Tips on securing loans in Nigeria
The Nigeria Deposit Insurance Corporation (NDIC) was established on 15 June 1988 under the NDIC Act No. 22 of 1988 to strengthen the safety net for the newly liberalized banking sector. It operates under the Nigeria Deposit Insurance Corporation Act No. 16 of 2006. The NDIC complements the regulatory and supervisory role of the Central Bank of Nigeria (CBN), although it reports to the Federal Ministry of Finance. It is the sole agency of government responsible
Mounting debts can undermine Nigerians’ well-being and even derail their life plans, in this article we share tips on how to get out of debt in Nigeria. The metaphors commonly used in describing it – ‘Gbese’, paints a bleak picture that feels like it will last a lifetime. Yet not all debt is negative. Good debt, called leverage, is money that you borrow to finance an appreciating investment. Home mortgages usually are good debts since
We all have to deal with the unexpected, but an unexpected financial event is especially stressful. If you have an issue you may need to take out an emergency loan in Nigeria. That emergency may be due to a personal issue or a business challenge. If you encounter some difficulty securing a traditional loan from a bank or credit union, you may need to look to other options; consider a firm that offers alternative lending.
A personal loan is a structured loan available only for personal borrowing. All retail banks offer loans of this type. The customer borrows an agreed sum and pays back in regular installments including interest at a rate, which is fixed at the time the loan is arranged. There are rarely any separate arrangement fees or other costs, though banks often quote repayment figures, which include premium for insurance to cover sickness or loss of job.
Peer to peer lending in Nigeria is a way to borrow without using a traditional bank or credit union. The interest rate on P2P loans in Nigeria can be surprisingly low, but varies widely depending on your credit assessment. P2P loans are growing fast but still account for a small percentage of total loans in Nigeria. P2P loans are loans made by individuals and investors – as opposed to loans that come from your bank,
Crowdfunding is a great new way to use the power of the crowd to raise money for a variety of different projects and ventures. Crowdfunding in Nigeria is possible through sites such as Imeela. What is Crowdfunding Crowdfunding is the process of getting a large crowd of people to pay a small amount of money to invest in an idea or product, with the promise that when said idea comes to fruition, they will get
Banks are generally wary of providing credit to the SME sector due to many issues including lack of collateral and identification. As such, microfinance loans in Nigeria provide the funding needed by 32 million SMEs in Nigeria to grow their business and the economy. What is a Microfinance loan? Microfinance is the business of providing financial services to vast numbers of poor people in developing economies. Microfinance loans in Nigeria to poor individuals promotes entrepreneurship. These