As a gross-root banker, Kenechukwu Daily Savings Officers go from shop to shop, house to house and office to office on daily basis for cash pick up. Most businessmen use this opportunity to save for bulk purchase of their stocks at month ends. No charges, no minimum balance is required.
This saving is for salary earners and it has a maturity period of 5 years and can be terminated or rollover at maturity. Holders of this account are either for a long time project or for future unforseen circumstances especially associated with retirement. It has a favourable interest rate.
This account is for children aged 0 – 18 years. The key operator of this account is the parent/guardian until the child attains 18 years and above. It inculcates to the child the habit of saving from the cradle and to the parent the opportunity to save for his/her future needs, example school fees. It yields an attractive interest rate.
Agriculture here comprises poultry, piggery, fishing, crop cultivation, just to mention but a few. Kenechukwu MFB in order to enhance the livelihood of rurual farmers, liaises with Central Bank of Nigeria (CBN) for final approval and in return the Apex Bank refunds the beneficiaries 40% of the interest that may have been charged provided you repaid your loan as at when due.
This is one of the newest products of the bank.
It has a weekly repayment for a maximum of 18 months. The basic requirement is getting an introduction letter from either a Parish Priest or Traditional Ruler (Igwe) of your domain. This introduction letter is not a guarantee rather it helps the bank to carry out “Know Your Customer (KYC)” mandate.
You can transfer your money to any bank in Nigeria via Kenechukwu Fund Transfer with easy. This service saves the customer the risk and inconveniences of carrying cash from one place to another.
At Kenechukwu Microfinance Bank, we have ATM Cards that are used 24/7 hours Nationwide. It has almost same features as that of Deposit Money Banks.
This savings is for both salary domiciled customers and non salary customers who must have an existing account. Deduction is on monthly basis as contained in the agreement.
It has a maturity date of 6 months or 12 months with attractive interest rate.
This product is one of the core businesses of Microfinance Banks and Kenechukwu MFB is very active on it.
Target market for this important product is petty trades such as groundnut sellers, pepper sellers, recharge card dealers etc. In a nutshell, those unbanked group of people who do not have the access to borrow money from Deposit Money Banks are being assisted with easy at Kenechukwu Microfinance Bank Nigeria PLC.
Voluntary Savings Account: All categories in this class of account save for their targeted personal projects and for unforeseen circumstances. It attracts interest rate on monthly basis.
a) Personal Current Account: For individuals and salary accounts. With these accounts, personal loans and salary advances are processed and granted within 48 hours and 12 hours respectively.
b) Corporate Current Account: For all Registered business, Associations, Clubs etc. In this account all necessary papers in terms of registration of business and directors’ profiles are verified. Also Know Your Customer (KYC) mandate must be carried out to the letter.
This is an amount of money that a customer wants to set aside for future use or an investment. At maturity, two options are available – to terminate or rollover. In case of rollover, new terms and conditions are required, depending on the current money market situation. A certificate of deposit is issued and both parties will sign off. Interest rate is high and negotiable.