Mainstreet Microfinance Bank: Loan Requirements, Repayment Plans For Different Packages And Other Info

Brief on Mainstreet Microfinance Bank

Mainstreet Microfinance Bank (MFB) which was formerly known as Afribank Microfinance Bank Ltd is a private liability company incorporated in November 2008. They are licensed by the Central Bank of Nigeria (CBN) to provide Micro-Financial Banking services to the banking public.

Since incorporation, Mainstreet MFB has provided micro credits to its numerous clients. Lagos and its neighbouring states present a significant opportunity for trade and investment; hence, businesses are rapidly springing up and require funding for working capital and expansion.

Their primary objective is to nurture and enhance the socio-economic empowerment of the underbanked and unbanked through innovative technology and provision of trusted seamless financial services. They run a business split of 60% and 40% of micro credits and Small and Medium-sized Enterprises (“SME”) related transactions, in order to maximize its potentials and impact in the market place. The Bank became operationally profitable in 2012 (within 3 years of commencement of business) with profit before tax of N64.51 million and closed 2016 with a PBT of N168.76 Million

Loan Eligibility

Are you getting worried if you are eligible for this bank loan services? If yes, then you need to know that the Mainstreet microfinance bank services are available to Everyone that meets up to their requirements

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Mainstreet Microfinance Bank Loan Requirements

To Access The Mainstreet Microfinance Bank Loan Facility

1. Applicants must  have an account with the bank, and this must be an account that has been valid for a minimum of two (2)-six (6) months
2. Applicants must have a well-resourced business, as this microfinance banks offer a non-collateral loan to their clients
3. The location of every applicant must be within the bank’s lending area preferably in Lagos state

4. All applicants must have a means of citizenship (identification card), ID; which could be the Driver’s License, National Identification card, International Passport or the Voters card.

It should be noted that the minimum amount the Mainstreet microfinance bank could give out to their applicants is fifty thousand naira (₦ 50,000) and the maximum loan amount is thirty million naira (₦ 30,000,000)

All loans are meant once the bank requirements have been compiled to. The bank services (loans) will be made available to applicants in less than 24 hours, 48 hours and 72 hours. As being said earlier, all services (loans) are dependent on the loan amount.

Loan Repayment Plans

To repay for every loan rendered is quite different for every amounts requested for. The interest rate for these loans as well is dependent on the amount, and this is usually competitive.

If you wished to obtain a loan from the Mainstreet microfinance bank, then here is what you need to know.

If you are amongst the customer who operates the savings or the current account, you can choose to obtain it from any of the Mainstreet microfinance bank branches around you.

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