In a country like Nigeria, the majority of SMEs do not meet the requirements of commercial banks to get certain loan amounts. This kept them stuck at certain levels of operation for a long time, until microfinance banks appeared. Addosser Microfinance Bank is one of the institutions in the country that specializes in providing loans to SMEs and individuals. If you fall into either of these categories, keep reading to learn everything you need to know about Addosser Microfinance Bank.
About Addosser Microfinance Bank
Addosser Microfinance Bank, founded on May 27, 2008, has played a significant role in broadening the financial options available to SMEs. They have issued over N36 billion in loans to businesses across the country in the last decade. Addosser Microfinance Bank is without a doubt one of Nigeria’s premier microfinance institutions.
They have approximately 300 workers and are governed by a board of directors with decades of expertise in the banking business. In addition, as of this writing, Addosser Microfinance Bank serves nearly 84,000 consumers from a variety of industries.
What are the services provided?
Customers of Addosser Microfinance Bank have access to primarily two services. They are as follows:
Addosser loan services let businesses and individuals to receive funds in advance and repay them over time. The following categories are included in this loan service:
a. Retail and Micro Enterprise Banking
The retail and micro enterprise banking group primarily serves micro entrepreneurs and economically disadvantaged individuals. It provides a loan as a means of easing current financial obligations. The following loans are available in this category:
- Traders loan
- Festival loan
- Micro loan
- Group loan
- Widows umbrella
b. Consumer Banking Group
This group extends beyond the economically disadvantaged to low to middle-income wage earners. Only employees of recognized institutions have access to it. The loans are available in this category:
- Salary advance
- Pay my rent
- Consumer swift lease
- Vacation loan
2. Savings And Deposit
Addosser also offers savings and deposit options similar to those offered by traditional commercial banks. The Addosser is one of the products provided through this service.
- Regular savings account (ARSA)
- Future target account (AFTA)
- Junior active savings account (AJASA)
- Business savings account (ABSA)
- Current account
- Fixed deposit account
The Bank can be reached by any of the following methods:
Address for the headquarters is 32 Lewis Street, Lagos Island, Lagos. Visit their official website to find the nearest branch to you. It has a list of all their locations.