FAQ

General Questions

What does FINCA stand for?

FINCA is an acronym for the Foundation for International Community Assistance. The organization’s roots are in the the Latin American agriculture sector.

Can I access your services such loans and savings if I live in a state, city or town where you do not operate?

Unfortunately, our services are only available to those within the towns we operate in and this is due to Central bank of Nigeria regulation that allows state licensed MfBs to operate within the state where they are registered

Where are you found?

At the moment, we are currently located in Owerri, Imo State, Nigeria. Our business location in Owerri is at 20 Wetheral Road Owerri, Imo State Nigeria

What times and days are you open for business?

We are open from 08:00am to 16:00 hours from Monday – Friday. We do observe bank holidays authorized by the government.

Do you have ATMs?

We do not have ATM facilities at the moment.


Savings

What Savings products do you have?

We have:

  • We have:
  • Savings Account – which is an easy account to maintain and operate with attractive interest rate
  • Fixed Deposit Account – This is an account for those who wish to grow their money
  • Corporate Account – for business owners.
  • Target account – This is an account that allows clients to save incrementally over an agreed period and offers bonus in addition to regular interest if clients meet their savings targets for the agreed period.

What are the requirements for opening a Savings account?

A valid identity card which could be National Identity card (NIMC), International Passport, Driver’s License,), Utility bills. For companies, the following are required: A certificate of incorporation/ registration, Memorandum and Articles of Association, Resolution from Directors/ Company form 6.

How much is the interest rate on a savings account?

Interest rates on savings account depend on the type of savings account, the amount of money fixed and the period one fixes the money. The higher the amount and longer you fix your money, the higher the interest rate and subsequent returns.

How often can I withdraw money from the savings account?

With any savings account, one can withdraw as many times as possible and no charges are applied. However, with the Fixed Deposit Account and Target Account, one is expected to make a withdrawal after maturity and rollover is encouraged.


Loans

What loan products do you offer?

Our loan products are categorized into two; Individual Loan and Group Loan

How long does it take me to access a loan from you?

Our loan processing speed relies on how fast you provide the necessary requirements. However, you will receive feedback from us within 5 days after submitting all the necessary requirements.

How much do I have to pay back monthly?

Your regular monthly repayment/installment depends on the approved loan period and loan amount.

How often am I required to pay back?

An appropriate biweekly or monthly repayment scheme to suit your needs will be advised.

How much loan amount can you give me?

The loan amount that will be given to a client depends on the type of loan and capacity of the borrower.

Do you finance start-up businesses?

At the moment we do not finance start-up businesses.

Do you give Salary based loans?

At the moment,we do not give salary based loans

Can I use income from sources other than business to pay off the loan?

Although, our loan assessment is based on business income, you may be allowed to repay your loan with income from other sources

What collateral do you require for the loan?

  • For our Individual Loan, the only collateral required are your business assets and household pledges.
  • For Group Loan, you do not need a collateral for group.


 
FINCA Microfinance Bank Limited Nigeria is a subsidiary of FINCA Microfinance Holding Company LLC (FMH), and part of a network of 21 microfinance institutions and banks that provide socially responsible financial services that enable low-income individuals and communities to invest in the future.
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