AB Microfinance

Interest Rate (5% – 6.5%)

 

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Description

AB Microfinance Bank Nigeria is a foreign-owned financial institution, based in Lagos state, which offers a broad range of financial services to micro, small and medium-sized enterprises (MSMEs) and other clients in the lower income strata. The interest rate charged depends on the loan amount.

Pros

  • High maximum loan
  • Choice of repayment scheme
  • No borrower groups

Cons

  • On site assessment by lending staff
  • Geographic restrictions to Lagos
  • Collateral required

ELIGIBILITY CRITERIA
• Applicant must be 21 or above
• Applicant must be a Nigerian Resident
• Applicant must be the owner of the business
• Business must be in operating area .