Microcred Nigeria – All you need to know

Boabab Microfinance Bank, formerly known as Microcred Nigeria, is a reputable financial institution operating across Africa and China. With over a decade of experience, Boabab has become a leading provider of financial services in Africa, serving more than 700,000 customers through its branches in Lagos and Kaduna.

In this article, we’ll explore the services offered by Boabab Nigeria, focusing on credit and savings options.

Boabab Credit Services:

Boabab Nigeria offers credit services tailored for entrepreneurs, traders, and small to medium-sized businesses. They provide an easy-to-use online simulator on their official website, www.baobab.bz, which allows you to plan your loan in advance. Simply input the desired loan amount and duration, and the system will display a monthly payment schedule, including interest. Keep in mind that a commission of 2.5% to 5% will be added to the borrowed amount.

Steps for Opening a Boabab Nigeria Credit Account:

  1. Fill out the request form on their website.
  2. A customer service representative will promptly guide you to the nearest branch and address any questions you may have.
  3. Visit the branch with your national identity card and a photo ID.
  4. Open a credit-linked checking account with the assigned advisor.

Boabab Nigeria Loan Eligibility:

To be eligible for a loan from Boabab Nigeria, you should be between 18 and 63 years old and have at least six months of business activity at the same location, along with a year of experience in your sector. You are allowed to have one outstanding loan at a time.

Boabab Savings Services:

Boabab Nigeria offers a variety of savings options, including current, savings, term deposit accounts, and savings plans.

  1. Current Account: This account allows you to deposit funds at any time and provides easy access to your money.
  2. Savings Account: Increase your income without incurring any opening fees or transaction costs.
  3. Term Deposit Account: Watch your money grow steadily after making a deposit.
  4. Savings Plan: Save more while your money grows.

Opening a Boabab Nigeria Savings Account:

The process for opening a savings account is straightforward. Fill out the form, and a customer care agent will guide you to the nearest branch. Remember to bring a photo ID and your National Identity card. Opening a savings account is free, and there is no minimum compulsory deposit amount.

Documents Needed:

For individuals aged 18 and above, you’ll need a National Identity card, along with proof of address.

Additional Information:

Boabab Nigeria Savings offers an impressive monthly remuneration of up to 6.5%. Your money grows without any interest, deposit, or management fees.

Conclusion:

Boabab Nigeria provides a convenient and accessible way for individuals and small to medium-sized businesses to access loans. With competitive interest rates and a range of savings options, Boabab has emerged as a prominent player in Nigeria’s financial landscape.

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