Since its inception Mutual Benefits Microfinance Bank Limited has positioned itself as a pacesetter in terms of quality of service. Headquartered in Lagos, the bank offers financial services support to small and micro-enterprises in Nigeria.
Mutual Benefits Microfinance Bank Limited was incorporated as a limited liability company and licensed by the Central Bank of Nigeria to operate as a unit Microfinance Bank in 2007 under the name Associated Investment Microfinance Bank Limited.
Within two years of the commencement of business activities, the bank has expanded from its corporate head office to have seven branches which are strategically located within mainland and the island.
Its laser focus on product functionality and exceptional customer service has seen Mutual Benefits Microfinance Bank Limited grow from to a mid-size microfinance bank making it one of the best microfinance banks in Nigeria.
The bank’s portfolio shows that it has provided first rate service to its customers, maximising their opportunities to grow.
Products
Mutual Benefits Microfinance Bank Limited provides a full range of investment and banking products/services to its customers. Presently, the bank has a working agreement with the several Chapters of the Nigeria Union of Road and Transport Workers (NURTW).
It also maintains a working relationship with major Community Development Associations in Lagos with a value adding financial products delivery that is targeted at developing Micro-enterprises policies.
Some of Mutual Benefits Microfinance Bank’s products on nairaCompare include.
Remita Loan
Mutual Benefits’ Remita Loan provides an avenue for salary earners within the private sector whose salary are paid through the Remita Platform. The Remita Loan provides a borrowing range from ₦80,000 to ₦500,000. With a repayment period ranging from 3 to 12 months, this loan product ensures a stress-free borrowing experience for all eligible applicants.
To qualify for the loan, employees must.
- Live in Lagos state.
- Have a valid phone number.
- Work ID (for salaried individuals only).
- Signup on Remita with salary account.
- 1 passport photograph.
- Valid means of identification (International Passport, Driver's license, National Identity Management Commission (NIMC) Card, Voter's card).
Public Sector Loan
The Mutual Benefits Public Sector Loan is for Federal Civil Servants in Nigeria. These may include officers of the Nigeria Police, Customs, Correctional Services, and Staff of the Federal Capital Territory, who have been employed for over a year. This loan product offers a flexible borrowing range from ₦80,000 to ₦500,000.
Borrowers will also enjoy the convenience of a repayment period spanning from 3 to 12 months, empowering them to manage their financial goals with ease.
Loan requirements include.
- Work ID (for salaried individuals only).
- Proof of identification such as an original Passport; Driver’s Licence, National ID card or Voters Cards (for sighting) and photocopies are required for new customers.
- Statement of account for a minimum of 6 months and pay slips covering an equivalent period for salary-earning guarantors.
- 1 passport photograph.
Accessing Mutual Benefits MFB products on nairaCompare
1. Select ‘Mutual Benefits MFB’
2. Read through the information provided on the Mutual Benefits MFB page to understand more about the provider, and its products.
3. Select a product.
4. Click on “Apply” to begin the application process.
5. Fill in your personal details and provide all the necessary documents.
6. Submit your application form for review and processing.
7. After a successful review of your application, you will receive an email notification confirming that your application has been approved!
Overview of Mutual Benefits Microfinance Bank
In a nutshell, Mutual Benefits Microfinance Bank operates in line with the regulations and guidelines of the Central Bank of Nigeria (CBN).
● Services
The bank offers a range of financial services, which may include savings accounts, microloans, small business loans, and other financial products designed to cater to the financial needs of its target market.
These services are often characterized by low minimum balance requirements and simplified application processes.
● Financial Inclusion
Mutual Benefits plays a vital role in promoting financial inclusion in Nigeria.
● Loans and Credit
The bank offers micro and small loans to working-class individuals and entrepreneurs who may not qualify for financing from traditional banks.
These loans are usually smaller in size and more accessible to those with limited collateral or credit history.
● Savings and Deposits
In addition to loans, Mutual Benefits Microfinance Bank typically provides savings and deposit account options tailored to the needs of low-income individuals and small savers.
● Community Focus
The bank has a community-based approach to providing its services.
nairaCompare has a large pool of loan, savings and other investment platforms you can choose from. Visit the platform and start comparing!
Taiwo Temitope-Adesope
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