Micro Credit
- Loan size – Maximum of NGN250, 000.00
- Loan tenor – Short Term (not more than 2years)
- Interest rate – At Prevailing Rates
- Target group – Small holder farmers, petty traders, artisans, etc.
- Lien deposit – 20% of loan amount required
- Security – 2 reputable guarantors
- Must operate account with the Bank for a minimum period of 90 days
- The micro projects must be viable
- Can be accessed by Individual, cooperatives or self-help groups
BOA Rural Business Initiative (BOARBI) Savings
- Entry level – N20,000.00 – N40,000.00
- Entry level – N20,000.00 – N40,000.00
- Target Group – Rural active poor
- Loan tenor – Maximum of 10 months
- Lien deposit – 10%
- Interest rate – At Prevailing Rates
- Project types – Micro enterprise
- Approving authority – Branch Credit Committee
- Mode of collection – Weekly at Group Meetings
- Security – Cross guarantee of Group members
- Accessible only through women group
