FAQ

/FAQ

What is micro finance ?

Microfinance is the provision of financial services to low-income people. Initially the term was associated with microcredit but the scope has since evolved to include a range of financial products; such as savings, insurance, payments, and remittances.

Do SMFB have a license to undertake micro finance activities ?

We are licensed by Central Bank of Nigeria (CBN) to provide micro finance services.

Are deposits with SMFB insured ?

Yes. The deposits with us are insured by National Deposit Insurance Corporation of Nigeria ( NDIC).

Why do SMFB not operate outside Adamawa State ?

The license given to us by CBN is a State Micro Finance License, that allows us to operate only in our home state.

How do I open an account with SMFB ?

You may contact any of our Branches. ( Contact details are provided in this site. ) Someone from our outreach team will get in touch with you to assist. You would be required to complete KYC requirements as laid down by CBN

How do I get a loan from SMFB ?

The first eligibility condition is to have an account with us. You may contact the credit team in your Branch. The process is relatively simple and our staff will assist you to in completing the formalities.

Do I need collateral to get a loan ?

Not for micro loans, generally. For larger loans, collateral may be demanded based on the risk profile.

Can I get a loan to start a new business activity ?

Yes, you may. However, we generally finance new entrepreneurs in groups. Our outreach team will also provide basic entrepreneurial training to neo entrepreneurs

How can I get a loan to farm ?

If you have a land to farm we can assist you to farm the land. You may please contact the Branch nearest to you. We finance all the major crops in Adamawa.