About Daily Contribution Advance
This loan product takes the nature of old time ‘ajo’ or ‘esusu’ which are collected daily and credit are selectively given to those that are loyal to the collector so that repayment will not be problem by the time it is due to pay back. Those who want to participate will determine their financial daily contribution capacity for a specified period and having satisfied the prescribed conditions such participant will be considered for loan.
This has a 6.67% monthly (30 days) and 80% annually with a flat rate payment
REQUIREMENTS
- Be a nigerian citizen with proper indentification (kyc)
- Weekly mandatory savings required
- Repayment is on daily basis
- Individual beneficiary completes loan form
- Loan processing period depend on the satisfactory performance observed by the account officer
- 15% contribution of amount required must have been deposited in a dedicated account
- Cash collateral to support the loan based on the threshold of amount required.
- Personal guarantee required