Our Services – Page 2 – KATAGUM MICROFINANCE BANK LTD.

Katagum Mega Savings Account (KMSA)

This product is designed for medium income earners.

Features:

Minimum account opening balance of 20,000Naira
Membership of katagum Mega Club
2% higher than prevailing interest rate
Access to loan

Katagum Group Account (KGA)

Designed to meet the needs of organized group of people like associations and cooperatives

Features:

The group will open the account
Members are required to open individual account with minimum account opening balance
Free financial advisory services
Group guarantee to be used as collateral for loan

Katagum Catch Them Young (KCTY)

To save towards the future needs of the children.

Features:

Minimum opening balance
Minimum monthly lodgment
1% interest rate above prevailing rate
Membership of SCTY club
Access to loan to pay school fees
Scholarships
Maximum withdrawal once a month

Katagum Apprentice Support Scheme (KASS)

This is designed to build a solid foundation for the apprentice’s future.

Features:

Minimum daily contribution
Can access loan up to 200% of saving at the end of apprenticeship period

Maximum tenor of 1year

Katagum Salary Advance

This is the bridging gap finance to meet the financial needs of those in paid employment with reputable companies.

Features:

Loan up to 50% of monthly salary
Evidence of payment e.g. pay slip
Facility to be cleaned up maximum of three (3) months after draw down

Katagum LPO Financing

This product is granted only to clients that have contracts from blue chip companies like Oil and Gas, Banks, Telecoms etc

Features:

Equity contribution of 30%
Repayment from contract proceeds
LPO confirmation and domiciliation of payment to be put in place
Cheque to be issued in the name of supplier or manufacturer of product

Katagum Transportation Support Scheme

The loan is to support transportation assets like cars, tricycles and motorcycles. It is open to individual and groups.

Features:

Equity contribution of 30%
To be purchased in the name of CMFB from reputable dealers with warranty
Comprehensive insurance cover with CMFB noted as first lost payee
Maximum tenor of 12months
Flexible repayment arrangement

Our Mission

To provide quality microfinance services to micro and small businesses that are liable but financially disabled using the services of highly qualified motivated staff and a robust management information system, thereby ensuring attendant superior return to the

Our Vision:

Shongom Microfinance Bank vision is simply: To Be the Leading Microfinance Bank in wealth creation poverty alleviation in zone Nigeria.

Our Values:

Empowering economically active individuals and group”: financial inclusion to Shongom MFB is not just about the numbers of unbanked that are provided with access but a focus at creating life changing opportunities to the populace. The commitment to value creation to the less opportune drives the Bank’s processes. The target is to identify the opportunity gap and/or curtailed values that can/will be unlocked through our products.