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Loan Policy

We are committed to providing fair, transparent, and accessible credit to individuals, households, cooperatives, and small businesses. Our loan policy is designed to promote financial inclusion, support entrepreneurship, and ensure responsible lending in line with regulatory standards.

1. Eligible Loan Applicants

Loans are available to:

  • Individuals (salaried workers, entrepreneurs, farmers, and traders)
  • Micro, Small, and Medium Enterprises (MSMEs)
  • Cooperatives, groups, and associations

All applicants must:

  • Be at least 18 years of age and not more than 65 years at loan maturity
  • Hold a valid means of identification (National ID, International Passport, Driver’s License, or Voter’s Card)
  • Maintain an active bank account (preferably domiciled with Mega Microfinance Bank)
  • Corporate entities with demonstrable business operations

2. Loan Products

We offer a broad range of loan solutions tailored to meet different needs:

  • Personal Loans – for household, emergency, or consumption needs
  • Salary Loans – for employees with confirmed employment and domiciled salary accounts
  • Nano & Micro Loans – quick, short-term loans for traders, farmers, and rural entrepreneurs
  • SME & Corporate Loans – working capital, asset finance, and expansion support for businesses
  • Group & Cooperative Loans – collective financing with joint liability
  • Lease-to-Own / Asset Financing – structured financing for productive assets and equipment

3. Loan Amounts and Tenure

  • Nano & Personal Loans: ₦5,000 – ₦500,000 (1 – 12 months)
  • Salary Loans: Up to 50% of net annual salary (up to 12 months)
  • SME & Corporate Loans: ₦500,000 – ₦20,000,000 (up to 24 months)
  • Lease-to-Own / Asset Finance: Up to 80% of asset value (3 – 24 months)

4. Interest Rates and Fees

  • Interest rates vary by loan type and customer profile, starting from 5% per month (subject to CBN guidelines).
  • Processing fees, insurance, and other applicable charges will be disclosed upfront before loan disbursement.
  • There are no hidden charges.

5. Security and Collateral

Depending on loan type, security may include:

  • Salary domiciliation and employer undertakings
  • Guarantors (individual or corporate)
  • Collateral (movable and immovable assets)
  • Group or cooperative joint liability
  • Assets financed under lease-to-own (remain bank-owned until full repayment)

6. Loan Application Process

  1. Application: Submit loan request via mobile app, USSD, website, or at any branch.
  2. Documentation: Provide valid ID, bank statements, business/employee documents, and collateral where applicable.
  3. Appraisal: Credit assessment based on repayment capacity, history, and scoring model.
  4. Approval: Loan request reviewed by Credit Committee/authorized approvers.
  5. Disbursement: Approved loans disbursed directly to borrower’s Mega Bank account or wallet.

7. Repayment

  • Repayment is structured as daily, weekly, or monthly installments, depending on loan type.
  • Repayment channels include direct debit, USSD, POS, or transfer.
  • Early repayment is allowed with no penalties.

8. Default Management

  • In case of missed payments, reminders and structured repayment plans may be offered.
  • Persistent default may result in:
    • Guarantor engagement
    • Collateral realization
    • Reporting to Credit Bureaus (CRC, FirstCentral, etc.)
    • Legal recovery actions

9. Regulatory Compliance

Mega Microfinance Bank operates under the supervision of the Central Bank of Nigeria (CBN) and complies with:

  • CBN Prudential Guidelines
  • Nigerian Data Protection Regulation (NDPR)
  • Credit Reporting Act
  • Anti-Money Laundering/Combating Financing of Terrorism (AML/CFT) standards

10. Commitment to Customers

  • We practice responsible lending – loans are only approved where repayment ability is established.
  • We ensure confidentiality and data protection of customer information.
  • We support financial literacy and capacity building for our clients.
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