How much can I borrow?

Our minimum loan amount is N10,000 and a Maximum amount of N10,000,000. Both depend on borrower’s repayment capacity assessed based on verifiable business inventory and other criteria.

What type of Loan do you offer?

What we offer are business loans for businesses that are already in existence/operation, education loans, agricultural loans, trade and commerce loans, zero collateral loans, shelter care loans, money time loans and SME loans

How long does it take to get a loan?

It doesn’t take longer than it ought to as long as the necessary requirements are adequately met.

What is your interest rate?

Our interest rate is 7%. However, it is very competitive and difers depending on the loan amount and nature of loan

Do I need to open an account before I can get a loan?

A mandatory account opening is required before you can get a loan from us

What are the requirements to get a loan?

• Account Opening Form
• 2 passport photograph
• Mode of Identity (Driver’s license, Permanent voters Card or International Passport) BVN.
• Utility bill not less than 3 months
• A Guarantor (a business person or salary earner)
• Collateral for SME loans

How many months will I use to repay my loan?

Loan repayment is between 1 month to 6 months depending on the type of loan applied for

Do I need a guarantor?

Yes, at least two guarantor will be required for the loan process

Can I use my family member as a guarantor?

No, family members may not be used as guarantors

Do we give loan to salary earners?

Yes, we give loan to salary earners

What type of collateral do I need?

Flexible collateral arrangements depending on loan size (household goods, business equipment, goods in stock, vehicles, property etc.)

How Do I Repay My Loan Before Repayment Date?

You can pay directly into your account on or before repayment date to avoid penal charges

What are the requirements for account opening?

A valid ID-card, and a minimum balance of N1,000. You will also enjoy mobile banking services (instant fund transfer, bill payment, utility bills, school fees, airtime top-up, and balance enquiry)

Can I have multiple BenystaMfB accounts?

Yes. There is no limit to the number of BenystaMfB accounts an individual can have. You can open a Benysta account on https://ibank.mybankone.com/benysta

What type of ID-card do you regard as valid?

National ID card, International Passport, Driver’s license, Permanent voter’s card etc. that has not yet expired

What is the interest rate on savings?

The interest rate varies depending on the type of savings account

What are the interest rates on Term Deposit?

The interest rate depends on the amount, maturity period and prevailing market conditions. It is not negotiable.

What is the minimum I can fix?

The minimum amount is N50, 000

What is the minimum tenor?

The minimum tenor is 30days.

If I have urgent cash needs, can I liquidate and get my funds?

Yes, however accrued interest may be charged depending on the type of interest payment

How can I get my interest?

Interest rate can be paid into your account monthly or upon maturity

What is Benysta Microfinance Bank Mobile Banking?

This is our mobile payment solution with which BFMB customers can operate their accounts from the convenience of their homes/offices and carry out basic financial transactions using their mobile phone

What transactions can you perform on this service?

• Transfers
• Repayment
• Bills Payment
• Airtime top-up

What USSD code can I use to make transaction and how can I start?

Dial *540*389* and follow notification to carry out any transaction.

What is the maximum limit I can do using Benysta Mobile?

A daily transfer amount of N500,000 can be done using Benysta Mobile Banking

Do you charge on transactions while using Benysta Mobile Banking?

No, all transactions on Benysta Mobile Banking are Free of Charge irrespective of the number of times used. This is freedom.

Can I check my balance using Benysta Mobile?

Account balance can be checked/verified through Benysta Mobile Banking. And after every transaction on your account, your account balance will be sent to you via bank alert (free of charge)

What is Electronic Funds Transfer(EFT)?

EFT is a real time solution that enables customers’ transfer funds from their Benysta MFB account to an account in any commercial bank in Nigeria. You can access internet banking on https://ibank.mybankone.com/benysta

Who can use internet banking?

All Benysta Microfinance Bank account holders, Corporate and individual who have successfully registered

How can I get the EFT service?

Walk into any Benysta Microfinance Bank branch and to fill a form