Apeks Microfinance
  • Contact Us
    +234 8096964555
  • Our Address
    No. 24, Unity Road, (Ghalib House), Ilorin.
  • Working Hours
    Mon - Fri 8.00 - 4.00 pm

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Our Services

HomeOur Services

APEKS MICROBIZ ACCOUNT

  • Initial Deposit of N5,000.00
  • Lodgement of Initial Deposit can be on daily basis or bullet payment within 10 days.
  • Access to loan facility of N50,000.00 maximum.
  • Interest Rate of 5% per month.
  • Repayment will be either on daily basis or weekly.
  • Two guarantors are required.
  • Repayment tenor is 6 months.
  • Minimum Compulsory savings of N800.00 per month.

 

SOCIAL BUSINESS DONOR FUND ACCOUNT

  • The Donor signs an MOU with the bank to provide Fund for on-lending to potential beneficiaries for economic empowerment.
  • A current account is opened in the name of the Donor using the signed MOU as the required documentation.
  • The Donor is not expected to withdraw from the fund, hence the account should be COT free and no issuance of cheque book. Approved fund shall be transferred from the Donor’s account to the beneficiary’s account.
  • The Fund does not pay profit to the Donor.
  • The Donor may choose whether or not to continue with the Scheme at the end of twelve months or any other time agreed upon between the parties.
  • The Donor may, if he/she so wishes specify any area of coverage within Kwara State for the operation of the Scheme.
  • The Donor shall recommend to the bank from time to time, potential beneficiaries of the fund to be properly assessed as qualified or otherwise to benefit from the Fund.
  • The bank shall make a proper assessment, including but not limited to reference check and character investigation of individuals identified as qualified to benefit from the Fund.
  • Potential beneficiaries shall open a savings account into which the fund approved shall be transferred. Initial deposit into this account shall be a non-refundable amount of N2,000.00 (Two thousand Naira only) to take care of withdrawal booklet, etc.
  • Loan Application Form payable by beneficiaries is N500 per form.
  • The beneficiaries shall pay a monthly interest of 1% of the approved fund plus the monthly installment payment of principal loan amount for twelve months.
  • Maximum amount to a single beneficiary shall be between N20,000.00 and N100,000.00
  • Upon the receipt of letter of termination of the Scheme from the Donor, the bank shall raise a bank cheque in favour of the Donor for the value of the original Donor fund.
  • Social Business Donor Fund Account Unit shall prepare a monthly report on the scheme to be submitted to the Donor.

AJO PRODUCT

  • 3 Passport photographs
  • PHCN Bill not later than 3 months old
  • Any ID Card
  • Initial deposit of N1,250
  • Issuance of Withdrawal booklet at N550.00
  • Daily/weekly contribution from customers
  • 30 days contribution for customers who intend to obtain loans
  • Admin charge of half of a day contribution at the end of the month
  • Two times of the contribution is given as loan payable for 60 days
  • Loan Application forms to be obtained at different prices depending on the loanable amount
  • 7% interest rate is charged on the principal amount monthly on reducing balances
  • 3% credit interest is paid by the bank to the customer At the end of the month based on their balances existing deposit balances
  • 10% withholding tax is charged on the credit interest paid to the customer by the bank
  • Loan repayment is on weekly/daily basis plus voluntary savings
  • 3% is charged on the default amount as default charges on the outstanding principal and interest amount 30 days after due date
  • Maximum loanable amount is N500,000

 

SAVINGS ACCOUNT (APEK WEALTH CREATOR)

  • 2 Passport photograph
  • PHCN bill not later than 3 months old
  • Any ID Card
  • Minimum initial deposit of N750.00
  • Savings at customer’s will
  • Issuance of withdrawal booklet at N550
  • 3% credit interest payable to customers at the end of every month based on their closing balances for the month provided that the number of withdrawals do not exceed two times in a month
  • 10% withholding tax is charged on the 3% credit interest monthly

TARGET SAVINGS (APEKS GOAL GETTER)

  • 2 Passport photographs
  • PHCN bill not later than 3 months old
  • Any ID Card
  • Minimum initial deposit of N750.00
  • Savings at customer’s will
  • Issuance of withdrawal booklet at N550
  • 6 Months of unbroken Savings before withdrawal.
  • 5% credit interest payable to customers at the end of every month based on their closing balance for the month.
  • 10% withholding tax is charged on the 5% credit interest monthly

CURRENT ACCOUNT (PERSONAL)

  • 2 Passport photographs
  • PHCN bill not later than 3 months old
  • Means of Identification such as Driver’s License, International Passport, National Identity Card
  • Minimum initial deposit of N2,000.00
  • Issuance of 25 leaves customized cheque book at N1,200
  • COT of N5 per N1,000 on withdrawals at month end
  • Hand written or type written Application for loan after 3 months of opening/operating of the account
  • Maximum loanable amount of N500,000Tenor of one to twelve months (depending on various factors)
  • 2% of the Principal amount payable upfront as management fees
  • 7% interest rate charged monthly on reducing balances
  • 2 Guarantors plus tangible security required for loans above N100,000
  • 2 Guarantors required as security for loans between N50,000 and N99,000
  • 1 Guarantor required as security for loans between N5,000 and N30,000
  • Loan repayment is on monthly basis
  • 3% is charged as default charges 30 days after the due date

CURRENT ACCOUNT (CORPORATE/SOLE PROPRIETOR/ENTERPRISE)

  • 2 Passport photographs
  • PHCN bill not later than 3-month-old
  • Means of Identification such as Driver’s License, International Passport, National Identity Card
  • Certificate of Incorporation (limited liability company)
  • Board Resolution (limited liability company)
  • Certificate of Registration (unlimited company)
  • Minimum of N10,000 as initial deposit (limited liability company)
  • Minimum of N10,000 as initial deposit (other business types)
  • Search is conducted at CAC on the company at the cost of N3,000 (limited liability company) and unlimited company)
  • Issuance of 50 leaves customized cheque at N2,000
  • COT of N5 per N1000 on all withdrawals in a month
  • 10% withholding tax deductable from COT charged
  • Handwritten/type written Application letter with the letter headed paper of the company after three months of opening and operating the account. (Both limited and unlimited)
  • Personal guarantee of the company owner’s plus tangible security
  • Maximum loanable amount of N2,500,000
  • Tenor of loan is between one and twelve months
  • Loan repayment on monthly basis
  • 7% interest rate charged on reducing balances
  • 2% of principal amount payable upfront as management fees
  • 3% is charged as default charges on the outstanding principal amount and interest 30 days after due date

DAILY CONTRIBUTION (ESUSU) LOAN

  • Daily contributions for a period of 30 days
  • Customers are entitled to times 2 of their contribution
  • 60 Days Tenor
  • Lien is placed on customer’s contribution for the period of the loan
  • One Guarantor for loan of N30,000 and below
  • Two Guarantors for loan between N30,000 and N50,000
  • Two Guarantor and tangible security for loans above N50,000
  • Interest of 7% flat on principal amount on reducing balance
  • Immediate repeat loan on completion of repayment
  • 3% per annum is paid as interest to customers
  • Half of a day’s contribution is charged as admin charges monthly
  • When the customer is enjoying loan no admin charge is made
  • Admin charge is also not made there is no contribution for a particular month even if there is money in the customer’s account
  • Passbook is issued at N500
  • Withdrawal booklet is issued at N550
  • 10% is charged as WHT from the interest paid to customers monthly