Ibile Microfinance Bank – What you should know

Last updated on August 7th, 2023 at 03:02 pm

IBILE in the Yoruba language means traditional or native.

When a microfinance bank names its organisation “IBILE”, that is a pointer they are genuinely there for the people. 

IBILE in this context stands for Ikorodu, Badagry, Ikeja, Lagos Island and Epe which represent the five divisions in Lagos state. This again solidifies the notion that this microfinance bank is genuinely one for Lagos by Lagos.

IBILE offers straightforward solutions to serve the middle class, farmers in rural Lagos, public servants, startups, small and medium-scale enterprises in Lagos to grow the economy.

They launched this through the 25 million naira initiative established by the Lagos State Government through the Lagos State Employment Trust Fund (LSETF) as an investment for small and medium business in Lagos state.

They appointed IBILE as the disbursement channel for this trust fund. 

Moving forward

To do this efficiently, IBILE launched two main product offerings to serve the public: Deposits and Loan products.

Deposit Products

Listed under this product are saving opportunities that can investments, manage current finances or stash money for the future

• IBILE Easy Save: Savings account with a minimum opening balance of N500
• IBILE Individual Current: Current account for one account holder
• IBILE Joint Current Account: Current account for joint account holders
• IBILE Corporate Account: Current account for corporations or organisations
• IBILE Kiddies Savings: Savings account for minors
• IBILE LOYA: Savings account with a time commitment. Save 90 days with no withdrawal to qualify for a loan.
• IBILE Esusu: Savings account with withdrawals from daily sales to help you reach a financial goal
• IBILE Rosca: Savings account to help entrepreneurs build credit to access loans by regular savings deposits
• IBILE Fixed Deposits: Traditional fixed deposit account with tenure ranging from 30 to 365 days.

Loan Products

Listed under this product are financing opportunities that can be used for commercial and personal needs

• IBILE Asset Finance: first, it can finance assets such as generators, mobile phones, laptops, washing machines, household furniture, etc.
• IBILE Travel Loan: Finance your travel ticket with this product
• IBILE Salad: As a salary earner, you can have access to an approved loan amount that will be deducted from your monthly pay
• IBILE MDA Loan: Available to staff members of the Lagos state Ministry, Department and Agency
• IBILE Get Micro: Made for small and micro businesses who need access to funds below N500,000
• IBILE Easy Get SME: Available to individuals and corporations who need access to loans over N500,000
• IBILE Back to School: This is to aid parents with their children’s school fees. This loan has a 90-day tenure. 
• IBILE Get Together: Designed for groups such as cooperatives and unions who need access to funding
• Agricultural Finance: Available to farmers to improve the expansion of small and medium-scale agricultural enterprises 

Conclusion

IBILE has made access to funding easy and accessible. With as little as N500, you can open a savings account.

This can easily set anyone on the journey to financial freedom if used smartly. You can check out similar lenders like the Nirsal microfinance bank.