Description

Richway Microfinance Bank

Richway Microfinance Bank is a CBN licensed institution offering loans for multiple purposes in Lagos, Nigeria.

Products

• Micro loans – This is for entrepreneurs, traders and students to access for existing businesses.  Richway Microfinance Bank offers business owners of Small and Medium Size Enterprises the opportunity to access loan products in a quick, transparent and efficient way. The customer must complete the Bank’s Loan application form to enable us complete loan’s tracker compliance form. Maximum tenor of 6 months. Collateral is required
• Salary Advance – Advance against expected salaries is available for salary earners of acceptable organizations. The maximum amount of loan is 50% of expected month end salary for a maximum tenor of 30 days. The loan is repayable from the next available salary. Customers are expected to domicile their salaries to the Bank, or the domiciliation of cheques of other banks drawn on their salary accounts, or as otherwise agreed.

Pros

• Flexible loan conditions
• Competitive rate

Cons

• Collateral required
• Geographic restrictions to Lagos
• Guarantor required

Requirements

• Letter of employment
• Staff identity card
• Pay slip
• 6 months statement of account
• Other forms of identification (National Identity card, international passport, etc)
• Utility bill
• Two credible guarantors