How to apply for Addosser Microfinance bank loan, interest rate, threshold, repayment, etc

Addosser Microfinance bank is a leading credit institution in Nigeria founded in 2008, with over 300 employee to execute its financial obligations to borrowers/customers across various facets.

With a broad range of products and services, Addosser Microfinance bank caters for over 103,000 customers through its main business arrangements modeled into

  • Retail and Microenterprise banking
  • SME banking
  • Consumer banking and
  • Specialized products and investments.

Since its inception, it has played a key role in widening the finance options available to MSMEs through ensuring availability of finance for these businesses through value added products. The bank through its books prides itself to had disbursed loans amounting to over N47 billion in more than a decade of its operations.

Read also: How to access AB Microfinance Bank loan

Aside the MSMEs, the bank also has products tailored to meet financing needs of salary earners in the low and mid-level category, with a special entrepreneurial development program targeted at female entrepreneurs.

Loan products available

These include,

  • Retail loan
  • SME loan
  • Easy life loan and
  • Salary advance loan for mid-level salary earners.

Retail loan

Under this category they have the below structural loans

Traders loan: This is meant for traders who wish to expand their business, where microenterprises with daily cash flow are not sidelined.

Festival loan: This is a facility targeted for a period of 90 days accessible during festive periods like Christmas, Muslim festivals, etc. This is designed to help traders to stock up in view of the season.

Micro loan: Here’s is a short term facility created by Addosser Microfinance bank mainly for microenterprises to access funds somewhere below N500,000

Group loan: This is a facility designed for individuals who belong to an informal group who may be doing same or different business. The idea is that the group members guarantee each other for a loan where the peer pressure effect is seen to minimize the risk of bad loan.

Widows umbrella: Like the name appears, it’s a facility designed to help widows in business during certain periods at such a low interest rate.

SME loan

Under this category they have the below loans

Working capital: This is a flexible short term loan that businesses need for their day-to-day trading operations, however, amount given is dependent on credit evaluation.

Over draft facility: Here’s a facility where you are allowed to overdraw your account with certain amount, usually a current account. With this product you can access additional funds, subject to approved limit based on business cash flow.

Asset acquisition loan: This is a facility businesses receive with an aim to buy certain fixed assets which are used in their day-to-day business, where they’ll keep their productions at top gear.

Import duty finance: If you are an importer of permissible goods in Nigeria, this facility will be ideal for you, basically to bridge funding gap, this usually prevents demurrage charges.

Female entrepreneur loan: This is a loan designed for female entrepreneurs who may require financing to scale up their business.

lnterest rate

First time borrowers are expected to make equity contribution of 25% while returning users require just 20% equity contribution on loans, however the rate is found to be around 5% interest rate.

Read also: How to access loan from Baobab Microfinance Bank

Note: Equity contribution is a sum an obligor is expected to contribute to sum up the total amount he is looking to borrow.

For example, if you are looking to borrow N300k as a new obligor you are required to contribute 25% of N300k which is N75k

By this arrangement the bank will make available N300k – N75k = N225,000.

You will receive N225,000 from the bank for a loan of N300k as a new borrower, where you will make up the remaining N75k.

Tenor and repayment

The loan has a tenor of 25 weeks to 8 months, while repayment may be daily, weekly, or monthly with a loan limit of N3,500,000 (Three million five hundred thousand naira)


  • Official identity card, national ID, voter’s card, driver’s license, international passport, etc.
  • There’s a minimum 25% equity contribution for new borrowers and 20% for returning users
  • You will need two credible guarantors
  • Post-dated cheque of the obligor is required for a loan amount of N100,000 and above
  • For loan above N500,000 one guarantor’s cheque is required
  • There’s a key-man insurance for a loan exposure of N750,000 and above.

Salary advance

Aside the MSMEs, the bank has designed facilities for salary earners too, which is aimed at bridging their funding gap, where repayment is tied to monthly salary.

Features, requirements and benefits

  • All salary earners in Lagos are eligible to access this loan
  • Your monthly net salary should not be less than N65k after all deductions
  • Facility amount is not less than N70k, though must not exceed N1.5 million
  • For staff of tier 2 companies the obligor limit is N500k
  • No initial deposit is required
  • Repayment is scheduled monthly
  • First time borrowers have a maximum loan tenor of six months, where returning obligors have a maximum tenor of nine to twelve months.
  • Collaterals can be substituted in form of guarantors from reputable companies
  • For facilities between N1m – N1.5m key man insurance is applicable
  • The obligor will need to issue a post-dated cheque to Addosser Microfinance bank from their salary account.

Related with Addosser Microfinance bank

History of Addosser Microfinance bank

The bank was incorporated on the 27th May, 2008 as a unit microfinance bank.

The bank’s operating license was upgraded from a unit microfinance bank to a state microfinance bank in 2013, operating across 19 branches in Lagos.

Read also: How to access Cedar Microfinance Bank loan in Nigeria

Interestingly, women made up over 70% of its customer base scaled to be around 103,000 customers/clients. The bank has an asset size of N11 billion where share-holders funds is above N1.8 billion.

Addosser Microfinance bank salary

The average salaries for Addosser is N114,287. It’s a data collected from 8 employees from the bank itself. The role for the said salary include

  • Customer service officer
  • Funds transfer officer
  • Supervisor
  • Recovery officer
  • Finance officer
  • SME senior credit risk analyst, etc.

What is Addosser USSD code?

The USSD code is a set of number in which the bank is in alliance with a network provider to make the bank services available to you on your mobile device.

Addosser’s USSD code is denoted by *258*5#

However, you need to have an account with the bank, on using the USSD code you need to set up your 4-digit PIN first.

You will need to carry out this task from your phone number linked with Addosser MFB account.

How can I apply for Addosser MFB loan?

Unfortunately if you are residence outside Lagos you may not be able to operate with Addosser since it’s a state licensed Microfinance bank.

If you are residence in Lagos, kindly walk into any of their offices and an agent will give you necessary assistance.

Where can I find Addosser Microfinance bank branches in Lagos?

Kindly check any of the below branches for your account opening and business operations.

Read also: How to access Finca Microfinance bank loan [Interest rate, threshold, and repayment]

Apongbon Branch

7 Apongbon street, Lagos

Surulere Branch

75 Ojuelegba Road, Surulere Lagos.

Mushin Branch

2, Isolo Road, Ojuwoye, Mushin Lagos.

Oshodi Branch

Kairo market, Oshodi Lagos.

Ile-Epo branch

God’s Grace Plaza, Old Ota Road, Ile-Epo Lagos

Mile 12 Branch

Shop A7 & A8, Rice Section, Mile 12 Market, Lagos

Idumagbo Branch

1, Idumagbo Avenue, Lagos Island, Lagos

Ajegunle Branch

Shop ACFF 97/98 Alayabiagba Market, Lagos

Ikorodu Branch

42, Lagos Road, Ikorodu Lagos

Alaba Rago Branch

Alaba Rago Market, Alaba Okoro, Lagos

Trade Fair Branch

Pent House, Aspanda, Trade Fair Complex, Lagos.

Ikeja Branch

41, Opebi Road, Ikeja Lagos.

Addosser MFB customer care

Want to reach a customer service personnel for enquiries and resolution of issues, kindly use any of the below contact details

Phone: +2349087013749 or +2348140437926


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