Fina Trust Microfinance Bank

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Sirmike Thursday, 19 September 2024, 5:51 pm

Fina Trust Microfinance Bank is a member of LOLC Group with corporate headquarters in Colombo, Sri Lanka. It is one of Nigeria’s foremost microfinance banks. The bank received its operating license from the Central Bank of Nigeria (CBN) in September 2009 as a microfinance bank and began operations in October 2009. It holds a state license and therefore only operates in Lagos State. The registered office address of the company is 46, Toyin Street, Ikeja, Lagos State.

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Fina Trust Microfinance Bank has built a successful reputation on excellent service delivery in a uniquely customer-friendly environment through professional staff who leverage world-class technology. The bank’s continuous investment in information technology and people sets it apart from others. In recent years, the bank has attracted patronage from the Small & Medium Scale subsector of the economy, carved a niche as a supportive bank for retail businesses, and empowered micro businesses through distinctive services.

Some of the products and services offered by Fina Trust Microfinance Bank include:

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Fina Micro Loans
Fina Savings Account
Fina Business Account
Fina Cheque Account
Fina Debit Card
Fina Mobile App

The bank has two branches in Lagos State: the Head Office at 46, Toyin Street, Ikeja, and the Agege Branch at 132 Lagos Road, By Aruna Bus Stop, Ikorodu.

The current Managing Director/Chief Executive Officer of Fina Trust Microfinance Bank is Popoola Adedeji.

What products does Fina Microfinance Bank offer?

Fina Microfinance Bank offers individual and group microloans, SME loans, auto loans, salary advances, education loans, and fixed deposit accounts.

Advantages of Fina Trust Microfinance Bank

Fina Trust Microfinance Bank is a member of LOLC Group with corporate Head Office in Colombo – Sri Lanka, and is one of Nigeria’s foremost Microfinance Bank. Here are some of the advantages of Fina Trust Microfinance Bank:

Flexible loan terms: Fina Trust Microfinance Bank offers flexible loan terms, with interest rates that are competitive with other microfinance banks in Nigeria. The loan amount can range from N500,000 to N20 million, with a repayment period of up to 24 months.
Easy application process: The application process for a loan from Fina Trust Microfinance Bank is simple and straightforward. Applicants can apply online or at any of the bank’s branches. The bank also offers a mobile app that allows customers to apply for loans and check their account balances on the go.
Wide network of branches: Fina Trust Microfinance Bank has a wide network of branches across Nigeria, making it easy for customers to access their accounts and conduct banking transactions. The bank also offers ATM services and online banking, so customers can manage their finances even when they are not near a branch.
Customer support: Fina Trust Microfinance Bank offers excellent customer support. Customers can contact the bank through its website, mobile app, or by calling its customer care line. The bank also has a team of dedicated customer service representatives who are available to answer questions and help customers with their banking needs.
Trustworthy: Fina Trust Microfinance Bank has been operating in Nigeria for over 10 years and has a good track record of providing financial services to its customers. The bank is also a member of the Microfinance Association of Nigeria (MANA), which means that it is regulated by the Central Bank of Nigeria (CBN).

Overall, Fina Trust Microfinance Bank is a reliable and trustworthy microfinance bank that offers a wide range of financial services to its customers. If you are looking for a microfinance bank with flexible loan terms, easy application process, and wide network of branches, then Fina Trust Microfinance Bank is a good option to consider.

Disadvantages of Fina Trust Microfinance Bank

Fina Trust Microfinance Bank is a leading microfinance bank in Nigeria that offers a variety of financial products and services to its customers. However, like any other financial institution, it also has some disadvantages.

Here are some of the disadvantages of Fina Trust Microfinance Bank:

High interest rates: Microfinance loans typically come with high interest rates. This is because microfinance banks target low-income borrowers who may not be able to qualify for loans from traditional banks.
Short loan terms: Microfinance loans are usually short-term, which can make it difficult for borrowers to repay them. This is especially true if the borrower’s business or income does not generate enough cash flow to cover the loan payments.
Strict repayment terms: Microfinance banks often have strict repayment terms. This means that borrowers may have to pay back their loans in a lump sum or on a weekly or monthly basis. If a borrower misses a payment, they may be subject to penalties or fees.
Limited availability: Fina Trust Microfinance Bank does not have as many branches as some of the larger commercial banks in Nigeria. This means that borrowers may have to travel long distances to access their accounts or apply for loans.

Overall, Fina Trust Microfinance Bank is a reputable microfinance bank that offers a variety of financial products and services to its customers. However, borrowers should be aware of the high interest rates, short loan terms, and strict repayment terms before taking out a loan from this institution.

ALSO READ: Susu Microfinance Bank – What you need to know

Here are some additional tips for borrowers who are considering taking out a loan from Fina Trust Microfinance Bank:

Shop around: Compare interest rates and loan terms from different microfinance banks before you apply for a loan.
Make sure you can afford the payments: Before you take out a loan, make sure you can afford the monthly payments.
Read the terms and conditions carefully: Before you sign any paperwork, read the terms and conditions carefully so that you understand what you are agreeing to.
Be prepared to provide collateral: In some cases, Fina Trust Microfinance Bank may require borrowers to provide collateral in order to secure a loan.
Build a good credit history: If you make all of your loan payments on time, you will build a good credit history. This will make it easier to qualify for loans in the future.

Requirements of Fina Microfinance Bank

Fina Microfinance Bank (Fina) requires the following documents and information for a loan application:

Valid government-issued ID: This could be a passport, driver’s license, or national ID card.
Proof of address: This could be a utility bill, bank statement, or lease agreement.
Proof of income: This could be a recent pay stub, tax return, or business records.
Collateral: Fina may require collateral for some loans, such as a vehicle or property.
Personal details: Fina will ask for your name, address, date of birth, and other personal information.
Loan purpose: Fina will need to know what you plan to use the loan for.
Loan amount: You will need to specify the amount of money you need.
Loan term: You will need to choose a repayment term, such as 12 months or 24 months.
Interest rate: Fina will charge an interest rate on your loan.

The specific requirements may vary depending on the type of loan you are applying for. You can find more information about Fina’s loan requirements on their website.

Here are some additional details about the loan limit and collateral requirements for microfinance banks in Nigeria:

The maximum loan amount for a microfinance bank is typically N500,000.
Collateral is not always required for microfinance loans, but it may be necessary for larger loans.
The interest rate on microfinance loans is typically higher than the interest rate on traditional bank loans.

If you are interested in applying for a loan from Fina Microfinance Bank, you can visit their website or contact a branch near you.

Conclusion:

microfinance banks in Nigeria play a crucial role in providing financial services to individuals and small businesses who may not have access to traditional banking services. While the maximum loan amount may be limited, the flexibility in collateral requirements allows for greater accessibility to funds. Although the interest rates may be higher, the convenience and ease of obtaining a microfinance loan can outweigh the costs for many borrowers. If you are in need of financial assistance, exploring the options offered by microfinance banks like Fina Microfinance Bank can be a viable solution.