Questions About Brighta Loans

•   What is Brighta Loan?
  The Brighta Loan is AccionMFB's digital loan product created for micro-businesses and entrepreneurs, providing access to quick loans on your mobile devices without having to visit any of our branches.
•   What is the minimum loan amount?
  N50,000 (To be disbursed per single application)
•   What is the maximum loan amount?
  N150,000 (To be disbursed per single application)
•   What is the Interest rate for Brighta Loan?
  8% per month
•   When is the first repayment date?
  30 days after the Loan has been disbursed to the customer.
•   How often will a customer make repayments?
  Monthly
•   What is the minimum loan tenure?
  1 Month
•   What is the maximum loan tenure?
  3 Months
•   What other fees will I be charged to be able to secure the Brighta Loan?
  None
•   What is a Delinquency Fee?
  This is the fee chargeable upon default by the customer. It is valued at 2% on the outstanding balance of the loan.
•   Do I need Collateral for a Brighta Loan?
  No collateral is required.
•   How can I know/access the status of my loan account?
  This can be checked using the Accion MfB Mobile App or Internet banking. Click here for more information on ways to bank.
•   Can existing customers access the loan without having to open a SaveBrighta Account? What is the process?
  Existing customers can access the loan but they will be required to:
    a. Register on the mobile app or web platform.
    b. Open a Savebrighta account. (To open a Savebrighta account, click 'open Savebrighta' in the menu bar of the mobile app or web platform).
•   What are the benefits of a Brighta Loan?
  Minimal documentation; quick disbursement; Easy access to loans without visiting a branch. Click here for more information.
•   How can I apply for a Brighta Loan?
  1. Register/log in on the Accion MFB Mobile App or Internet Banking platform (www.ibanking.accionmfb.com)
  2. Click on Update profile and fill in the required fields until your profile is at 100%
  3. On the menu option, click on Loans
  4. Go to New Loan
  5. Fill in the fields required.
  6. Fill in the loan amount (please note that the minimum loan amount is N50,000.00 and the maximum loan amount is N150,000.00)
  7. Click on submit.
  8. If the loan application is approved, you will be required to provide your debit card details and a N50 card validation fee will be charged.
  9. Input your transaction PIN for the loan to be disbursed, then click submit.
•   Do I need to have an account with Accion MfB to be able to access a Brighta Loan?
  Yes. You will be required to open a Save Brighta account to access a loan.
•   How long does it take to process and secure the Brighta Loan?
  The Brighta Loan would be available instantly and the funds will be disbursed automatically into the customer's Savebrighta account immediately after a successful loan application

Questions About Accion MfB MfB Loans

•   What are the requirements to get a loan?
  • You must have been business for more than 1 year and been at your shop for more than 6 months.
  • 2 passport photograph.
  • Mode of Identity (Driverâ??s license, Permanent voters Card or International Passport) BVN.
  • Utility bill not less than 6 months
  • A Guarantor (a business person or salary earner).
  • Collateral for SME loans.
  • Account statement and cheques for loans above 400,000.
•   How many days does it take to process a loan application?
  The loan application takes 3 - 5 working days after you have submitted your documents.
•   How much can I access as loan?
  You can get as low as N50,000.00 and as high as 10 Million subject to result of evaluation.
•   How many months will I use to repay my loan?
  Loan repayment is between 1 month to 24 months depending on the type of loan applied for.
•   How do I repay my loan?
  • You can make use of your Debit Card (Brighta Cash).
  • You can make transfer from correspondent (other) banks to your Accion MfB MfB account.
  • You can make transfer from Quick teller on ATM machines or on your mobile phone to your Accion MfB MfB Account.
  • You can also visit any of our Agent Banking officers to deposit through POS into your Accion MfB MfB.
•   Is it compulsory to save money before I can get a loan?
  While we encourage you to save for a Brighta Future, you do not have to save before applying for a loan.
•   If I change location of my business can I still apply for loan in my former location?
  Yes from new location via making request for file transfer from former to new location.
•   Do we give loan to salary earners?
  No, we do not give loan to salary earners.
•   Can I use my daughter or wife as a guarantor?
  No, Family members may not be used as guarantors.
•   How do I know my repayment balance?
  Please speak with your account Officer or visit any of our branches closest to you.
•   I have repaid my loan in full and I need a letter of Non- indebtedness?
  You will write an application for letter of Non-indebtedness to Accion MfB MfB and it will be treated.
•   what is our interest rate?
  Interest rate varies from 3% to 6% depending on the loan product.
•   Can I pay off my loan when I have the money?
  Yes, you can early mature your loan .

Questions About Accion MfB Accounts

•   Can I have multiple Accion MfB accounts?
  Yes. There is no limit to the number of Accion MfB accounts an individual can have.
•   Can I have multiple Accion MfB accounts?
  Yes. There is no limit to the number of Accion MfB accounts an individual can have.
•   Can I have multiple Accion MfB accounts?
  Yes. There is no limit to the number of Accion MfB accounts an individual can have.

Questions About Accion MfB Channel Services

•   Is it like other Debit Card from other financial institution?
  Yes it like other Debit Card. You can make use of Accion MfB Brighta Cash card on any Automated Teller Machine (ATM), POS (Point of Sales) and for online transactions/ shopping.
•   What USSD code can I use to make transaction and how can I start?
  • As a first time user dial *572*143*0# to Register or activate Brighta 143.
  • Dial *572*143*amount# and follow notification to purchase airtime.
  • Dial *572*143* phone number*amount# and follow notification to send airtime to another.
  • Dial *572*143*recipients account number*amount# and follow notification for inter bank transfers.
  • Dial *572*143*Biller code*amount# and follow notification to pay Bills.
•   How soon will my debit card be ready?
  You can collect your Brighta Cash Card immediately in the Branch after necessary documentations.
•   How do you resolve Debit Card Issues?
  • Chip not smart: You have to request for another card which may take 24/48 hours.
  • Issuer-inoperative: We are currently experiencing a down time on our servers or from switch (Interswitch). Please wait for the issue to be resolved .