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How to access Cedar Microfinance Bank loan in Nigeria

Cedar Microfinance Bank – If the government provides enabling financing across all business categories, entrepreneurs etc, the economy would had been on up-scale of productivity, which in turn should create a viable economy.

It’s far from being a realistic idea, rather mere claims on the pages of print media, social media and broadcast.

It has been observed that the federal government through the Central Bank of Nigeria/deposit money banks cannot do this alone, to this end, Microfinance banks were birthed to penetrate the rural and make financing available to small business owners and traders alike.

On the foregoing, I introduce to you “Cedar Microfinance Bank.”

Read also: How to access VFD Bank loan in simple steps

About Cedar Microfinance Bank

Cedar MFB is a financial institution that positions itself to create wealth through “Social and Financial empowerment” using cutting edge banking ideas, technologies to offer its customers the best of service.

Cedar has supported and played a major role and stability in financials of its customers through a number of its products and services mainly;

  • Cedar savings account
  • Cedar current account
  • Cedar credit facility and Consultancy services.

As you can see, Cedar’s products are centered around the above, for the purpose of this guide, I will rightly walk you through its credit and loan facility.

Cedar MFB offers five categories of facilities to its subscribers, they include;

  • Group lending
  • Individual lending
  • Asset Financing
  • Micro Insurance and the
  • Esusu Loan

#1. Group Lending

This is a class of loan designed for micro-enterprise operators, which by capacity do not have the usual collateral to secure a facility of choice.

The loan gets a strong edge in the sense that it requires a group persons known as guarantees, which usually you need to be a member of registered group of minimum of 5 and  maximum of 30 persons.

Features of group lending

  • Its formation is harnessed by wealth creation officers as deem fit by the bank
  • Members must be 18 years and above
  • A group of guarantee is pegged at minimum of 5 member and maximum of 30 members
  • Members should be willing to meet on weekly basis
  • It has a tenor of six months maximum,
  • Loan size is between N20k and N200k
  • Upon completion of loan, members can reapply.

NB: On no account shall an individual leave the group until all members have paid back their loans.

To borrow more funds, members are to continue with savings and repayment, their savings can as well serve as security to obtain a facility in the future.

One criteria for accessing a personal loan is the ability of a member to borrow and pay off accordingly.

#2. Individual loan

If an individual is engaged in a business, but not willing to go for the “Group loan” such person may opt for the “Individual loan.”

Features of individual loan

  • It’s for graduating clients for in business
  • Such client ultimately has a proven track record
  • Ability to fully secure the loan
  • Loan sizes range from N200k to N500k
  • It has a repayment period of up to 6 months.


  • No weekly meetings
  • Flexible repayment period
  • Flexible security and collateral terms
  • Loan processing and disbursement is fast
  • It has a competitive interest rate
  • Trainings and motivational talks offered for personal development
  • Loan advances offered at affordable interest rate.

#3. Asset Financing

When a customer wants to procure movable capital assets like motor vehicles, construction equipment, plant and machinery, such customer goes for asset financing which is usually a short term  medium.

Read also: How to access loan from Baobab Microfinance Bank

The term asset financing means to procure assets in the capacity of those mentioned here.

Features of Asset Financing

  • Minimal deposit required
  • Affordable credit life insurance cover to settle the outstanding balance in case of death or total permanent disability.
  • Amount given depends on a customer’s ability to pay


  • There’s a flexible collateral in place, whereas assets you purchased could be part of the security.
  • Swift processing and disbursement
  • Repayment terms very flexible
  • Interest rates and fees are very competitive

#4. Micro Insurance

This is a product aimed at protecting the economically active poor against specific lose in exchange for a premium contribution.

If you have been ignored by mainstream commercial and social insurance schemes, Cedar micro insurance will be ideal for you.

It covers; Micro health, Micro leasing and Micro housing.

Others include

Cedar easy business loan

This is a package designed for business operators who need funding for their business.

Terms and conditions for Cedar easy business loan;

  • Loan size is N50k to N5 million
  • Loan tenor 1-6 months
  • Interest rate of 4%
  • 2% management fees, 1% processing fees and 1% insurance fees.
  • Utility bill required
  • Valid ID then sign up on remita

Requirements for SME N50k to N100k

  • You will have to state nature of business
  • Provide six months statement of account
  • Guarantor sign up with remita

Requirements for N101,000 to N500,000

  • Same requirements as above with
  • Guarantor’s salary account statement for six months

How to apply for a loan with Cedar microfinance bank

Follow this link.

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