Accion Microfinance Bank (Accion MFB) is a microfinance bank licensed by the Central Bank of Nigeria (CBN). It was established in 2006 and began operations in May 2007. Accion MFB is a subsidiary of Accion International, a global non-profit organization that provides microfinance loans and other financial services to low-income entrepreneurs and individuals.
What services does Accion Microfinance Bank offer?
Accion Microfinance Bank offers a variety of financial services to micro-entrepreneurs and low-income earners in Nigeria. These services include:
- Savings accounts: Accion MfB offers a variety of savings accounts, including the Brighta Accion Star account, the Brighta Purse account, and the Brighta Future account. These accounts offer competitive interest rates and flexible features to help customers save for their goals.
- Loans: Accion MfB offers a variety of loans, including the Brighta Loan, the FMCG/Pharma Loan, the My Own Loan, and the My Own Home Loan. These loans are designed to help customers meet their financial needs, such as starting or expanding a business, purchasing assets, or paying for education.
- Mobile banking: Accion MfB offers mobile banking services through its Brighta Mobile app. This app allows customers to check their balance, transfer funds, pay bills, and more.
- Agent banking: Accion MfB partners with agents to provide financial services to customers in rural and underserved areas. These agents can help customers open accounts, deposit funds, withdraw funds, and make payments.
- ATM cards: Accion MfB customers can obtain ATM cards to access their accounts at ATMs across Nigeria.
In addition to these services, Accion MfB also offers a number of other financial products and services, such as insurance, investment products, and business development services.
Does Accion offer any other services asides from savings and loan?
- Advisory services: Accion provides advisory services to financial institutions that serve low-income and underserved communities. These services can help institutions improve their products, services, and operations.
- Investments: Accion invests in financial institutions that serve low-income and underserved communities. These investments can help institutions expand their reach and impact.
- Partnerships: Accion partners with other organizations to provide financial services to low-income and underserved communities. These partnerships can help reach more people and provide a more comprehensive range of services.
- Influence: Accion shares insights and advocates for inclusive innovation. This work helps to create a more level playing field for low-income and underserved communities.
In addition to these services, Accion also offers a variety of educational resources and tools to help people build their financial skills. These resources can help people save money, manage their debt, and build their credit.
Overall, Accion is a leading provider of financial services to low-income and underserved communities. The organization offers a wide range of services, including savings and loan, advisory services, investments, partnerships, and influence. Accion’s work helps to create a more level playing field for low-income and underserved communities and provides them with the financial tools they need to build a better future.
Here are some specific examples of other services that Accion offers:
- Education and training: Accion offers a variety of educational programs and resources to help people build their financial skills. These programs include financial literacy classes, workshops, and online resources.
- Microinsurance: Accion offers microinsurance products to help people protect themselves against financial risks. These products can help people cover the cost of unexpected expenses, such as medical bills or funeral costs.
- Business development: Accion offers business development services to help entrepreneurs start and grow their businesses. These services can include training, mentoring, and access to capital.
If you are interested in learning more about Accion’s services, you can visit their website or contact their customer service department.
What Interest rates apply with Accion Microfinance Bank?
Interest rates with Accion Microfinance Bank vary depending on the loan product. The interest rates range from 3% to 6%. Here are some examples of interest rates for different loan products:
- Brighta Loan: 8% interest rate monthly
- My School Plus Loan: 9% interest rate per annum
- FMCG/Pharma Loan: 3.5% interest rate @ reducing balance
- Brighta Accounts: 4.2% interest rate
Please note that these are just a few examples, and the actual interest rate you may be offered may vary depending on your individual circumstances. You can contact Accion Microfinance Bank to get an estimate of the interest rate you would qualify for.
Here are some other factors that may affect the interest rate you are offered:
- The amount of the loan
- The length of the repayment period
- Your credit history
- The purpose of the loan
If you are considering applying for a loan with Accion Microfinance Bank, it is important to compare interest rates from different lenders before you make a decision. You can use a loan calculator to help you compare different loan options.
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