This article highlights all you need to know about Ibile Microfinance Bank. Also, it discusses Ibile Microfinance Bank’s Products and Services in detail.
Ibile Microfinance Bank
In Yoruba, IBILE means “traditional” or “native.” When a microfinance bank names its organization “IBILE,” it indicates that it is genuinely concerned with the people. In this context, IBILE stands for Ikorodu, Badagry, Ikeja, Lagos Island, and Epe, which represent the five divisions of Lagos state.
This reinforces the notion that this microfinance institution is truly for and by Lagos. Ibile provides simple solutions to the middle class, farmers in rural Lagos, public servants, startups, small and medium-sized businesses, and entrepreneurs in Lagos in order to grow the economy.
They launched this through the Lagos State Employment Trust Fund (LSETF), a 25-million-naira initiative established by the Lagos State Government as an investment for small and medium-sized businesses in Lagos.
Now, if you are a farmer, civil servant, or business owner in any Lafinagos locality looking for funding to support your output and business, you are about to discover a funding option that is not dependent on your current situation. We’ll talk about “Ibile Microfinance Bank” today.
Also, check out International Student Loans.
Ibile Microfinance BankProducts and Services
Students, traders, and business owners can use this to access up to N1 million for already operating businesses. Ibile charges a minimum interest rate of 5% on all loans, with the actual amount depending on the loan’s term.
For those without access to traditional financial services like banks, microlending is the provision of financial services. The loans are intended for people who were once deemed “unbankable” by larger banking organizations.
These are borrowers who might deal with small sums of money every day, reside in remote areas, lack credit histories, or don’t meet what the banking industry considers to be “traditional requirements.”
They offer a loan of more than N500k with a maximum repayment period of 24 months to help you consolidate or invest in your business. The money from the loan can be used to buy fixed assets or as working capital.
The amount borrowed over N500,000. An interest rate of 3.5%. six-month repayment schedule.
Employees of private organizations with at least 10 employees, Blue-Chip company employees, and civil and public servants. A bank account must be used to deposit the salary.
The tenor of three to six months. 1% for management and 1% for insurance.
Farmers of field crops, fish farmers, livestock farmers, agricultural goods marketers, and growers of tree crops can all apply for this loan.
Ibile Microfinance is dedicated to helping rural areas expand their small and medium-scale agricultural businesses. The tenor of three to six months.
Ibile Asset Finance offers you the chance to acquire the asset you have always desired. Whether it’s a generator, a phone, a laptop, a washing machine, furniture for the home, etc.
Ibile launched two main product offerings to serve the public: Deposits and Loan products.
- Easy Save: Savings account requiring a N500 minimum opening balance. This offers a variety of savings accounts for all ages and financial situations, each with special features that can be tailored to a person’s changing needs.
- Individual Current: Current account for one account holder
- Joint Current Account: Joint account holders’ current accounts. With regard to account mandate instructions, this account permits third-party operation. Depending on the mandate in place, which could be either or both to sign, any of the parties may have access to the account under this provision.
- Corporate Account: Current account for corporations or organizations
- Kiddies Savings: Savings account for children.
- LOYA: Savings account that requires a time commitment. To qualify for a loan, save for 90 days with no withdrawals.
- Esusu: Savings account with daily sales withdrawals to assist you in meeting a financial goal
- Rosca: By making regular savings deposits, entrepreneurs can build credit and gain access to loans.
- Fixed Deposits: Traditional fixed deposit accounts with terms ranging from 30 to 365 days.
Also, check out How Student Loans Work.
These products contain financing options for both commercial and personal purposes.
- Asset Finance: First, it can be used to finance assets such as generators, smartphones, laptop computers, washing machines, and household furniture.
- Travel Loan: With this product, you can pay for your plane ticket.
- Salad: As a salary earner, you can apply for a loan that will be debited from your monthly pay.
- MDA Loan: Available to staff members of the Lagos state Ministry, Department, and Agency
- Get Micro: Designed for small and micro businesses that require funding of less than N500,000.
- Easy Get SME: Individuals and businesses in need of loans in excess of N500,000 can apply.
- Back to School: This is to assist parents with school fees for their children. This loan has a term of 90 days.
- Get Together: Designed for groups such as cooperatives and unions that require funding.
- Agricultural Finance: Farmers can use these funds to expand their small and medium-sized agricultural businesses.
Other Ibile Microfinance bank services include;
You can use your mobile device to access the Ibile Mobile App, which is available on Google Play.
Ibile EasyMobile (USSD) is available to all mobile customers. It’s simple and doesn’t require internet access; simply dial 614317# to get started. Customers can use an internet banking solution.
Ibile provides both verve and master cards, secure debit cards that enable internet payments as well as ATM withdrawals within the country.
Ibile collaborates with correspondent banks to provide POS to its merchant clients.
- The following bills can be paid;
- Cable television bills
- Airline reservations,
- Bills for utilities,
- Telephone statements
- Transportation and tolls
- Online purchasing
- Payment for investment and insurance
Lagos state revenue collection
At the moment, this is the only microfinance bank that collects revenue for the Lagos State Government. These collections include:
- Levies and fees
- Charge for Land Use
- Direct Evaluations
- Service Fees, etc.
Final Notes on All You Need to Know about Ibile Microfinance Bank
Ibile Microfinance is a bank in Lagos, Nigeria that helps the poor, middle class, civil servants, start-ups, SMEs in general, and aspiring entrepreneurs.
It is important to note that the “IBILE MFB” is the primary disbursement vehicle of the N25 billion Lagos State Employment Trust Fund aimed at empowering SMEs in Lagos.
Ibile has made it simple and easy to obtain funding. You can open a savings account with as little as N500. If you have any questions make sure to drop them in the comments section below.
Before you go, check out What Your Credit Score Means.