FCTMFB Group Saving & Micro-Account

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This is based on voluntary formation of small solidarity groups of five people to provide mutual, moral binding group guarantee in lieu of collateral. This credit process is simple and easily accessible to rural customers.

• Opening balance of N5,000
• Third party withdrawal is allowed
• Allows cheques/dividend warrant into the account
• Minimum balance of N2,000
• Access to ATM services
• Access to internet banking
• Interest rate of 3% per annum
• Instrument cannot go to clearing house

Benefits:

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• The amount of deposit attracts cash backed collateral for group lending
• Attractive interest rate
• free business management training
• Helps in forming of groups for easy access to the bank services
• Product designed to fit the need and interests of group solidarity.

Requirements

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• Duly filled account opening form
• 2 passport
• Utility bill
• A valid means of ID
• Duly filled KYC form
• 2 suitable references