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?

Currently, we are a state licensed MfB that is operating in Imo. We have our branches in Owerri, Naze, Relief Market, Orlu and Mbaise , all in Imo State. We also have over 30 FINCA eXpress agents all over Imo state. Click http://www.fincanigeria.com/where-we-work/ to view all our locations.

What times and days are you open for business?

We are open from 08:00am to 16:00 hours from Monday – Friday. We also have branches that open on saturdays. 10:00am - 12:00pm. Our agents are open during their business hours. 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; Classic Savings Account EasySaver Savings Account Instant Savings Account Aspire Savings Account Freedom Savings Account EDUsave Savings Account Fixed Deposit Account

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 and the market prevailing rate as prescribed by CBN. For Fixed Deposit, the interest rate depends on 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, Aspire Account, Freedom Account and EDUsave 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; Individual Loan, Group Loan, School Improvement Loan, School Fees Loan and Small Enterprise 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 Ltd Nigeria is part of the FINCA Impact Finance Network, a group of 21 microfinance and financial institutions that provides socially responsible financial services and enables low-income entrepreneurs and small business owners to invest in the future.
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