MFI Report

Current Account A current account allows for the secure and swift withdrawal of funds on demand. The minimum required balance is N1,000, and all withdrawals are by cheque. A current account is accessible at all locations of Alliance Microfinance Bank as well as its correspondent banks. Call Deposit A call deposit is an interest bearing account from which the customer can also quickly withdraw funds. The minimum required deposit is N50,000 and the minimum tenor is seven days. Rate of interest is negotiable. Fixed Deposit A fixed deposit consists of an individual deposit for a fixed term and interest rate. The minimum required deposit is N50,000, with a minimum period of 30 days. Rate of interest is negotiable. Individual Retirement Account (IRA) An Individual Retirement Account(IRA) is an account specifically designed for the accumulation and protection of funds for retirement. There is no minimum requirement. Deposits are monthly from salary account, with withdrawals commencing upon retirement. The rate of interest of an IRA account tends to be three points greater than that of a regular savings account. Contingency Savings Account (CSA) A Contingency Savings Account (CSA) is an account designed for the accumulation and protection of funds in the case of emergencies. There is no minimum requirement, and deposits can take place on a daily, weekly, or monthly basis. The rate of interest of a CSA account tends to be two points greater than that of a regular savings account. Targeted Savings (TSA) A Targeted Savings Account (TSA) is designed for the customer who wants to carry out a pre-specified future project. There is no minimum requirement, and deposits can take place on a daily, weekly, or monthly basis. The rate of interest of a TSA account tends to be two points greater than that of a regular savings account. Micro Credit Micro Credit describes working capital loans designed specifically for small-scale business and entrepreneurship. Such loans have a maximum tenor of 180 days and can range from N20,000 to N500,000. Micro Credit is usually issued against individual third party guarantees. Cheque Purchase/Cheque Discount Cheque Purchase allows the customer to obtain value up to an already designated amount for cheques placed in his account. This product can finance up to 70% of the value of salary cheques of employees or drafts issued by certified banks. Micro Lease A Micro Lease is meant to finance the purchase of tools and household items for small-scale business and entrepreneurship. Term Loan A Terms Loan is a loan of over 12 months to finance fixed assets such as machinery and equipment. Asset Based Loans An Asset Based Loan is a loan to finance warehouse and shop products. The products serve as collateral, with their sale constituting fulfillment of the loan. Group Loans Group Loans are loans to two or more individuals that either live in the same area or are engaged in the same type of business activity. Business Advisory Alliance Microfinance Bank offers advisory and consultancy services to small-scale enterprises on a wide variety of subjects, including company registration, taxation, and general business planning. Micro Insurance Micro Insurance represents insurance on the assets and life of both small-scale businesses and the entrepreneurs themselves. Safe Keeping Facilities Alliance Microfinance Bank offers small-scale businesses safe keeping facilities for the storage of their products and valuables. Off Site Teller Services Alliance Microfinance Bank can provide teller services at the individual residences of its customers. In particular, Alliance can pay the staff of a company at another location. Hide