At Olive Microfinance Bank Ltd, there is always a package for everybody. What is your dream? what do you want to be? Olive microfinance Bank Ltd will empower you to succeed.
Olive Save and Grow
This account is designed for apprentices and other people who wish to save to be able to start off a business or to expand existing business.
● Customer is required to build up 30% contribution in the account for the desired business.
● The bank will provide facility to a limit of N500,000.00 after satisfactory operation of the account.
● Physical collateral may not be required.
● Minimum operating and opening balance is N2,000.00.
● It is convenient and easy to access
● Short processing time
● Assist in raising the initial capital or growing existing business.
This is an acronym for Value Earned and Retained Benefit. The product is designed for salary earners to meet their unexpected needs. A facility account instantly set-up on the account of the beneficiary and the customer can draw down from the account before the end of the month.
● A beneficiary would have opened a salary account with the bank
● Negotiable interest rate
● A letter of introduction from his employer
● One year overdraft facility not above 100% of the annual basic
● I00% of the customer’s annual basic at each point in time
● Interest rate negotiable
● Short processing time
Olive Save and Buy Shares (SABS) Account. This is a consumer credit product designed to enable customers buy shares or acquire personal assets.
● Open an account with N 10,000 (current account)
● Finances acquisition of shares and personal assets.
● Maximum lending of N200,000
● Customers make 20% equity contribution on the shares or assets to be acquired.
● Tenured for 12 months
● Easy access for the purchase of the asset or shares
● Equity contribution of 30%
● Not limited to Account holders
● Negotiated payment plan for a period of 24 month
Olive Gold is a unique savings account specially packaged to suit our customers’ needs. It has an added advantage of being operated as a current account.
● Opening balance of N5,000 (individual) and N10,0000 (corporate).
● COT free (cash transactions only)
● Minimum balance of N2,000 must be maintained in the account
● Customized cheque books for internal withdrawals only.
● Accepts lodgment of cheques and dividend warrants
● Monthly statement of account
● Free ATM cards
● Internal cheques can be issued thereby facilitating transactions.
HIGHER EDUCATION LEARNING PLAN (HELP)
This is designed for students in Institutions of higher learning in Nigeria whose parent/parents are customers of the bank.
● The parent/s should be a customer of the bank
● The student must have admission to study in any of the Nigerian Universities/polytechnic
● The applicant student must be reading a professional course.
● Amount to be borrowed must not be more than N100,000.
● The parent/s should have been a customer for three months
● This facility is tenured for six months
● It is accessible to student applicants whose parent/s are customers of the bank
Olive Agric Account (Olive Farmers Account)
This account is aimed at assisting farmers either individually or as a group (co-operative societies)
● Current Account with open balance of N5,0000 for the co-operative society or N3,000 for an individual
● Account to be operated Two(2) months before loan application
● Up to N200,000 and N1,000,000 facility for an individual and the co-operative society respectively.
● Tenor to be married with the gestation period of the crop / Livestock.
● For specific agricultural business like poultry or grocery
● This product addresses the unique needs of farmers.