Empowering Nigerian Businesses With Accessible Microfinance

Opening an account with EarnWell Microfinance Bank is simple and can be done through multiple channels:

• Visit any branch: Walk into any of our branches nationwide with required documents
• Online: Complete the online application form on our website
• Mobile App: Download our mobile app and open an account digitally
• Agent Banking: Visit any of our accredited agents in your community

Requirements for individual accounts:

• Completed account opening form
• Valid means of identification (National ID, International Passport, Driver's License, or Voter's Card)
• Recent passport photograph
• Utility bill (not more than 3 months old) for address verification
• Minimum opening balance (varies by account type)

The requirements vary based on the type of account and customer category:

For Individual Accounts:

• Completed account opening form
• Valid means of identification (National ID, International Passport, Driver's License, or Voter's Card)
• Two recent passport photographs
• Utility bill for address verification (not more than 3 months old)
• Bank Verification Number (BVN)
• Minimum opening deposit (varies by account type)

For Corporate/Business Accounts:

• Completed corporate account opening form
• Certificate of Incorporation
• Memorandum and Articles of Association
• Valid means of identification for directors and signatories
• Board resolution authorizing account opening
• Tax Identification Number (TIN)
• Utility bill for business address verification

For Joint Accounts:

• Completed joint account opening form
• Valid identification for all account holders
• Passport photographs of all account holders
• Specimen signatures of all signatories

EarnWell Microfinance Bank offers a comprehensive range of loan products tailored to meet diverse financial needs:

1. Business Loans:

• Micro Business Loans: For small-scale entrepreneurs and petty traders (₦50,000 - ₦500,000)
• SME Loans: For small and medium enterprises for business expansion (₦500,000 - ₦5,000,000)
• Asset Financing: For purchase of business equipment and vehicles
• Working Capital Loans: For daily business operations and inventory

2. Personal Loans:

• Salary Advance: For salaried workers (up to 50% of monthly salary)
• Emergency Loans: For urgent personal needs
• Education Loans: For tuition fees and educational expenses
• Medical Loans: For healthcare expenses

3. Agricultural Loans:

• Farm Input Loans: For seeds, fertilizers, and farming equipment
• Livestock Financing: For poultry, fishery, and animal husbandry
• Storage Financing: For post-harvest storage facilities

4. Special Loan Products:

• Women Empowerment Loans: Specifically for female entrepreneurs
• Youth Entrepreneurship Loans: For young business owners
• Group Lending: For cooperative societies and associations

Applying for a loan with EarnWell Microfinance Bank is straightforward. You can choose from multiple application channels:

Application Channels:

• Branch Visit: Visit any of our branches nationwide
• Online Application: Apply through our website portal
• Mobile App: Download our app and apply digitally
• Phone: Call our customer service hotline

Loan Application Process:

1. Application: Complete the loan application form with required details
2. Documentation: Submit required documents (varies by loan type)
3. Assessment: Our credit team assesses your application
4. Approval: Loan approval decision (typically within 24-72 hours)
5. Disbursement: Funds transferred to your account upon approval

General Requirements:

• Completed loan application form
• Valid means of identification
• Proof of income/ business registration documents
• Bank statements (typically 6 months)
• Collateral documentation (for secured loans)
• Two guarantors (for unsecured loans)

Our interest rates are competitive and vary based on several factors including loan type, amount, tenure, and customer profile. All rates are within the regulatory guidelines set by the Central Bank of Nigeria.

Current Interest Rate Range (as of 2024):

• Micro Business Loans: 2.5% - 4% per month (30% - 48% per annum)
• SME Loans: 1.8% - 3% per month (21.6% - 36% per annum)
• Personal Loans: 2% - 3.5% per month (24% - 42% per annum)
• Agricultural Loans: 1.5% - 2.5% per month (18% - 30% per annum)
• Salary Advance: 1% - 2% per month (12% - 24% per annum)

Factors Affecting Interest Rates:

• Loan Amount: Larger loans typically attract lower rates
• Repayment Tenure: Longer tenures may have different rate structures
• Customer Relationship: Existing customers with good repayment history may qualify for preferential rates
• Collateral: Secured loans generally have lower interest rates
• Loan Purpose: Productive loans (for income generation) often have better rates than consumption loans

Transparent Pricing: We provide full disclosure of all charges including processing fees, insurance, and any other costs before you accept the loan.

EarnWell Microfinance Bank offers multiple convenient channels for making deposits into your account:

1. Branch Deposits:

• Cash deposits at any of our branches nationwide
• Cheque deposits (personal, corporate, or bank drafts)
• Transfer deposits from other banks

2. Digital Channels:

• Mobile App: Transfer from other banks using our app
• USSD Banking: Dial *906# to transfer funds
• Online Banking: Use our internet banking platform
• Bank Transfers: Receive transfers from any Nigerian bank using your account number

3. Agent Banking:

• Cash deposits through our accredited agents nationwide
• Available in remote areas without bank branches
• Extended hours including weekends

4. Other Methods:

• POS Deposits: At merchant locations with POS terminals
• Mobile Money: Through partnered mobile money operators
• Direct Debit: Set up recurring deposits from salary or other income sources

Deposit Limits:

• No maximum limit for account-to-account transfers
• Cash deposits may have daily limits based on account type
• Large deposits (above ₦5,000,000) may require advance notice

Yes! EarnWell Microfinance Bank provides multiple digital platforms for 24/7 account access:

1. EarnWell Mobile App:

• Available on iOS and Android devices
• Features: Balance checking, funds transfer, bill payments, loan applications, airtime purchase
• Secure login with PIN, fingerprint, or face ID
• Real-time transaction alerts

2. Internet Banking:

• Full-service online banking platform
• Account management, transfers, statement generation
• Secure with two-factor authentication
• Compatible with all major browsers

3. USSD Banking:

• Dial *906# from any mobile phone
• No internet connection required
• Check balance, transfer funds, buy airtime
• Available 24/7 on all networks

4. WhatsApp Banking:

• Banking services via WhatsApp
• Check balance, get mini statements
• Customer service support
• Secure and convenient

Security Features:

• End-to-end encryption for all digital transactions
• Transaction limits and alerts
• Automatic logout after periods of inactivity
• Ability to freeze your account instantly if suspicious activity is detected

Our minimum balance requirements are designed to be accessible while encouraging regular savings. Requirements vary by account type:

1. Regular Savings Account:

• Opening Balance: ₦1,000
• Minimum Operating Balance: ₦500
• Interest Rate: 4% per annum (subject to change)
• Monthly Maintenance Fee: ₦50 (waived if minimum balance is maintained)

2. Target Savings Account:

• Opening Balance: ₦5,000
• Minimum Contribution: ₦1,000 monthly
• Interest Rate: 6% per annum
• Lock-in Period: 6-36 months

3. Children's Savings Account:

• Opening Balance: ₦500
• Minimum Operating Balance: ₦200
• Interest Rate: 5% per annum
• Monthly Maintenance Fee: None

4. Corporate Savings Account:

• Opening Balance: ₦10,000
• Minimum Operating Balance: ₦5,000
• Interest Rate: 3.5% per annum
• Monthly Maintenance Fee: ₦200

5. Fixed Deposit Account:

• Minimum Deposit: ₦50,000
• Tenure: 30 days to 5 years
• Interest Rate: 7-12% per annum (based on tenure and amount)
• Early Withdrawal Penalty: 1% of principal

Important Notes:

• All balances are subject to review and may change with notice
• Some accounts offer tiered interest rates based on balance maintained
• We occasionally run promotions with special terms
• Senior citizens (65+) enjoy special account terms

EarnWell Microfinance Bank offers multiple channels for customer support, available 24/7 for your convenience:

1. Phone Support:

• Customer Care Hotline: 0700-EARNWELL (0700-32769355)
• Toll-Free Line: 0800-327-6935
• WhatsApp Support: +234 803 123 4567
• Operating Hours: 24/7 for emergency issues, 8AM-8PM for general inquiries

2. Digital Channels:

• Email: info@earnwellmicrofinance.com
• Live Chat: Available on our website and mobile app
• Social Media:
  • Facebook: @earnwellmfb
  • Twitter: @earnwellmfb
  • Instagram: @earnwellmfb
  • LinkedIn: EarnWell Microfinance Bank

3. Branch Network:

• Visit any of our 25+ branches nationwide
• Head Office: Karu Market, 1 November St, behind new karu, Karu, Abuja
• Working Hours: Monday-Friday: 8AM-6PM, Saturday: 9AM-4PM

4. Self-Service Options:

• FAQs: Comprehensive answers on our website
• Video Tutorials: How-to guides for digital services
• ATM Services: Cash withdrawals, balance inquiry, PIN change
• Agent Banking: Support through accredited agents

5. Specialized Support:

• Loan Inquiries: loans@earnwellmicrofinance.com
• Card Services: cards@earnwellmicrofinance.com
• Complaints: complaints@earnwellmicrofinance.com
• Whistleblowing: whistle@earnwellmicrofinance.com

Response Times:

• Phone calls: Immediate response during working hours
• Emails: Within 24 hours
• Social media: Within 2 hours during business hours
• Complaints resolution: Maximum of 5 working days