Save & Borrow
Target Market
- Traders
- Artisan
- Entrepreneur with daily cash flow
Objectives
- To assist traders who need capital/finance to meet business needs
- To establish strong business relationship with customers for at least one year or more
- To dominate the market and offer the best product and service
- To increase the database of the bank
- To increase bank cash flow and enhance liquidity
- Triple of daily deposit up to 10days or maximum of N50, 000 whichever is low
Workings/ Qualification For The Products
- Open a save and borrow account with minimum of N500-N1000
- Daily contribution for 10days on the 11th day a consistent customer is granted loan,
- Repayment commence on the 12th day
- Loan range from of N15, 000- N50, 000 depending on the daily contribution.
Charges
- Interest rate 2% flat on loan amount per month
- Default Changes
- 12% p.a