Salary Based Credit Facilities

SALARY BASED CREDIT FACILITIES

BACKGROUND/INTRODUCTION

SALARY BASED CREDIT FACILITIES

This product paper proposes AMMFB credit products specifically designed to meet the financing needs of the salary earners working in formal organisations like Government MDAs, Private organisations and schools as well as AMMFB. The products are tailored to offer convenient credit facilities to the income capacities of customers and help them achieve personal goals that would have taken them longer to achieve and in line with the vision of the Bank to be the foremost Microfinance Bank in Oyo State and beyond.

PRODUCT FEATURES

OBJECTIVES

PRODUCT BENEFITS

To Customer

Convenient and prompt access to credit funding for business expansion.
Sense of belonging
Flexible repayment structure based on business dynamics
Low interest rates and charges
Mobile Banking Access for convenient transactions and account monitoring.
Availability of expert financial advisory services.

PRODUCT BENEFITS

To Bank

Increase in Client size.
Increase in the Bank’s Credit Risk Assets.
Increase in Bank’s earnings from fee income and interest spread.
Fulfilment of social mission and facilitating social responsibility while increasing visibility of the Bank within the communities.

ELIGIBILITY

A staff of the Bank or an active adult (18 – 60 years) who is gainfully employed and whose salary is domiciled with the Bank or whose employer the Bank has a direct deduction agreement in force.
Customer must have an active relationship (current account) with the Bank for a minimum of one month to verify salary domiciliation or direct debit agreement.
Employment with a recognized government MDA or corporate organisation.

ABOUT AVE MARIA MFB

Contact Information

Ave Maria Micro Finance Bank of the Catholic Diocese of Oyo is a faith-based Micro Finance Bank established by the Catholic Diocese of Oyo to cater for all people, with emphasis on the poor and the vulnerable irrespective of religion, race, age or gender that are financially excluded.