Are you looking for risk-free, convenient and best way to send and money from abroad in Nigeria? Then this page is for you! If you’re a freelancer, online business person or you have family living outside the country, you may need to send money to them or they send to you here in Nigeria. But what’s the best and easier way to do this?
Typically, it’s much easier to send or receive money right here in Nigeria from anyone within the country, at least, we have the financial institutions and their internet banking services. But in case with international payments, it’s not easy and sometimes, risky.
There are many reasons why sending money to Nigeria from abroad is risky such as certain financial rules apply may be exclusive to a particular nation, logistics, trust (fear of being scammed) and many more.
- Despite all these differences, people still receive money from abroad in Nigeria, and you too can.
Most of these payment methods or services to receive money in Nigeria are online based, and as such you should be familiar with navigating the internet while you can also try some offline without the internet. These payment services – either online or offline have their strong points and weaknesses, this implies that there’s NO 100% ‘best way’ to receive money in Nigeria from foreign countries, rather you could choose the most suitable option based on your situation and recipient, and in some cases the originating country.
Below are some of the best ways you can receive or send money from (or to) abroad in Nigeria.
How to Receive Money from Abroad in Nigeria
1. Western Union
First on my list in the popular Western Union (WU) services that lets you send and receive money from friends and family members living outside Nigeria. Western Union is also listed as a means of payment in some online freelance marketplace across the globe.
It being first on this list doesn’t make it the best means of receiving payment from abroad. In term of reputation and general market awareness, Western Union seem to be the most recognized platform for receiving international payments.
How to Receive Money from Abroad in Nigeria with Western Union
This means of receiving payment involves:
- Visiting the nearest commercial bank, as almost all commercial banks in the country are agents to this service and I advise you use this medium when you receiving a huge sum of money.
- Tell the bank you need to set up a way you can receive money from foreigners with Western Union and they will set everything up for you.
- You can do better without visiting the bank by creating an account on Western Union’s website.
- After setting up your account, the next thing is to send your details to the foreigners in order to send you the money
- After sending him/her your details, ask for the MTCN
- After 24 hours, go to any commercial bank to withdraw your money.
Frequently Asked Question about Western Union
- QUES 1: What’s the requirement to open a Western union account to receive money from Abroad in Nigeria?
ANS: You will need an ID card that bear the name and address you want to use to receive the money.
Note that using the Western Union service to receive payments offers little to no convenience as you’d be bombarded with lots of paper works; a valid mean of identification, the Money Control Transfer Number (the sender will send this to you), amount to be credited as indicated by the sender, the sender’s country and name. These are just the basics as several banks have varying requirements.
- QUES 2: Do I need my account number to receive money with Western Union?
ANS: No, you don’t need your account number.
- QUES 3: How much does it cost to send money with Western Union in Nigeria?
ANS: According to CNN Money, Western Union charges $5 for a money transfer of up to $50, but a transfer of $900 could cost $76.
- QUES 4: What’s the meaning of MTCN in Western Union?
ANS: MTCN stands for Money Transfer Control Number. It’s a tracking number or a 10-digit reference code assigned to every single money transfer made with western union.
Okay, let check the second option if it’ll be more easier;
More like the PayPal service, but Nigeria are still plagued with the inability to receive funds; more like a one-way street! With issues like this, many Nigerians have decided to switch while awaiting the good news from PayPal.
Payoneer is a pretty new services and not well known, it packs lots of feature like what’s found on PayPal and also offers you a MasterCard or Visa card which you can use locally in withdrawing your funds. Many freelance sites such as FIVERR are integrating this service as a means of payments.
Such wide acceptance goes to show the credibility and efficiency of such a means of payment.
As a freelancer, it makes life easier as it keeps you away from the banks (and all its stress) and lets you focus more on your job while using your Payoneer card on the go.
- Here is how to open a Payoneer account in Nigeria and everything you need to know.
Amazing Offer: Click here to open a payoneer account and earn $25 bonus!
Many compare MoneyGram to Western Union, well they’re not wrong as these two has similar structure and close looking features, but what is MoneyGram and how can one use it in receive money from abroad in Nigeria.
MoneyGram is world payment system that eases the means of payment across the world, this process made it possible by its affiliation with commercial banks across the globe. You can use the MoneyGram service by visiting any commercial banks in Nigeria – most banks with Western Union also supports MoneyGram, and as with its counterpart lots of paper work awaits you.
Requirements to Receive Money in Nigeria from Abroad with MoneyGram
You will need stuffs like:
- A valid ID card having the name and address you gave the foreigner.
- Reference number, Sender’s name and his/her country in order to withdraw the money.
Other requirements will be requested depending on the bank you visit.
N/B: It’s important you use your current bank as this makes the process much easier.
4. World Remit
Another wonderful service you could use in receiving funds internationally in Nigeria is World Remit.
World Remit is an online based money transfer service that facilitates the easy transfer of money from overseas to Nigeria. This service was launched primarily with the intention of easy cash transactions for international workers. As a freelancer or relative to someone overseas, you’d find the service pretty useful and straight-forward.
One selling point of this services is its less charge rate when compared to it counterparts. Not much of paper work is required, just some few clicks online and you good to go. It’s not advisable to use this service for receiving large amounts!
5. Ria Money
Ria Money is a similar service like that of Western Union and MoneyGram. One distinction is that Ria Money also uses local kiosk and shops in and around major cities in the facilitation of cash transfers. It’s quite similar to WU in terms of structure, lesser transaction fees are charged thereby leading to longer transaction times.
The service can be accessed online or via its local agents scattered around in Nigeria and can be used in receiving money. You can also receive your funds via credit cards, bank accounts, but you’d incur more charges when you make use of either credit or debit cards.
Skrill has been around for a while now, it’s built mainly for skilled workers who intend to monetize their skills online. Mainly freelancers especially in this side of the world find it difficult to receive payments after doing a job for their clients.
PayPal which is widely supported by most of these sites still doesn’t allow users in Nigeria to receive money – you could say that this is a substitute for PayPal. Skrill is now widely supported by freelance sites and beginning to garner global acceptance.
The service which is online based will allow you to link either your credit card or local bank account to its site, with this you could be rest assured of getting all your payments in a timely manner.
7. Wire Transfer
Last on this list is the good old Wire transfer which transfers the cash directly to your bank account. A major drawback in using this means in receiving payment from abroad in Nigeria is the time it takes the money to arrive your account, and other technical difficulties that may arise from using Wire Transfer.
As long as you have a functional bank account, you could use this service in receiving funds, but be ready to wait for at least, 3-5 business days.
Rounding Off: How to Receive Money from Abroad in Nigeria
Some people would expect PayPal to be on the list but, I’ve intentionally skipped them. Reason is due to the technicalities involve if you choose to go through the back door, not everyone will be comfortable with that as PayPal Nigeria doesn’t support receiving of funds.
In conclusion, these medium however easy or complicated they may be, have their best use cases and you should choose your preferred method based on the current situation.
I hope you’ve learnt a lot, let me know which of this services you use to receive money from abroad in Nigeria and I’ll be glad t0 update this post with your new method if its result is great.
VBank in Nigeria: Save Money, Get Loan, Invest & Earn on Referral
Hello guys, have you heard about VFD Microfinance Bank or simply VBank in Nigeria? Not really? Well, I’m about to tell you what’s up about this bank; how you can save money, apply and get a loan, invest your savings wisely and get financial tips that will spark your financial curiosities.
NOTE: This is not a sponsored post (i.e., I’m not paid to write about VBank or promote any of their services). This is just like other posts I write from my personal experience and what’s working for people.
But I’m going to give you honest reviews about their products (or services), their mobile apps and their website. I will start the basics;
What to Know about VFD Microfinance Bank
According to the company’s overview, VFD Microfinance Bank is a financial services institution based in Lagos State, Nigeria. They operate fully in the ‘Microfinance Banking Sector’ and have different finance experts who come together to help transform their customers’ goals to reality.
According to the company;
We’re in the business of helping all our customers achieve their desires, solve intermittent problems and create wealth, through high yield savings accounts and low interest rates on loans.
Although Vbank has its head office in Lagos, you can bank with them anywhere you are in Nigeria. You know this is made possible by virtue of advancement in financial technology – thanks to that.
In fact, I’m living in Osun State and I have an account with them which I hope to grow my savings with them.
But you may be thinking that you’ve heard about different digital banks and some seemed to be a fraud. And that may bring a particular question to your mind that;
Is VFD Microfinance Bank or VBank Scam or Legit?
Without much ado, VFD Microfinance Bank is Legit!
Why do I say that?
In the title of the post, you read that it’s Don Jazzy Endorsed, right?
I believe Don Jazzy won’t put his global reputation on risk in order to vouch for a scam or fraudulent banking company.
Well, I didn’t register an account with VFD immediately I learned about them from Don Baba, but had to check on their website and reputable to see if they will woo my darling self. And you know what? They seduced me with their services and had to register for an account immediately.
I also learned (through research on Google) that VFD Microfinance bank is featured in Guardian Online Magazine, Techpoint Africa, Business Day, Nairametrics, and they’re in UNILAG – a reputable university in Lagos State.
Now, let talk about what you can do with VFD Microfinance Bank.
Why Using VBank in Nigeria?
You know that temptation is a real bastard when it comes to money.
Sometimes, you may find it difficult:
- To save money in your piggy bank at home (because you might find yourself spending it easily)
- Save with a bank (because the money will be deducted for some charges like SMS alert and other arrant charges)
- Apply and get a loan easily in Nigeria
But what If I tell you that with VBank in Nigeria, these challenges are eliminated because they created the platform for you in mind.
Overview of VFD Microfinance Bank’s 5 Top Products and How They Help
- Employee Loan
This is one of the loan packages for employees by VFD Microfinance bank and if you’re working with any company, you might be eligible.
Note that your company must be able to sign a MoU with VFD and agree to pay back the loan from the salaries.
How this helps
If you are a staff of a company and you’ve been looking for a way to get loan, this package is for you and you’ll enjoy good interest rate, get the money within 6 hours after applying and you can back from the company salaries for 12 months (that’s a year)
APPLY HERE: https://vfdbank.com/employee
- Travel Loan
You’ve been trying to enjoy yourself somewhere outside the country and you don’t have enough money for the vacation, right? Don’t feel sad, VBank is now in Nigeria to help you with their travel loan package.
VFD Microfinance Bank partnered with WONTRA, a company where you can book your flight, accommodation, rental cars and help you with amazing attractions and holidays.
With this partnership, VFD Microfinance Bank will help you fulfill your dream to travel and enjoy yourself outside the country.
Before you can be eligible, you will have to meet their requirements and accepts their terms and conditions. For more, read and apply here: https://vfdbank.com/travel-loan
- Secured Loan
You may need an urgent loan to take care of something like medical bills or anything, VFD Microfinance Bank understands that at this junction, you are seriously in need of cash and some people or bank might turn down your request for loan…
That’s why they offer this package for anyone who can provide a collateral for the quick loan.
Such collateral (or assets) must be proved by you by providing the necessary documents and other requirements.
The good news is that you can get a loan up to N2millon as long as you secured it with an original asset.
To learn more and Appy, check here: https://vfdbank.com/secured-loan
- Unsecured Loan
Unlike Secured loan package where you’ll have to provide a collateral, VBank offers loan to professionals informal employment of blue chip/multinational organization.
In simple words, people who can apply for this loan are however banking professionals or regular customers and the maximum you can be given is N250k within 6 months.
You will be given the fund within 24 hours of providing necessary documents.
To learn more and to apply, check here: https://vfdbank.com/unsecured-loan
Your case may be different, you may not need a loan but would like to save some money. IF that’s the case, VFD Microfinance Bank offers a hybrid savings package.
You’re not just keeping your money here but you’re making your money to work for you while you save.
With the VFD_MFB hybrid or Vbank saving package, you’ll earn a compounded monthly interest of 14% per annum on whatever you save.
Note, this campaign is designed to help people who’re ready starting investing for as low as N50k.
For more details about this and getting started, check here; https://vfdbank.com/startnow
Let talk about registering;
How to Register an Account on VFD Microfinance Bank
I will not go deep into this, because the registration steps are easy and I trust that it’ll be easy for you. To register with VBank, you’ll need:
- Download the app – Click here to download for Android | iOS
- A working email address
- A passport photograph on your phone (to upload a profile pic)
- Your BVN and/or Bank Account Details (Name of Bank and Account Number)
- Use this code 👉 N8AXD – as your referral code or ID.
If you have these ready, go to their website to register and follow the prompt steps.
I personally use their android mobile app (which is free), you can get it on Google PlayStore (as shared above)
Before registering, make sure that the phone number linked with your BVN is active because you’ll be sent a 4-digits PIN to validate your registration on VFD Microfinance Bank.
After you’ve either registered with BVN or Bank details and might have done the validation successfully, the next thing is to navigate through your account!
How to Send Transfer Money from Your Bank to VBank or VFD
This is one of the problem people seems to be facing when using Vbank mobile app, but I’m going to show you how you can transfer or send money from your regular bank account to your new-found love, Vbank.
Just let do this in 4 easy steps;
- In your Vbank mobile app (after sign-in) at the homepage, long press on your account number to copy it, or simply write it down somewhere.
- Go to your other bank app (either GTbank, Zenith or any bank), start sending normally like you usually do put your copied Vbank account number where it is necessary (where it suppose to be na – Beneficiary account number)
- Now, you need to choose the Beneficiary Bank by searching for “VFD” and you’ll see the logo
- Then complete the transaction as usual!
This is very easy if you do send money through mobile apps, you can as well use USSD, but make sure you choose VFD Microfinance bank as the Beneficiary or receiving bank.
Now, let’s talk about the;
Added Benefit of VFD Microfinance Bank
- You can become one of their sales agents and make money while helping to know about this helpful company, and follow-up until they start maintaining a certain balance on their account
- You Can pay for bills such as Cable, Data, etc.
- You can set and monitor a budget for each month
- You are shown the analysis of your account (both inflow and outflow)
- And you can rest assured of high security from their end.
So, that’s what I can write about VBank in Nigeria
Let me tell you that you need to be patient when registering because of internet service and you might encounter delay or validation errors (token). But if you notice this, wait for a while and try again. I faced this difficult, I entered requested and entered my token more than 8 times but finally, I register successfully.
Also note that the 3 key agendas of VFD Microfinance Bank are Nigeria are to help you SAVE, INVEST, and gives LOAN if you meet their requirements.
I will be updating you in case anything changes or added about VBank, till then, don’t forget to subscribe to my mailing list in other to receive free banking tips, how to make money online, business ideas that work in Nigeria, and a lot of useful info.
Also, kindly share this post with your friend if this helps.
List of BIC or SWIFT Codes of Nigerian Banks – for International Money Transfer
Have you ever been asked to input your Nigerian Banks’ Swift Code when you’re trying to make a payment with your card or want to receive some funds through wire or international money transfer? If yes, and that’s why you’re here, I will show you all the SWIFT codes of Nigerian Banks as it is in 2020.
If you’ve been trying to receive some money through “international transfer” to your local bank in Nigeria from oversea countries like USA, Holland etc., you’ll be required to enter IBAN, Name, Name of your Bank, Address, Swift code and other personal data before the transaction can be successfully processed.
Unlike inter-bank transactions in Nigeria where you only need to give your Name, Bank Name and account Number to the person hoping to send you money and you’re good to go. Without this swift code, you won’t be able to receive your money to your local bank in Nigeria.
But you may be asking that…
What is Swift Code
First, SWIFT is an abbreviation for ‘Society for Worldwide Interbank Financial Telecommunication’.
From the acronym, a SWIFT code is a worldwide accepted unique form of identification to identify and locate a bank or a financial institution. This enables all banks in the world to exchange transactions without any problem.
No wonder, SWIFT code is also referred to as BIC
BIC is also an abbreviation which stands for ‘Business Identifier Code’
In my own experience, it’s either you’re asked of SWIFT code or BIC. So, always remember that SWIFT CODE and BIC are the same code which I will be showing you (Nigerian Banks’ Swift Codes or BIC).
Also note that SWIFT code or BIC is used to identify headquarter of your bank. If they need to identify your bank’s branch (that you’re using exactly), they’ll ask for your bank sorting code instead which is just 6 characters which are figures.
SWIFT Code or BIC is usually 8 or 11 characters. And if it’s 8, it identifies the headquarters but if it’s 11 characters, it identifies the branch. But all Swift codes of Nigerian Banks are just 8 characters, meaning that it will identifies the headquarter of your bank.
You may also want to know how they get these SWIFT codes for Nigerian Banks right? Okay, I’ll tell you.
BIC or Swift codes of Nigerian Banks are gotten just like other banks or financial institution in the world. Here is how they’re gotten;
How SWIFT Codes or BIC Are Gotten in Nigeria (all over the world)
Note the first 8 characters long and then the next 3 characters. And I will be using GT bank swift code (GTBINGLA) as specimen for you to understand better;
- 4 characters that comes FIRST stands for BANK Code which are letters (e.g GTBI)
- 2 characters that comes NEXT stands for country code (for Nigeria, it is NG)
- The NEXT 2 characters stands for Location code of headquarter Bank (for GT, it Lagos, so Location code is LA)
That’s how Guaranty Trust Bank got their own Swift code, which is GTBI + NG + LA which is equal to GTBINLA.
Can you see how they form the swift code for Nigerian banks? If I don’t tell you, you won’t know right? Now clap for me, lol.
But what if you see 11 characters long swift code, what does the last 3 characters stands for?
- The LAST 3 characters stands for Branch code.
But in most cases, only the 8 character will be good especially if you’re using your Nigerian Bank Swift Code.
And Note that ‘NGLA’ comes last in all swift codes of Nigerian Banks because all head offices of banks in Nigeria are located in LAGOS, Nigeria except Stanbic IBTC.
Now, let talk about what you’re here to check – all BIC or Swift codes of Nigerian Banks;
All SWIFT Codes of Nigerian Banks in 2020
Here are the SWIFT codes for all Nigerian Banks in ascending order:
Access Bank SWIFT Code – ABNGNGLA
Central Bank of Nigeria SWIFT Code – CBNINGLA
CITI Bank SWIFT Code – CITINGLA
Diamond Bank SWIFT Code – DBLNNGLA
ECO Bank SWIFT Code – ECOCNGLA
Equitorial Bank SWIFT Code – EQUTNGLA
First Bank of Nigeria SWIFT Code – FBNINGLA
First City Monument Bank (FCMB) SWIFT Code– FCMBNGLA
Fidelity Bank of Nigeria SWIFT Code – FIDTNGLA
Guaranty Trust Bank (GTB) SWIFT Code – GTBINGLA
Heritage Bank SWIFT Code – HBCLNGLA
Unity Bank SWIFT Code – ICITNGLA
Jaiz Bank SWIFT Code – JAIZNGLA
Polaris Bank SWIFT Code – PRDTNGLA
Sterling Bank SWIFT Code – NAMENGLA
Bank PHB SWIFT Code – PLNINGLA
Keystone Bank SWIFT Code – PLNINGLA
Skye Bank SWIFT Code – PRDTNGLA
Stanbic IBTC SWIFT Code – SBICNGLX
Standard Chartered Bank SWIFT Code – SCBLNGLA
Union Bank SWIFT Code – UBNINGLA
United Bank for Africa (UBA) SWIFT Code – UNAFNGLA
WEMA Bank SWIFT Code – WEMANGLA
Zenith Bank SWIFT Code – ZEIBNGLA
SO, that’s the list of all SWIFT Codes of Nigeria Banks
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Top 10 Banks to Apply for Loan in Nigeria – Get Personal or Business Loan
Applying for loan in Nigeria is one of the ways we source for capital to start a business or expand the business. And sometimes, people visits banks to apply for loan in Nigeria without any collateral in other to take care of an urgent and important matters such as paying school fees, health bills and many other things that requires funding.
Although, some people chooses to borrow money from agency who may later become “loan shark”. These loan sharks are after nothing but your collateral(s) and that’s why it is important to choose where you get your loan appropriately and with peace of mind.
Some banks requires collateral before they can gives out loan in Nigeria, while few of them doesn’t need your collateral as long as you meet their other requirements (especially as a reliable customer).
There are more than twenty commercial banks in Nigeria, but the gospel truth here is that: not all these 20+ banks are good in terms of dishing out loans.
Before you visit any of these banks to apply for loan in Nigeria, you need to know the interest rate, and all other features which makes a loan looks nice on you — although there is nothing like a nice loan, when it’s time to repay.
I’ll be revealing top and reliable banks that gives loan without collateral in Nigeria.
Top 10 Banks to Apply and Get Loan in Nigeria
1. First Bank
Don’t get anything twisted here, the name doesn’t make it comes first, but the reputation over the years does. First Bank has been in business since 1894 and has continually delivered fresh innovation in all its products and services — they’ve even got an insurance service.
If you need to apply for either business or personal loan in Nigeria, First Bank coincidentally leads the chart in the country, they’ve got different loans for different purposes; education, contract financing, SMEs, mortgages and more.
Requirements to Get Loan at First Bank Nigeria
Applying for loan at First Bank Nigeria will require the following items;
- An application letter
- Proof of payment for the last six months
- Statement of account for six months
- Utility bill
- Means of Identification
All these are to be submitted at any of their branches nationwide.
You can also apply for the loan at first bank using their online loan channel using this link: First Bank Nigeria >> Banking >> Loan
2. GT Bank
GT Bank ranks as one of the top banks to apply for loan in Nigeria, which on my list they comes second. They offer some of the best loan packages in Nigeria you can think of, from conventional loans, salary advance and quick credit.
Here are the requirements to get any loan from GT Bank, Nigeria
- Applying for quick credit loan at GTB can done via your smartphone and you will have to be a current account holder with GT Bank.
- For conventional loans — which can be used for any purpose, the requirements are as follows:
- A letter of application
- A collateral
- Banks statements for six months
- Proof of employment or income for the last six months
- And in some cases, a guarantor with reputable financial history.
You can apply for loan at GT Bank using their online loan portal via GT Bank >> Personal Banking >> Loans OR apply by visiting any of their branches.
3. WEMA Bank
We’ve all heard of ALAT by WEMA, well that’s one of their many innovations that sets the above the park. They’ve got nice packages for salary earners, business persons, and the government.
They got one of the best interest rates, with fast disbursement of any amount requested.
IF you need to get quick online loan without visiting any banks in Nigeria or filling any loan application form, you can check out these top 10 loan apps in Nigeria and they can be downloaded free on Android at Google PlayStore and on iOs at AppStore.
All loans from WEMA could be applied online by visiting WEMA Bank >> SME (via a smartphone or PC) and offline (via their business offices).
Requirements to Get Loan at WEMA Bank, Nigeria:
It doesn’t take much as some requirements remains the same as the two above;
- An application letter
- A letter of introduction by your employer
- Irrevocable letter of salary domiciliation
- A valid proof of income for at least three months
- Your current address via a utility bill
- And valid means of identification
All these can also be submitted both offline and online. And if you meet their requirement, you will get your loan request approved and given to you.
4. Sterling Bank
Sterling bank is also known for it numerous innovation and top class service offerings. One of such innovations is its ‘SPECTA’ loan program that offers up to five million naira to salary earners in the country.
For conventional loans, Sterling bank has also got you covered with loans you could use for any purpose of your choice.
You’d have to visit any of their offices or online using Sterling Bank >> Personal >> Loans
The Requirements to Get Loan at Sterling Bank, Nigeria are:
- An application letter
- Proof of payment/statement of account for at least six months
- Proof of employment
- And some additional paperwork which will be revealed to you there.
5. Zenith Bank
Here is another lion among the top banks to apply for loan in Nigeria, Zenith Bank.
The bank is well recognized locally and International with many prestigious awards to their names. The loan program offered by Zenith is one of the best in the country. The loan varies from salary earners to business persons and government organizations.
Zenith Bank’s loans can be applied both online via Zenith Bank >> Personal Banking >> Loan and offline.
Below are the requirements to get loan at Zenith Bank, Nigeria;
- A valid means of identification
- Proof of employment/income
- Account statement of at least six months
- And your bank verification number.
6. UBA Bank
United Bank for Africa is another top brand that offers one of the best loan packages to individuals of all categories, and this add to their prestigious service as they also offers a very special prepaid VISA card you can use for any online shopping.
They offer loans of various amounts with the competitive interest rates.
UBA Bank loans can be applied by visiting any of their nationwide offices. Application form could be gotten via the bank’s website: UBA >> Nigeria >> Banking Banking >> Loan Payment or by visiting their offices.
Requirements to Get Loan at UBA Bank:
- A valid ID
- Proof of employment/income
- And a guarantor (a person of good standing in the society with good financial background).
7. Access Bank
Access bank is one of the top banks in the country presently and their loan packages is one of the best in Nigeria. Their loan vary from personal loans to business and even mortgages. And the bank has been very active than ever since they acquire Diamond Bank, this has added to their reputation and reliability in Nigeria.
Access bank offer flexible loans with competitive interest rates.
Requirements to Get Loan at Access Bank, Nigeria:
Before applying, you need to provide the following at any of their offices or online via the portal Access Bank >> Personal Banking >> LOANS
- Your Bank Verification Number (BVN)
- An application form
- Letter of confirmation of employment
- Valid means of identification
- And letter of lien.
EcoBank provides good loan packages for all your needs, be it business, purchasing that home or executing that project. The loans are flexible to all categories of persons.
Requirements vary according to type of loan, you can get more information by visiting any of their branches or online via https://www.ecobank.com/gq/personal-banking/products-services/loans
9. STANBIC IBTC
Penultimate bank on this list is STANBIC IBTC bank, despite their ranking here, they still find a way of delivering competitive loans in all categories.
Requirements to Get Loan at Stanbic IBTC Bank, Nigeria:
Some of the initial requirements are as follows;
- The applicant must be above 21 and not older than 60 at the expiration of the loan’s tenure
- Proof of employment or income for the last six months
- Good credit report
- And for personal loans; you need to have an account with STANBIC.
For more, you can visit STANBIC IBTC loan portal via https://www.stanbicibtc.com/Nigeria/Individual/Borrowing/Personal-Loans
10. Union Bank
Last but not the least is Union Bank, offering one of the best loan packages with great value on interest.
They offer all types of loans including loans for homes, salary earners, government and are at competitive prices. The requirements are as the same as above and you need to visit any of their offices or online using this link >> https://www.unionbankng.com/loans/
Wrapping Off – Top Banks to Apply for Loan in Nigeria
Applying for loan in Nigeria from these banks are easier than ever. But I will strongly advise you to learn more about each bank’s policies before you request for loan from them.
And it’s important you know your ‘why’ before you think of applying at all.
DISCLAIMER: Please kindly note that this post is not for ‘Ranking’ purpose or the numbers aligned above defines how best the bank are, which it comes to granting personal or business loan in Nigeria. But this post is ‘only’ for educational purpose – to enlighten you about the best banks you can get loan in Nigeria and their requirements.
So here are the top 10 banks to apply for loan in Nigeria, which do prefer and do you have any question? Let me know in the comments!
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