Empowered Growth: Exploring Addosser Microfinance Bank Limited in Nigeria

Addosser Microfinance Bank Limited stands as a beacon of financial inclusion in Nigeria, committed to empowering micro, small, and medium-sized enterprises (MSMEs) with accessible and impactful financial solutions.

As you navigate your entrepreneurial journey, understanding their offerings can prove invaluable. Let’s delve into the details:

Types of Loan Agencies

Addosser caters to diverse needs through two specialized loan agencies:

• Retail & Micro-Enterprise Banking Group: Tailored for micro-entrepreneurs and low-income individuals, offering products and services aligned with their unique requirements.
• SME Banking Group: Designed to support established and aspiring small and medium enterprises with financing solutions to fuel their growth aspirations.

Loan Products and Services

Addosser boasts a comprehensive product portfolio, including:

• Working Capital Loans: Meet ongoing business expenses and maintain a healthy cash flow.
• Asset Finance Loans: Acquire essential equipment and machinery to enhance your operations.
• Term Loans: Secure larger financing for specific business needs like expansion or renovation.
• Group Loans: Facilitate collective access to credit for groups with shared economic goals.

Eligibility Criteria

Eligibility varies based on the chosen loan product and your specific circumstances. Generally, you’ll need a registered business, valid identification, financial statements, and a viable business plan.

Interest Rates and Fees

Addosser offers competitive interest rates and transparent fee structures. Contact the bank directly for current rates and specific fees applicable to your loan profile.

Repayment Terms and Conditions

Repayment terms are tailored to each loan product and your business’s repayment capacity. Discuss flexible repayment options with the bank’s representatives.

Customer Service

Addosser prioritizes personalized customer service. Reach out through their branches, phone numbers (+234-9087013749, +234-8140437926), or email (customercare@addosser.com) for assistance and inquiries.

Loan Application Process

Currently, loan applications are processed solely through Addosser’s physical branches. Visit a branch convenient to you and discuss your financing needs with their loan officers. They’ll guide you through the application process and provide the necessary documentation requirements.

Loan Repayment Options

Repay your loan conveniently through various options, including cash deposits at branches, online transfers (specific partner banks may apply), and post-dated cheques.

FAQs

What documents do I need for a loan application?

Contact Addosser directly for current requirements relevant to your specific loan product.

Can I track my loan application online?

Currently, online application tracking is unavailable. Visit your branch or contact customer service for updates.

Are there any hidden fees?

Addosser emphasizes transparency. All fees are clearly outlined in the loan agreement you receive before finalizing your application.

What happens if I miss a loan payment?

Contact Addosser immediately to discuss repayment options and avoid potential penalties.

Also Read: Empowering Your Dreams: Exploring Adazi-Enu Microfinance Bank in Nigeria