Products

Royal Savings
Product Summary

The product is for all categories of MFB clients - businesses, salaried workers, apprentices, and students.

Product Description/ Features

This product is designed to inculcate savings culture in MFB clients as well as a product that allows ease of withdrawal. Transactions through third party is possible while earning maximum allowable interest. The savings account can be opened with a minimum of N100, 000. Other bank cheques deposit is allowed.

Target market

The target market include all categories of microfinance clients such as; business owners, artisans, farmers, students, service providers, manufacturers etc. These clients could be Nigerians or non-Nigerians who are legal permanent residents.

Features

  • Minimum opening balance of N100, 000.
  • Closing balance of not less N100, 000.
  • Interest forfeited when balance falls below N100, 000.
  • Can be opened in joint names.
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Benefits

  • Savings guarantee of 1% interest rate above the savings account rate.
  • Unlimited withdrawal.
  • Purple money withdrawal cheque books will be issued (not valid for clearing).
  • Third party withdrawals allowed.
  • The account allows other banks' cheque deposit.
  • Documentation

  • 2 passport photographs.
  • 2 suitable references.
  • Utility bill.
  • Valid means of Identification.
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Royal Kids Savings
Product Summary

The product is targeted at parents and guardians interested in saving for the future of their children. This can be aimed at achieving a particular milestone in the lives of their children or saving for an event.

Product Description/ Features

This product is designed to encourage savings culture in parents or guardians as well the wards. The account allows unlimited deposits into the account. The savings account can be opened with a minimum of N10, 000. Other banks cheques can also be deposited into the account and only one withdrawal is allowed per quarter.

Target market

The target market includes parents, guardians, wards, students, etc. These clients could be Nigerians or non-Nigerians who are legal permanent residents.

Features

  • Savings guarantee of 1% interest rate above the saving account rate.
  • Restricted withdrawal of once a quarter.
  • Opening balance of N10, 000.
  • Interest calculated on daily balance and paid annually
  • Will be opened in child's name
  • Third party withdrawals not allowed.
  • Allow for other banks' cheque deposit.
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Documentation

  • 2 passport photographs(child and ward).
  • 2 suitable references(for cheque lodgement).
  • Utility bill.
  • Valid means of Identification(Child and ward).
  • Child’s birth certificate.
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Queens Account
Product Summary

This product is specifically designed for women in business to grow and expand their businesses.

Product Description/ Features

It will give women the opportunity to engage in businesses with readily available Purple money funds with selected merchants and also augment working capital in the area of overdraft grants.

Target market

The target market includes women of all category. Our clients could be Nigerian or Non-Nigerian who are legal residents.

Features

  • Minimum opening balance of N50,000.00.
  • Account is specially meant for women in business.
  • Lower interest on loans.
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Benefits

  • Account can be used to access loan/overdraft.
  • Discount on purchases from selected merchants.
  • Financial Advisory Services for account holders.
  • Third party withdrawals allowed.
  • The account allows other banks' cheque deposit.
  • Documentation

  • 2 passport photographs.
  • 2 suitable references.
  • Utility bill
  • Valid means of Identification.
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