Description
MoneyWise Microfinance Bank
MoneyWise Microfinance Bank is a CBN licensed institution offering loans for multiple purposes only in Ikeja, Lagos Nigeria.
Microfinance lending is the provision of financial services for people who don’t have access to traditional financial services such as banks. The loans are aimed at individuals who were previously considered “unbankable” by larger banking institutions. These are borrowers who are possibly dealing in small amounts of money each day, living in hard-to-access areas, without credit histories or who don’t meet “traditional requirements” within the banking sector.
Microfinance loans specifically are not appropriate in situations where they propagate a cycle of debt or dependence. If you are taking out the loan to pay off another loan, this is considered very bad practice.
Products
- Micro loans – This is for entrepreneurs, traders and students to access up to N300k for existing businesses. The interest rate charged by MoneyWise is dependent on the tenor of the loan. It is 4% for 1 month, 10% for 2 months and 17% for 3 months and above.
- Group Loans – Their interest rate is 6.5% for a group of traders requiring a loan. Although it requires daily loan repayments.
Pro
- Convenient repayment plan.
- Flexible loan conditions
Cons
- Geographic restrictions to Lagos
- Guarantor required
- Low Maximum loan amount
- Only landed property is accepted for collateral.
Requirements
- You should be between 22 and 58 years old.
- You must run an account (Current or Savings) for 3 months with MoneyWise microfinance Bank in Nigeria.
- Applicant must live and or work in Lagos State.
- Two recent passport photograph (within the last 6 months)
- Two credible guarantors
- Two duly completed signature cards
- Utility bill – last 3 months PHCN/NITEL
