Microcred Group is the parent company of the recently rebranded financial institution, Microcred Nigeria. Yes, you read that correctly; their new name is the Boabab Microfinance Bank.

Note that Microcred Nigeria and Boabab Microfinance banks are the same financial institution that operates in Africa and China. The rebranding occurred approximately two years ago.

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Now let’s get down to what they can offer. 

Prior to 2018, Boabab's services were limited to microentrepreneurs. However, in 2018, the company broadened its offerings to a wider spectrum of customers. They provide customers with savings and credit services.

This article will focus on their services.

How credible is Boabab Nigeria?

Boabab Nigeria has been in operation for slightly more than a decade and has become one of the most prominent providers of financial services in Africa during this period.

With at least ten branches in Lagos and seven in Kaduna, they service over 700,000 customers. Consequently, they are a credible organization. Boabab Nigeria will not disappear any time soon.

What are the services provided by Boabab Nigeria?

The services of Boabab Nigeria are geared toward entrepreneurs, merchants, and small to medium-sized enterprises. They provide services in the aforementioned fields:

1.Credit

2.Savings

Boabab Credit

Before we delve into the specifics of Boabab Nigeria's credit services, they have simplified matters with an online simulator. It is accessible at www.baobab.bz, the official website.

You can easily simulate your entire loan application process on the website.

Enter the quantity that you wish to borrow. Then, for the duration you want the payment to be amortized, the system displays an equivalent monthly payment schedule with interest.

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Note that the simulator does not account for the 2.5% to 5% commission that would be added to the amount you borrow.

Steps for opening a Boabab Nigeria credit account

1.Fill out the request form available on the site.

2.A customer service operative would reach out to you immediately and direct you to the closest agency in your location. He/ She would also answer questions that you may have.

3.Proceed to the branch as directed and go along with a national identity card and identity photo.

4.The last step is to open a credit-linked checking account with an advisor which they would assign you.

Boabab Nigeria Loan Legibility:

The requirements are straightforward. Are you between 18 and 63 years old? Do you have at least six months of experience in the same location and one year of experience in your industry? If yes, you are qualified.

Additionally, you may only assume one loan at a time.

Boabab Nigeria Savings

You can open either a current, savings, term deposit, or savings plan with Boabab Nigeria savings.

1.Current account: in this account, you can secure your income by making deposits anytime. You can also access your money anytime.

2.Savings account: This account allows you to increase your income with zero costs of opening fees and transactions.  

3.Term Deposit account: a term deposit is an excellent way to let your money grow. After deposit, your money keeps growing at a steady rate.

4.Savings Plan: just like the name implies, you can save more, while making your money grow.

Steps for opening a Boabab Nigeria Savings account  

The procedures for opening a savings account are identical to those for opening a checking account.

Complete the form and a customer service representative will direct you to the nearest branch. Remember to bring a photo ID and your National Identity certificate.

Free to open a savings account!

What documents do I need to open a Boabab Nigeria Savings account?

A National Identification certificate for those over the age of 18 and Proof of address.

• A National Identity card for 18 years old and above, and
• Proof of address.

What is the minimum amount I have to deposit upon opening my savings account?

The Boabab Nigeria savings account requires no minimum opening deposit. You can depose any amount or not even make a deposit at all.

What else should I know?

Boabab Nigeria Savings offers an impressive monthly return of up to 6.5%.

Your money grows simply by remaining invested with them. In addition, there are no interest, deposit, or management fees associated with your savings account.

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Conclusion

Individuals and small- to medium-sized businesses can acquire loans quickly and easily through Boabab Nigeria.

They also offer exceptionally low interest rates on loans, which has made them one of the most rapidly expanding financial institutions in Nigeria.

Bank with them today for complete ease and quick response.