Loan Guide

Tips on securing loans in Nigeria

If you’re serving Nigeria as one of the 350,000 National Youth Service Corps members in any state, you could get an NYSC Loan. The NYSC Loan assists corps members registered under the Skills Acquisition and Entrepreneurship Development (SAED) to start up small businesses which can generate income and also create employment opportunities around them. The Federal government allocated N83 billion naira for NYSC activites in 2018. This includes the N3,200 paid to each corps member
From January 2019, JAMB fees will be reduced from N5,000 to N3,500 for the UTME, Senior Secondary Certificate charged by National Examination Council (NECO) from 11,350 to N9,850 and Basic Education Certificate handled by NECO is reduced from N5,500 to N4,000. Loans for JAMB fees can help you to achieve your goal of progressing into higher education. JAMB The legal instrument establishing the Board was promulgated by the Act (No. 2 of 1978) of the
Traditional lenders in Nigeria have recently embraced online lending with a number of leading banks having set up online only entitles such as Alat by Wema bank and Specta by Sterling bank. BANKS Banks play important roles in the economic life of a country particularly a developing nation like Nigeria through the provision of banking service. As agents of development, they provide loans and advances including a variety of contingent facilities. This explains why credit
The rise of online lenders raises challenges, opportunities and questions including, which regulator has jurisdiction and how the traditional lenders will respond. The case of the fraudulent MMM scheme that crashed dramatically in 2016 with its entire investors fund can be argued to be Nigeria’s first well-known peer-to-peer enterprise. Although the online loan market in Nigeria is in its infancy, there is already disagreement over the appropriate level of regulation. One side of the debate
Mobile money refers to the use of mobile phones for financial transactions. Progress in mobile communications technology and encryption systems has changed the economics of financial service provision, particularly in remote areas, rapidly expanding the number of people able to access these services. Mobile money in Nigeria has grown exponentially in recent years. Over 80% of adult Nigerians have access to feature phones, enabling them to use mobile banking services to access loans. 28% of
peer to peer lending
Peer to peer lending in Nigeria is usually based on loan terms between three months and two years. A few factors affect the term of your loan, but most often, the amount of your loan and your loan grade weigh mostly heavily in determining the term. In this educational guide we highlight the taxonomy of peer to peer lending. Taxonomy 1. Application Based on application, peer‐to‐peer platforms can be classified into two categories. General platforms
The goal of the Bank Verification Number (BVN) is to uniquely verify the identity of each Bank’s customer for ‘know your customer’(KYC) purposes. It also helps lenders to know the true identity of each borrower, so knowing how to check your BVN is key to securing a loan in Nigeria. A customer enrols at any branch of a bank where he/she has an account or intends to open an account in order to get a