Mkobo was founded in 2015 as a licensed microfinance bank by the Central Bank of Nigeria (CBN). However, they do not operate like conventional banks or microfinance institutions because they neither have a banking chamber nor accept cash.

ALSO READ: GTbank Salary Advance – Important Information

Similar to other banks like Nirsal microfinance bank, mkobo concentrates on providing small and medium-sized businesses in the country with secured and unsecured loans. There are no currency transactions; all transactions are conducted electronically.

Why should I use Mkobo?

Mkobo offers one of the quickest micro loans in the country to those who lack access to traditional financial services, such as banks.

Advantages

1.They require No collateral.

2.Very little paperwork.

3.Quick loan payout within 24 hours.

Also, note that to take a loan, they require guarantors, and your current employment status and details. 

What services are offered by Mkobo?

Mkobo has three different finance packages for you to choose from. They are:

1.Emergency loans

An emergency loan designed specifically for you as an employee of certain organizations (both public and private) to provide you with access to fast short-term loans.

This loan is easy to obtain and requires only four hours between application and disbursement. The loan is repaid from your monthly income.

Benefits

Easy application.

Quick access to money.

You as an employer is in control of which employee can access the loans.

Financial literacy – only loans you can afford are granted.

ALSO READ:  What You Must Know About Sterling Bank Loans

How to apply

All registered companies have a unique BP NUMBER. Contact Human Resources for yours.
Follow this link to complete the online application form on their website: https://mkobo.com.ng/loan/apply/agreement/.
After applying, your application will be processed.
Within 24 hours, they would deposit the requested funds into your account.

2.Asset finance

This service targets your income-generating assets. Mkobo finances such an asset and requires you to use it as loan collateral.

In addition, you must be a member of one of their partner organizations to qualify for this loan.

Benefits

Large loans are available, although still subject to each business partnership agreement.

No lengthy application process required, it is an instant decision and disbursement.

The asset you intend to purchase serves as collateral, therefore you do not have to look for another.

Flexible loan repayment terms (weekly or monthly). The loan term is a maximum of 12 months.

3.Working capital loan

The last loan service offered by Mkobo is the capital loan. It targets experienced agents who work for licensed network managers.

You can access up to N500,000 as an agent to expand your business. You must be an agent for a network manager within Mkobos' partnership network and have been trading for at least six months to utilize this service.

Benefits

Instant decision and disbursement mean it does not take time.

No collateral is needed.

Flexible weekly or daily payment with a maximum term of 7 days.

Fair interest rates that decrease over time.

How do I apply for Mkobos’ working capital loan

To apply, simply follow this link to their website

Mkobo Festivesave

A digital platform that facilitates regular savings for the holidays (Eid, Easter, Christmas, or New Year's). Utilizing automated recurring payments, they carry out the procedure.

Festivesave encourages and facilitates the development of a regular savings habit. In addition, it offers up to a 10% cash incentive on customers' savings.

Festivesave is accessible via mobile and the web.

ALSO READ: Access Bank Payday Loan – Important Information

Conclusion

Mkobo is one of the finest and most efficient microfinance institutions from which to obtain loans. They offer programs tailored to your needs as an individual employee or organization's representative.

Since all transactions are conducted electronically, you experience minimal tension during the application process and receive your funds within 24 hours.

Utilizing their services is simple and fast, and no collateral is required. Today, you should do business with them.