AB Microfinance Bank Nigeria
Access loans from N15,000 to N5 million at attractive rates starting from 5% with flexible repayment, fast processing and no hidden charges.
AB Microfinance Bank Nigeria stands out with its micro loan offer, specially designed for entrepreneurs and business owners looking for quick financial support. The bank provides loans ranging from N15,000 up to N5,000,000, with flexible terms and competitive interest rates starting from as low as 5%. Loan tenure is up to 18 months, making it suitable for various personal and business needs. Notably, there are no mandatory savings or deposits required, and collateral requirements are flexible based on loan size.
AB Microfinance Bank’s loan process is known for its speed and transparency. Applicants are not required to submit audited financial statements, and documentation requirements are kept minimal. Upon submitting all required documents, successful applicants can expect their funds to be disbursed within just three working days. There is a one-time disbursement fee of 1% and an insurance fee of 1.5% of the disbursed amount, both quite competitive for the NG market.
How to Apply: Step by Step
- Gather basic personal and business information.
- Fill out the loan application form, responding to all required fields.
- Submit the form and provide copies of any required documentation.
- Wait for a quick on-site assessment by bank staff.
- Once approved, expect fund disbursement in three working days.
Key Advantages
One major advantage is the flexibility offered in loan size, collateral and documentation. This makes the AB Microfinance Bank micro loan accessible to many, including those previously underserved by traditional banks.
Another advantage is the quick disbursement process – typically within three days – which is significantly faster than many competitors. Customers also receive free SMS reminders for repayments, supporting positive credit behaviour.
Potential Drawbacks
Despite its strengths, AB Microfinance Bank micro loan products require an on-site assessment, which may add inconvenience for some applicants.
Also, while collateral is flexible, larger loan amounts still require security, potentially limiting access for applicants without adequate assets.
Our Verdict
AB Microfinance Bank Nigeria’s micro loan offer is a strong choice for small business owners and entrepreneurs looking for fast, transparent and reliable funding. The blend of competitive rates, ease of application and quick processing make it attractive, though applicants should be prepared for on-site visits and collateral requirements for bigger loans.