13/11/2023
Ready to take control of your financial future? Look no further than Barnawa Microfinance Bank – your trusted partner in growth and stability. With a range of exceptional products and services tailored to your needs, we are committed to helping you achieve your financial goals with:
1. Voluntary Saving Account: This is a savings product targeted to cultivate and promote saving culture and promote inclusion. It is designed for small savers such as micro business owners, lower economic class, artisans to encourage banking culture.
Features and Benefits
- Minimum initial deposits of ₦500 to get started
- Withdrawal allowed without limitation
- Attracts interest on savings made
- Flexible savings amount and frequency
- Use of Passbook
- Opportunity to access bridging funds for business/personal needs
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2. Current account: This account is mainly for business men and women. It is operated with the use of cheque. This implies that the client can issue cheque to creditors for withdrawals from the bank.
Features and Benefits
- Minimum initial deposits of ₦2,000 for individual account and ₦10,000 for cooperate accounts respectively.
- Access to credit facilities
- Flexible deposit amount and frequency
- Free financial advisory services
- Lodgment of cheques/Drafts and Dividend warrants
3. Childcare account: This is a savings products targeted for your child welfare. It is in the name of the child for savings for the child school fees, upkeep etc.
Features and benefits
- Minimum initial deposits of N1,000 to open the account
- Attractive interest rate on savings made
- Savings can serve as collateral for loans
- Lodgment of dividend warrants ad cheques/draft in the child’s name
- The child continues as signatory to the account at the attainment of 18 years.
4. Target Savings Account: This is designed to meet that specific financial needs such as pilgrimage, ceremony, startup capital, festivities etc.
Features/Benefits
- Minimum initial deposit of 2,000 to open account
- Access to credit facilities after consistence savings for three month
- Attractive interest rate on savings made
- Daily, weekly and monthly deposits allowed
- Savings serves as collateral for small loans
- Affordable and attractive interest rate on loan
- Access to financial advisory services
- No withdrawal allowed before the target period
5. Fixed deposits account: Certain amount is fixed for a certain period
Features and Benefit
- Minimum deposits of ₦100,000
- Interest is highly attractive and negotiable
- Serves as collateral for loans
- Minimum of thirty days’ duration
6. Personal Loan: This product is specifically targeted for civil servants and other salary holders to provide bridging finances and credit facilities to attend to personal needs
Features and Benefit
- Minimum initial deposit of ₦2,000 to open account
- Access to overdraft up to 50% of monthly salary to be repaid from the next salary
- Access to higher cash loan/consumable.
- Employer’s guarantee required for credit facilities.
- Maximum deduction of 33.33% of monthly salary.
- Maximum tenor of 12 months for loan facilities
- Affordable interest.
7. Agricultural Loans: This loan is targeted to small and medium scale formers of all categories in order to boost the economics status of the farmers and the community at large
Features and Benefit
- Minimum initial deposits of ₦5,000 for account opening
- Equity contribution of 10% of loan amount
- Payment of Agricultural insurance of NAIC
- Access to Agricultural guarantee/interest rebate from CBN
- Easy and simple repayment modalities.
- Attractive and affordable interest rate.
8. Micro-Credit Loans: Micro credit loan product is targeted to assist micro small and medium enterprises. This includes members of trade association, shop owners, etc.
Features and Benefit
- Daily, weekly and monthly deposits allowed
- Savings serves as collateral for small loans
- Attractive interest rate on savings made
- Access to financial advisory services
9. Save and Grow: This product is for low and daily income earners. The client has leverage of savings and credit at the same time.
Features and Benefits
- Open your account in 10min
- Minimum account opening Bal is 500
- Access loan to business
- Grow your business with ease
- Enjoy interest on your savings
- Enjoy 2 in 1 account for your business/
10. ASSETS ACQUISITION LOANS: This facility is mainly for artisans (skilled hand trader). This product allows clients to acquire assets like working tools, machines, etc.
Features and Benefits
- Open a saving account
- Equity contribution of 20% of cost of Assets
- Insurance of Assets
- Flexible repayment plans up to twelve (12) months
- Attractive interest rate on savings made.
11. Barnawa Plus/Asusu: This is a daily contribution product. The client saves certain amount daily and withdraws the total after thirty (30) days.
Features/Benefits
- Minimum daily deposits of ₦100
- Serves as collateral for loans
- Flexible savings amount
- Issuance of daily contribution card
- Banking at your doorstep
OTHER SERVICES
- Advisory services
- Money transfers for both customers and non-customers
- Payments of bills. E.g. PHCN, DSTV, JAMB Pin, Star times, GOTv, etc.
- Purchase of airtime of all networks.
