Description
Addosser Microfinance Bank
Addosser Microfinance Bank is a CBN licensed institution offering loans for multiple purposes in Nigeria.
Products
- Traders Loan – This product is specifically tailored for traders who are interested in expanding their business to increase profitability. It is also targeted at micro enterprises with daily cash flow.
Group Loan – The facility is extended to individuals who belong to an informal group either in the same or different line of business. The group members cross guarantee each other and the peer pressure effect helps to minimize the risk of default
Micro Loan – This is a short tenure working capital facility for micro-enterprises to access funds below 500,000 Naira.
Festival Loan – This is a short tenor facility usually not exceeding 90 days and is accessible only during festive periods associated with high volume of sales like Christmas, Muslim festivals, Easter etc. This product is tailored to traders to help them stock up for the period.
Requirements
- Official identification (National Identity card, international passport, etc)
- Utility bill
- Minimum of 25% equity contribution for first time borrower and 20% equity contribution for repeat clients.
- Maximum tenor of twenty five (25) weeks or eight (8) months
- Two credible guarantors
- Repayment is structured daily, weekly or monthly.
- An obligor limit of N3,500,000 applies to this loan
- Post-dated cheques of Borrower is required for loan exposure of N100,000 and above
- One guarantor’s cheque is also required for loans above N500,000
- Tangible securities for loans of N1,000,000 and above
- Key-man insurance for loan exposure of N750,000 and above.
