Addosser Microfinance Bank Limited was incorporated in 2008. It plays an important role in widening the finance options available to MSMEs by providing finance for their businesses through value added products and services and over the last 14 years, the bank has disbursed repeat loans in excess of N61 billion.
Addosser offers a broad range of products and services, to serve its over 130,000 customers through three business groups: Retail and Microenterprise Banking, SME Banking, and Specialized products & Investments.
General personal loan options include:
- Micro Loans – Short tenure working capital facility for funds below 500,000 Niara.
- Group Loans – Extended to individuals belonging to an informal group collateralized within this peer network.
Pros:
- Flexible lending periods
- Flexible lending amounts and interest rates
Cons:
- Single physical location
- Moderate late fees and charges
- High document requirements
