1. What is Microfinance?
Microfinance is the supply of loans, savings, and other basic financial services to the poor. People living in poverty, like everyone else, need a diverse range of financial instruments to run their businesses, build assets, stabilize consumption, and shield themselves against risks. Financial services needed by the poor include working capital loans, consumer credit, savings, pensions, insurance, and money transfer services.
2. How many people in the world are poor?
Experts estimate that about half of the world, 3 billion people, lives on less than $2 per day.
3. What part of the world is most poor?
West Africa, East Africa, Central Africa, Asia, Latin America & Australia by etc.
4. What is a Microfinance Institution?
A microfinance institution (MFI) is an organization that provides financial products (such as micro credit loans, insurance and access to savings) to micro-entrepreneurs — the working poor who previously were without access to financial services.
5. What types of businesses do micro-entrepreneurs operate?
Micro-entrepreneurs run extremely diverse businesses known as micro enterprises. These endeavors are usually very small-scale, typically just supporting a single staff person — the micro-entrepreneur. However, sometimes businesses are successful enough to employ additional employees. Types of business vary widely geographic location and may include shining shoes, selling items as a street vendor, selling agricultural products, raising chickens, selling buffalo milk to neighbors, weaving, sewing, or baking.
6. Who Are the Clients of Microfinance?
The clients of microfinance—female heads of households, pensioners, displaced persons, retrenched workers, small farmers, and micro-entrepreneurs—fall into four poverty levels: destitute, extreme poor, moderate poor, and vulnerable non-poor.
7. How Do Financial Services Help the Poor?
Poor people, with access to savings, credit, insurance, and other financial services, are more resilient and better able to cope with the everyday crises they face. Even the most rigorous econometric studies have proven that microfinance can smooth consumption levels and significantly reduce the need to sell assets to meet basic needs. With access to micro insurance, poor people can cope with sudden increased expenses associated with death, serious illness, and loss of
assets.
8. Is it possible to make lodgments or withdrawals with your local correspondence Banks?
Yes! You can withdraw and make deposits at various branches of our local correspondent banks nationwide. Funds will be paid into IMFB account with the local correspondent bank and we shall credit the customer’s account with IMFB upon presentation of the relevant deposit slip.
9. Why should I entrust my money in microfinance Bank when there is Mega Bank?
We believe that banking is based on trust, integrity and loyalty; we demonstrate these in all aspects of our operations as will be evident in your relationship with our bank. We take seriously our customers deposits as the trust customers. .reposed on us is very important.
10. How can I contact the bank to get a loan?
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