Frequently Asked Questions

A Microfinance Bank is a financial institution licensed by the Central Bank of Nigeria to provide banking services to low-income individuals, micro-entrepreneurs, and small businesses that typically lack access to traditional banking services.

EarnWell Microfinance Bank is regulated by the Central Bank of Nigeria and focuses on:

• Providing small loans (microcredit) to entrepreneurs and small businesses
• Offering savings accounts with minimal requirements
• Promoting financial inclusion in underserved communities
• Providing financial literacy training and business advisory services
• Supporting community development through targeted financial services

Our office hours are:

• Monday to Friday: 8:00 AM to 6:00 PM
• Saturday: 9:00 AM to 4:00 PM
• Sunday: Closed

Our digital banking services are available 24/7 through our mobile app and internet banking platform.

If you've lost your ATM card, immediately:

1. Call our emergency hotline at +234 704 680 0092 to block the card
2. You can also report through our mobile app
3. Visit any of our branches with a valid ID to request a replacement card

Card replacement usually takes 3-5 business days.

Opening an account with EarnWell Microfinance Bank is simple and can be done through multiple channels:

• Visit any branch: Walk into any of our branches nationwide with required documents
• Online: Complete the online application form on our website
• Mobile App: Download our mobile app and open an account digitally
• Agent Banking: Visit any of our accredited agents in your community

The requirements vary based on the type of account and customer category:

For Individual Accounts:

• Completed account opening form
• Valid means of identification (National ID, International Passport, Driver's License, or Voter's Card)
• Two recent passport photographs
• Utility bill for address verification (not more than 3 months old)
• Bank Verification Number (BVN)
• Minimum opening deposit (varies by account type)

For Corporate/Business Accounts:

• Completed corporate account opening form
• Certificate of Incorporation
• Memorandum and Articles of Association
• Valid means of identification for directors and signatories
• Board resolution authorizing account opening
• Tax Identification Number (TIN)
• Utility bill for business address verification

We offer various savings accounts including:

• Regular Savings Account: Perfect for individuals looking to save regularly with easy access to funds (8% p.a.)
• Business Savings Account: Designed for businesses to manage surplus funds and earn competitive returns (10% p.a.)
• Target/Fixed Savings: Lock in higher rates and reach your financial goals with disciplined saving (12% p.a.)
• Group/Cooperative Savings: Pool resources together for collective financial strength and better returns (11% p.a.)
• Daily Contribution Savings: Save small amounts daily and watch your money grow automatically (9% p.a.)
• Kids Savings Account: Build a brighter future and financial literacy from an early age for your kids (10% p.a.)

The minimum opening balance varies by account type:

• Regular Savings Account: ₦5,000 minimum opening balance
• Business Savings Account: ₦50,000 minimum opening balance
• Target/Fixed Savings: ₦100,000 minimum opening balance
• Group/Cooperative Savings: ₦200,000 minimum opening balance
• Daily Contribution Savings: ₦500 minimum opening balance
• Kids Savings Account: ₦1,000 minimum opening balance

EarnWell Microfinance Bank offers a comprehensive range of loan products tailored to meet diverse financial needs:

1. Business & Commercial Loans:

• SME Business Loan: For small and medium enterprises for business expansion, equipment purchase, and working capital
• Working Capital Loan: For daily business operations, inventory management, and cash flow needs
• Equipment Financing: For purchase of business equipment, machinery, and vehicles
• Trade Finance: For import/export financing, letters of credit, and trade transactions
• Inventory/Purchase Order Financing: For inventory purchase and fulfillment of confirmed purchase orders
• Overdraft: Flexible short-term credit facility linked to your business account

2. Personal & Salary-Based Loans:

• Personal Loan: For urgent personal needs, education, medical expenses, and home improvements
• IPPIS Loan: Specifically for government workers on the Integrated Payroll and Personnel Information System
• Salary Based Loan: For salaried workers with repayment deducted directly from salary

3. Agricultural Loans:

• Agricultural Loan: For farm inputs, equipment, livestock, and post-harvest storage facilities

Our loan products offer flexible amounts and terms to suit different needs:

Loan Type	Amount Range	Term Range
SME Business Loan	₦50,000 - ₦50,000,000	3-36 months
Working Capital Loan	₦50,000 - ₦30,000,000	3-24 months
Equipment Financing	₦100,000 - ₦50,000,000	6-36 months
Trade Finance	₦50,000 - ₦50,000,000	1-12 months
Agricultural Loan	₦50,000 - ₦20,000,000	6-24 months
Inventory/Purchase Order	₦500,000 - ₦20,000,000	1-6 months
Personal Loan	₦50,000 - ₦2,000,000	3-18 months
IPPIS Loan	₦50,000 - ₦20,000,000	3-24 months
Salary Based Loan	₦50,000 - ₦20,000,000	3-24 months
Overdraft	₦50,000 - ₦50,000,000	1-12 months

Note: Actual loan amounts and terms are subject to credit assessment and approval based on your financial profile, business viability, and collateral offered.

Our interest rates are competitive and vary based on several factors including loan type, amount, tenure, and customer profile. All rates are within the regulatory guidelines set by the Central Bank of Nigeria.

Current Interest Rate Range:

• SME Business Loans: 1.8% - 3% per month (21.6% - 36% per annum)
• Working Capital Loans: 2% - 3.5% per month (24% - 42% per annum)
• Equipment Financing: 1.5% - 2.5% per month (18% - 30% per annum)
• Trade Finance: 1% - 2% per month (12% - 24% per annum)
• Agricultural Loans: 1.5% - 2.5% per month (18% - 30% per annum)
• Inventory/Purchase Order: 2% - 3% per month (24% - 36% per annum)
• Personal Loans: 2% - 3.5% per month (24% - 42% per annum)
• IPPIS Loans: 1.5% - 2.5% per month (18% - 30% per annum)
• Salary Based Loans: 1% - 2% per month (12% - 24% per annum)
• Overdraft: 2% - 3% per month (24% - 36% per annum)

Factors Affecting Interest Rates:

• Loan Amount: Larger loans typically attract lower rates
• Repayment Tenure: Longer tenures may have different rate structures
• Customer Relationship: Existing customers with good repayment history may qualify for preferential rates
• Collateral: Secured loans generally have lower interest rates
• Loan Purpose: Productive loans (for income generation) often have better rates than consumption loans

Applying for a loan with EarnWell Microfinance Bank is straightforward. You can choose from multiple application channels:

Application Channels:

• Branch Visit: Visit any of our branches nationwide
• Online Application: Apply through our website portal or loan calculator
• Mobile App: Download our app and apply digitally
• Phone: Call our customer service hotline at +234 704 680 0092

Loan Application Process:

1. Application: Complete the loan application form with required details
2. Documentation: Submit required documents (varies by loan type)
3. Assessment: Our credit team assesses your application (typically within 24-72 hours)
4. Approval: Loan approval decision communicated to you
5. Disbursement: Funds transferred to your account upon approval and documentation completion

To be eligible for our loans, you must meet the following criteria:

• Be at least 18 years old (21 for business loans)
• Be a Nigerian citizen or legal resident
• Have a valid means of identification (National ID, Driver's License, International Passport, or Voter's Card)
• Have a verifiable source of income
• Have a Bank Verification Number (BVN)
• Not be bankrupt or undergoing bankruptcy proceedings

Additional requirements by loan type:

• Business Loans: Registered business, business plan, financial statements
• Salary Based Loans: Confirmed employment, salary account with us, salary slip
• IPPIS Loans: Government employee on IPPIS platform, confirmation of employment
• Agricultural Loans: Farm ownership/lease documents, agricultural experience

Collateral requirements depend on the loan type and amount:

• Personal Loans (up to ₦500,000): No collateral required, but you'll need guarantors
• Personal Loans (₦500,000 - ₦2,000,000): Collateral or guarantors required
• SME & Business Loans: Collateral typically required for amounts above ₦1,000,000
• Equipment Financing: The equipment itself serves as collateral
• Agricultural Loans: May require land title or farm assets as collateral
• Salary Based & IPPIS Loans: Typically unsecured with salary as guarantee
• Overdraft: May require fixed deposit or other collateral

Acceptable collateral includes: property titles, vehicles, equipment, fixed deposits, business assets, or third-party guarantees.

Our loan approval process is efficient and varies by loan type:

• Salary Based & IPPIS Loans: 24-48 hours
• Personal Loans (up to ₦500,000): 24-72 hours
• Small Business Loans: 3-5 business days
• Larger Loan Amounts (₦5M+): 5-7 business days

Typical Loan Processing Timeline:

1. Initial Review: 24-48 hours after submission
2. Document Verification: 1-2 business days
3. Credit Assessment: 2-3 business days
4. Approval & Disbursement: 1-2 business days after approval

Most applications are completed within 5-7 business days from initial submission to fund disbursement.

• Not directly, as we own the vehicle until full payment
• You can transfer the hire purchase to another qualified driver (with our approval)
• Or pay off the remaining balance and then sell

After 3 consecutive missed payments:

• Vehicle may be repossessed
• You forfeit the down payment and payments made
• Legal action may be taken

We prefer to work with you to avoid this situation. If you face payment difficulties, contact us immediately.

Yes! EarnWell Microfinance Bank provides multiple digital platforms for 24/7 account access:

• EarnWell Mobile App: Available on iOS and Android for complete banking
• USSD Banking: Dial *614*756# from any phone to access banking services instantly
• Online Banking: Access through our secure website portal
• WhatsApp Banking: Chat with us on WhatsApp for instant customer support

EarnWell Microfinance Bank offers multiple convenient channels for making deposits into your account:

1. Branch Deposits:

• Cash deposits at any of our branches nationwide
• Cheque deposits (personal, corporate, or bank drafts)
• Transfer deposits from other banks

2. Digital Channels:

• Mobile App: Transfer from other banks using our app
• USSD Banking: Dial *906# to transfer funds
• Online Banking: Use our internet banking platform
• Bank Transfers: Receive transfers from any Nigerian bank using your account number