August 16, 2023

FINCA NIGERIA

FINCA Microfinance bank LTD

FINCA started operations in Nigeria as FINCA Microfinance Bank LTD in 2014 with headquarters in Owerri Imo state. FINCA microfinance bank LTD has a strategic diverse mix of goal oriented and performance driven management team and employees.

WHAT THEY OFFER: ENTERPRISE FINANCING

Providing financial services to micro and small enterprises.
Providing market- and mission-led products, with a focus on a set of core products – credit, savings, insurance and payment services – benefiting clients and delivered through efficient branch and non-branch channels.

RESPONSIBLE FINANCE

They are a commercial enterprise with a strong social mission. Their mission drives the business, and whilst giving access to finance for the world’s lowest income is still our primary role, our responsibility extends into helping people and communities build better lives.

High quality customer service that is respectful and supportive, and acknowledges that every individual has different circumstances

They provide access to flexible finance that helps their clients achieve their life goals – build a business, improve their living conditions or invest in education for their children.

They provide their services on commercial terms to make their operations sustainable and to support their outreach to even more financially excluded populations.

Their lending puts special emphasis on Customer Protection Principles: to avoid over-indebtedness, transparency in their operational terms, responsible pricing, fair and respectful treatment during their collection practices, ethical staff behavior, mechanisms to redress grievances, privacy of client data.

BENEFITS

Fair, respectful and supportive treatment of everyone irrespective of their different circumstances.
A simplified process to apply for loans, save and withdraw funds.
Support that helps them make the best of their money e.g. training in business or finance management.
Rewards for good credit and savings behavior and loyalty to FINCA Microfinance Bank.
A fair rate of interest on the loans they are issued
Fair interest rate on their savings and deposit
Easy to access and operate savings products with minimal procedure and restrictions, allowing us to reach out to the financially excluded or underserved segments in Owerri.
Access to different products and services, to help improve other areas of their lives.

Individual Loan

At FINCA Microfinance Bank limited, their Individual loan is for business owners who need capital to expand their business or meet their financial business goals. With their team of responsible, honest, trusted and professionals, they ensure that you get the right loan size and free financial advisory services

Benefits

Fast and efficient loan processing
The right loan size and terms for you and your business
Professional financial advisory services
Insurance cover for the loan amount
Flexible loan amount
No hidden charges, all their fees are transparent.
No Monitoring fees
Less paperwork for second loan or renewal

Features

Low collateral requirement
No upfront savings required
Interest is accrued on a declining rate
Early payment of loan attracts interest rebate

Group Loan

The growth of your business should not be constrained by lack of capital or collateral. Their Group loan is a loan where group solidarity is used to guarantee the loan. The entrepreneurs choose members of their group and guarantee each other. The group minimum size is 5 and maximum 10.

Benefits

Competitive interest rate on declining rate
Flexible repayment schedule tailored to your business
Additional working capital
Insurance cover for the loan in case of unforeseen circumstances
No hidden charges – Transparent pricing and simple terms and conditions

Features

The group ranges from 5 – 10
You won’t need collateral as long as you are in an existing group
You don’t need to leave your business to go to them, their Customer Relationship Officer will personally come to you
Loan repayment is flexible between 6 to 12 months
The group members will act as guarantor to each other
You will get guidance and training through their group meetings on how to manage your finances and business
Their processes and fees are transparent
Interest rate is accrued on declining rate
Early loan repayment attracts interest reduction

School Fees Loan

The School Fees Loan is a short term loan that is intended to facilitate the prompt payment of school fees by parents and guardians for their children and/or ward’s educational needs such as tuition fees, uniforms, books, meals, school bus among others. The loan is structured that the children’s school must not necessary have account with FINCA for the parents or guardians to access this loan.

Benefits

This loan ensures that your children never miss one a day at school because their fees are paid promptly
Pay for all your children hassle free
Does not restrict you from taking business loan
Very easy to access with flexible collateral
Insurance cover for life and disability.
Gives peace of mind because the entire session fee is paid for.
The interest rate is on reducing balance.
No upfront savings

School Improvement Loan

The School Improvement Loan is a credit facility that is available to existing private school owners intended to facilitate educational asset acquisition like land, buses, generators, computers or other assets and also for those school proprietors in need of additional working capital and other purposes related to improving the school’s quality.

Benefits

If you want to Increase investment in your education institution for purchasing assets, renovations or construction of premises
Flexible repayment
Insurance cover for the loan
No hidden cost
The interest is on reducing balance
There is no upfront savings

Take advantage of this loan to improve the quality of education that you offer at your school.

Small Enterprise Loan

FINCA Microfinance Bank offers Small and Medium Size Enterprises business owners the opportunity to access Small Enterprise Loan for the growth and development of their business. This loan is easily accessible as long as the business is viable and been in existence for more than a year. The loan can be used to augment working capital, expand the business, and acquire assets or purchase raw materials or goods.

Benefits