1Does Pillar MFB offer loans?
Yes. Pillar MicroFinance Bank offers loans to startups, small businesses and also encourages, supports and works closely with entrepreneurship funding organisations
2What is the interest rate on savings in Pillar MFB?
The interest on savings at Pillar MFB is 3%
3What is the procedure or requirement for accessing loans?
Establish a business relationship with our bank. Thereafter, demonstrate you have capacity, character, capital, collateral or collateral substitutes and abide by the bank’s loan conditions.
4How long has Pillar MFB been operating?
Pillar MicroFinance Bank has been in operations since Since January 2009
5What is the procedure or requirement for accessing loan?
By Establishing a business relationship with our bank. Thereafter, demonstrate you or your business have capacity, character, capital, collateral or collateral substitutes and abide by the bank’s loan conditions.
6What is Pillar MFB’s interest rate on loan?
Though not stable and determined by a number of market forces, our interest rates are usually between 3.5% and 20% depending on the loan size, tenure and client’s businesses.
7What is the tenure of Pillar MFB’s issued loan?
Short term and medium term loans range a period of 3 months to 2 years.
8Why does Pillar MFB charge 5% on second withdrawal?
The 5% charge only applies to a special savings account (mobile account), This is done to encourage a saving culture and financial discipline of mobile account holders.
9When is Pillar MFB going to open a branch close to other customers far away from Asokoro District?
Pillar MicroFinance Bank has presence in other business locations. Utako, Garki and Karu. These have commenced operations and in the nearest future would have more cash centers commissioned subsequently.
10Is Pillar MFB licensed by Central Bank of Nigeria (CBN)?
Yes. Pillar MicroFinance Bank is fully licensed by the Central Bank of Nigeria
11When will Pillar MFB commence disbursement of CBN N220b loan allocated to MFB’s
The disbursement of the loan funds would commence as soon as CBN disburse funds on lending to the bank
12Does Pillar MFB finance new businesses?
Yes indeed. Once our existing or prospective clients meets our stipulated loans requirement.
13Does Pillar MFB issue ATM cards?
Yes, Pillar MFB commenced ATM card issuance in September 2017.
14Can funds be sent and received via Pillar MFB?
Yes. Funds can be sent from anywhere to our bank
15Can a customer give out Pillar MFB account number to a third party to pay in money from other locations
Yes. Pillar MFB allows transfer inwards from third party accounts and vice versa.
16Which bank(s) is/are Pillar MFB corresponding bank(s)?
UBA, First Bank, Zenith Bank, Access Bank, Fidelity Bank, Diamond bank, Eco Bank and FCMB
17Can a customer obtain BVN at Pillar MFB?
Yes. Customer BVN details can be obtained from our bank
18Can customer pay-in/deposit other bank’s cheques in your bank?
Yes. We accept and process cheques from other banking institutions on our customers behalf.
19 Can Pillar MFB cheques be presented in other banks?
No, only our correspondent bank cheques can be presented at other banks for now
20Does Pillar MFB give other gifts and promotional items to its esteemed customers?
Yes. These are usually displayed at the bank and would also be published on our website to inform our customers.
21Does Pillar MFB give overdraft? Accessories
22Does Pillar MFB give long term loan (2-3years) like commercial banks?
Only in exceptional cases as our loans are mostly short and medium term
23Where is Pillar MFB head office located?
Head Office is located at No. 12 Julius Nyerere Crescent Asokoro, Abuja
24Micro Finance Banks give loan without collateral, why does Pillar MFB ask for collateral?
Not all our loans require collateral, in some cases collateral substitutes like guarantors and posted dated cheques suffice.
25Does Pillar MFB give loan to non-account holders?
Yes, if there is cash backing by an existing customer
26Does Pillar MFB provide customers ID card?
27Does Pillar MFB send transaction alert to customers?
Yes we do. Via mobile phone or upon request via email.
28Why are the old/existing customers of Pillar MFB not getting transaction alert again?
All customers receive transaction alert. In cases where your details may have changed, we recommend you update your information with our customer support.
29Does Pillar MFB wire international transfers?
30 Is Pillar MFB a bank? What are the procedures to become a member/customer?
Yes, by establishing a banking relationship with us via any of our branches or marketers.
31What will be the benefit of having account with Pillar MFB if a customer does not require loan facility?
Safe keep of cash and other valuable items, mobile banking services, financial advisory services and attractive/competitive interest rate etc.
32How long does it take for a customer to qualify for loan at Pillar MFB?
As soon as customer provides all the necessary documents and meets the banks requirement.
33How much should a customer have in his/her account before requesting for loan at Pillar MFB?
At least 10% of the requested loan amount
34 Can a customer use land agreement (in lieu of Certificate of Occupancy) as collateral?
Yes, but on exceptional cases.