Microfinance Institutions and SACCOS
NMB understands the needs of you and your customers more than any other bank.
NMB understands that Microfinance Institutions and SACCOS have specific financial needs. Who would be better suited to help these organisations than a bank like NMB, with its many years of experience in microfinance? After all, we can provide detailed information about loan repayment and have an extensive rural network.
NMB is there to help you provide services to your customers. NMB has established a department at its head office to deal specifically with the requirements of MFI and SACCOS, and which understands their specific needs. Our specialists will be happy to help you.
NMB Loans to Microfinance Institutions
These are loans granted to MFI for onward lending to their customers, but should not be used for acquiring fixed or movable assets or renovations or repayment of other loans. Interest is negotiable but charged on declining balances. Loan processing fee is affordable.Maximum repayment period 36 months and Maximum grace period 3 months.
Benefits
- Easy repayment of loans using MFI delivery and collecting areas
- Enable more people to access loans through MFI
Eligibility
- MFI must be registered as company/trustee limited by shares or guarantee
- Must have lending experience of more than two years
- Have audited accounts for the previous three years
- If application is three or more months from last audit, Management accounts must be submitted.
- Resolution by Board of Directors/Trustees to borrow
- Business plans/cash flow projections for the period the loan is required
NMB Loans to Savings and Credit Cooperative Societies (SACCOS)
These are loans linked to Business account, granted for onward lending to society members in a Maximum repayment period of 36 months and Maximum grace period of 3 months. The loans are for on-lending to members and should not be used for acquiring fixed or movable assets or renovations or repayment of other loans
Benefits
- Interest rate is negotiable but charged on declining balance
- Loan processing fee is affordable
- Monthy/Quarterly/Baloon payment
- Members who could not qualify for commercial loans from the bank can get the loans through their societies
- Loan cycle within the society is shortened and all members can get loans at once
- Affordable collateral and interest rates
Eligibility
- Society must be registered under the Cooperative Act
- Maximum Liability Certificate from the Registrar of Cooperatives
- Minutes of the AGM which elected the Board and Supervisory Committee
- AGM or Board resolution to borrow
- Three years loan classification report
- Audited accounts for previous three years