earlier stated, take the following steps to apply:
1) Proceed to any of their branches to make a loan proposal. Ensure you go with all the necessary documents as stated earlier and a sizeable collateral compared to the loan.
2) Your proposal would undergo an immediate on-site assessment by qualified personnel. After this, they forward it to a decision committee for final approval.
The duration before loan disbursement depends on the amount in question. For example, applying for high-value SME loans takes a week. Also, note that:
The minimum borrowing amount for AB microfinance is N15,000, and a maximum of N20,000,000. The amount accessible to you depends on your repayment accessibility. During this process, business inventories, assets, and other criteria are taken into consideration.
AB microfinance offers one of the easiest ways to get loans, with only a valid ID and proof of business. As far as your business falls in the banks’ lending areas, receiving a loan is very easy.
The bank also offers flexible collateral and repayment arrangements, as well as competitive interest rates. With the wise use of AB microfinance loans, you can easily take your business to the next level.