Overview
Regular loan, also called a group loan. Members form a union of a minimum of 5 and a maximum of 30 members
Features
- Easy to access
- Approval within 24 hours
- Get up to NGN100,000 or More
- 23-week Flexible Repayment Plan
Benefits
- Higher Loan Access – Groups may qualify for larger financing than individuals.
- Business Growth – Provides capital to expand existing businesses or start new ventures.
- Flexible Repayment – Repayment can be structured to suit the group’s cash flow.
- Shared Responsibility – Members support one another in meeting repayment obligations.
- Lower Individual Burden – Loan responsibility is distributed among group members.
- Financial Inclusion – Makes access to credit easier for small traders, artisans, farmers, and other entrepreneurs.
- Encourages Savings – Promotes a culture of regular savings and financial discipline.
- Business Networking – Members can share ideas, customers, skills, and business opportunities.
- Credit Building – Good repayment history can strengthen members’ future access to financial services.
- Ongoing Support – Groups can receive guidance and monitoring to help their businesses succeed.
- Low Interest rate - Every member enjoys a lower interest rate.
Eligibility requirements
- Form a group of eligible members.
- Members should have a viable business or income-generating activity.
- Be 20 years or older.
- Have a valid means of identification.
- Provide a verifiable residential/business address.
- Demonstrate the ability to repay the loan.
- Agree to the group’s joint responsibility for repayment.
- Maintain required savings/contributions, where applicable.
- Complete the required loan application and verification process.