BANKING

How to get an Ecobank Loan

Published

1 year ago

How to get an Ecobank Loan

In the ever-changing world of finance, access to convenient and flexible loans can make the difference between turning your financial dreams into reality or allowing them to remain dreams and aspirations. If you’re seeking a reliable source of financing for your dream, look no further because Ecobank has got you covered. Ecobank as an esteemed financial institution offers a wide and diverse range of loan products designed to meet the needs of individuals and businesses: “How to get an Ecobank Loan.”

In this finance guide, we’ll walk you through the steps to securing an Ecobank loan, the types of Ecobank loans available, the eligibility criteria for applying for Ecobank loans, and every other thing you need to know. Read on to learn everything you need to know to apply for an Ecobank loan today.

About Ecobank

Ecobank Nigeria is a subsidiary of the Pan-African banking group Ecobank Transnational Inc. Ecobank Nigeria is a prominent financial institution in Nigeria and was established in the year 1989, the bank is known for its diverse range of banking services, including an array of loan products. Ecobank has operating offices across 36 African countries, and the bank has established itself as a reliable source of financing for individuals and businesses.

How to get an Ecobank Loan

Does Ecobank Give Loans

Yes, Ecobank provides a wide range of loan products to suit the financial needs of its customers. These loans are designed with customers in mind given the terms and conditions attached to them. The loans offered by Ecobank are provided with favourable interest rates.

Types of Loans Offered By Ecobank

Ecobank offers a wide range of loan options to customers of the bank to meet the financial needs of individuals and businesses with an operating account with Ecobank. Some of the main types of loans available at Ecobank include:

Personal Loan: This is a loan that is designed to suit the personal financial needs of applicants, it is an all-purpose loan, that offers you flexible repayment plans and the option to access more funds after repayment of your current loan over time if you need it.
Auto Loan / Asset Acquisition: This is a loan designed to help you acquire the vehicle of your choice from any of the approved Ecobank vendors, you can also use this loan for the purchase of a power-generating set. This loan can provide you up to 90% of the cost of your choice vehicle or power generating set.
Advance Facility: This loan is designed to help customers to settle unexpected financial needs. The Advance Facility allows customers to get fast access to up to 50% of their net monthly salary, as an advance loan facility.
Mortgage Loan: This loan is designed and targeted at individuals who wish to buy a new home, renovate their home, or refinance the home they live in now. Mortgage Loan provides you with the needed financing for your home purchase.
Travel Loan: This loan is designed and targeted at holiday goers who may not have the needed funds but still want to go on that vacation. The Ecobank travel loan provides you with a simpler way to manage your vacation expenses.
Salary Advance: This is a loan that provides instant access to funding for emergencies, this loan is a 30-day overdraft made available to salary earners with their accounts domiciled with Ecobank. This loan offers you up to 40% of your net monthly salary income in overdraft.
Cash Backed Loan: This is a loan product that is provided to existing customers of Ecobank with deposits or investments. This loan is pre-approved with a low-interest rate that does not turn out to become problematic.

Ecobank Loan Interest Rate

Ecobank offers its loans with interest rates that are in tandem with the market rates for lending which the bank deems appropriate for lending to its customers. The interest rates on loans offered by Ecobank range from 6% per annum to above 30% per annum or more, depending on the type of loan.

Ecobank Loan Eligibility

The different types of loans offered by Ecobank have their eligibility requirements, majority of the eligibility criteria are the same but each type of loan has a unique feature for its application and request. The eligibility criteria requirements for the loan options available at Ecobank are listed below:

Personal Loan

You need to state the purpose of the loan
You need to have an account with Ecobank

Auto Loan / Asset Acquisition

The vehicle must be sold by an Ecobank-approved vendor
You must have an account with Ecobank
You must deposit at least 10% of the cost of your choice vehicle or power-generating set

Advance Facility

Your Ecobank account needs to be at least three months old
You need to have an Ecobank Advantage/Premier Account to be eligible for this loan

Mortgage Loan

This loan is available for only completed buildings subject to meeting the other requirements
You need to have an account with Ecobank

Travel Loan

You need to be a valid Ecobank account holder
Your account must have been with Ecobank for some time

Salary Advance

You need to have banked with Ecobank as a customer for at least three months
You need to have your salary account domiciled with Ecobank

Cash Backed Loan

You need to have your salary account domiciled with Ecobank
You need to have an existing investment or investment portfolio with Ecobank

Ecobank Loan Application Process

To apply for any of the Ecobank loans involves an easy process with very few steps that will guarantee you get your loan request provided you meet the loan type eligibility requirements. The steps for applying for any of the loan types offered by Ecobank are listed below:

Personal Loan

To apply for the Ecobank personal loan you can follow either of two options as listed below:

Click on “Apply Now” on the loan application website and then follow the prompt that follows afterwards
You can also apply for the loan by downloading the application form, completing the online form and submitting your completed form to ALLENG-ConsumerProductsTeams@Ecobank.com

Auto Loan / Asset Acquisition

To apply for an Ecobank auto loan/asset acquisition loan follow either of the two options listed below:

Click on “Apply Now” on the loan application website and then follow the prompt that follows afterwards
You can also apply for the loan by downloading the application form, completing the online form and submitting your completed form to ALLENG-ConsumerProductsTeams@Ecobank.com

Advance Facility

To apply for the advance facility loan is easy, simply dial the USSD code *326# then follow the prompts

Mortgage Loan

To apply for this loan you need to visit any time Ecobank branch near you or click on the “talk to us today” button on the loan website to speak with a customer care representative

Travel Loan

To apply for the travel loan you can apply through any of the listed options:

Click on the “Apply Now” button on the Ecobank loan website and follow the prompt
You can also apply by visiting an Ecobank bank branch nearest to you and then talking to the bank manager or the loan officer at the bank. You can also contact the bank by clicking on the “Talk to us today” button and you’ll be directed to speak to the issue.

Salary Advance

To apply for the salary advance loan, simply dial the USSD code *326# then follow the prompts to obtain your salary advance loan

Cash Backed Loan

To apply for the Cash Backed loan you can apply through any of the listed options:

Click on the “Apply Now” button on the Ecobank loan website and follow the prompt to complete your loan application
You can also apply for the Cash Backed loan by visiting any Ecobank Bank branch closest to you. You can also contact the bank by clicking on the “Talk to us today” button and you’ll be directed to speak to the issue.

Benefits of Ecobank Loan

Ecobank loans offer several benefits to the loan beneficiaries in different ways. Some of the benefits of the different types of loans offered by Ecobank include:

Personal Loan

You get access to funds without providing any serious collateral
With this loan, you will get access

Auto Loan / Asset Acquisition

With this loan, you are able to get the vehicle of your choice without having to put a strain on your daily financial dealings
This loan guarantees you flexible

Advance Facility

This loan limit renews every 30 days for up to a year for customers who meet the eligibility requirements
The interest rate charges only apply to the utilized amount from the available limit

Mortgage Loan

With the mortgage loan, you will be able to purchase your dream home and the home of your choice
The loan repayment option is very flexible

Travel Loan

This loan has a convenient repayment plan that will suit your income streams and financial obligations

Salary Advance

With the salary advance loan, you will always be on cash while you wait for your monthly salary to be paid
This loan is a payday saver loan for salary earners as it helps to take you to payday financially

Cash Backed Loan

This loan helps you to borrow up to 90% of your investment or savings with Ecobank
This loan product provides you with funds without having to liquidate your assets in the course of joy

Cons of Ecobank Loan

Ecobank offers several benefits to its loan beneficiaries, but there may be a few downsides to Ecobank loans including:

The mortgage loan repayment term is short compared to that of competitors in the industry
The mortgage loan is available for only completed buildings

Conclusion

Ecobank Nigeria offers a broad range of loans at affordable interest rates, each of these loans is designed to meet specific customer financial needs. You can try out any of these financial loan products offered by Ecobank because they are competitive with many of their interest rates. If you need financing for any of your individual or business dealings, why not consider using Ecobank loans? See

More from my site

BANKING

Afreximbank Acts as Joint Lead Manager on Ecobank Transnational Incorporated’s USD 400mn Senior Unsecured Note Issuance

Published

2 months ago

Christopher

The proceeds of the note will fund general corporate purposes of the issuer, including refinancing of a USD350 million senior bridge-to-bond loan facility that was jointly coordinated by Afreximbank in March 2024.

African Export-Import Bank (“Afreximbank”) (www.Afreximbank.com) is pleased to announce that it has successfully acted as Joint Lead Manager and Bookrunner on a USD 400 million 10.125% Rule 144a/RegS senior unsecured note issuance by Ecobank Transnational Incorporated (“ETI”) due in October 2029.

The note issuance achieved peak orderbook oversubscription of 2.1x, backed by more than 70 high-quality and diverse investors comprising development finance institutions, asset managers, commercial banks and insurance companies from Africa, the UK, USA, Europe and the Middle East.

Professor Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, commenting on the transaction, said: “We are pleased to have supported Ecobank Transnational Incorporated (“ETI”) in placing the first public Eurobond issuance by any Sub-Saharan African financial institution since 2021, following our bridge financing support earlier in the year. This transaction underscores Afreximbank’s capacity and readiness to structure innovative market access solutions for our pan-African banking partners.”

Afreximbank’s Advisory and Capital Markets (ACMA) department acted as Joint Lead Manager and Bookrunner on the issuance, working alongside international and African partners.

Distributed by APO Group on behalf of Afreximbank.

BANKING

International Islamic Trade Finance Corporation (ITFC) and the Central Bank of Nigeria Successfully

Published

2 months ago

Christopher

International Islamic Trade Finance Corporation (ITFC) and the Central Bank of Nigeria Successfully

These workshops form part of ITFC’s Integrated Trade Solutions (ITS) framework, aligning with the organization’s goal of providing holistic trade financing interventions in OIC member countries.

The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-idb.org), a member of the Islamic Development Bank (IsDB) Group, in partnership with the Central Bank of Nigeria (CBN), successfully concluded a workshop on Non-Interest Banking and Trade Finance in Nigeria. Held from 17th to 19th September 2024 in Abuja, the sessions aimed to enhance capacity and knowledge in Islamic banking principles, trade finance products and services, and how different financial toolkits are applied in Islamic finance from operational and business perspectives.

International Islamic Trade Finance Corporation (ITFC) and the Central Bank of Nigeria Successfully

Nigeria’s Islamic finance industry, valued at US$3.8 billion, is one of the major Shariah compliant industries in Africa. Despite some challenges such as low public awareness and a smaller capital base compared to conventional banks, Islamic finance has been substantially contributing to reduce financial exclusion and improve access to affordable finance in the country. The three-day workshop was designed to bridge prevailing knowledge gaps focusing on key areas such as Sukuk issuance and main non-interest banking products basics.

Delivered under ITFC’s Integrated Trade Solutions framework, the workshop equipped professionals with the skills to promote Islamic finance in Nigeria while also highlighting ITFC’s wide range of trade financing services.

Participants reported a significant boost in understanding Islamic banking and trade finance, and the workshop showcased ITFC’s contributions to economic development through sustainable financial solutions.

Eng. Nasser Al Thakair, ITFC, remarked: “ITFC is committed to supporting Nigeria’s efforts in Islamic finance, tailoring this workshop to address the unique challenges faced. We will continue to provide the expertise and financial backing needed to grow Islamic finance in Nigeria and beyond.”

Over 30 professionals from the Central Bank of Nigeria, non-interest banks, and other financial institutions attended, further advancing Islamic finance in the country.

As Nigeria positions itself as a leading market for Islamic finance in Africa, ITFC remains dedicated to advancing trade finance and supporting the growth of the sector for long-term economic impact.

Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).

About the International Islamic Trade and Finance Corporation (ITFC):

The International Islamic Trade Finance Corporation (ITFC) is a member of the Islamic Development Bank (IsDB) Group. It was established with the primary objective of advancing trade among OIC member countries, which would ultimately contribute to the overarching goal of improving the socioeconomic conditions of the people across the world. Commencing operations in January 2008, ITFC has provided over US$75 billion of financing to OIC member countries, making it the leading provider of trade solutions for these member countries’ needs. With a mission to become a catalyst for trade development for OIC member countries and beyond, the Corporation helps entities in member countries gain better access to trade finance and provides them with the necessary trade-related capacity-building tools, which would enable them to successfully compete in the global market.

FINTECH

Kazang Pay launches card acquiring service in Zambia

Published

2 months ago

Christopher

Kazang (www.Kazang.com), the prepaid value-added services (VAS) and card acquiring business within JSE-listed fintech Lesaka Technologies, has launched its Kazang Pay card acceptance solution for merchants in Zambia. Kazang Pay makes it affordable for merchants to accept card payments on the same Kazang terminal they use to sell prepaid products and services.

Kazang Pay launches card acquiring service in Zambia

The Kazang Pay enabled terminal in Zambia accepts VISA debit and credit cards as well as mobile wallet payments. Payments are settled to the merchant’s Kazang wallet on the same day. It’s as easy as letting the customer tap or insert their bank card and enter their PIN on the secure scramble PIN pad.

Kazang operates around 12,000 VAS terminals in Zambia. The goal is to enable the majority to accept card payments over the next six months. Benefits to merchants include low transaction fees and no monthly terminal rental fee for those that meet a modest monthly transaction threshold as well as the opportunity to grow their business through card acceptance.

Kazang is Zambia’s largest VAS point-of-sale terminal provider, enabling mobile money payments, bank and mobile money cash in and out, bill payments, airtime, Zesco, and many other prepaid services on one platform. The addition of card acceptance makes the platform even more comprehensive for merchants and consumers alike.

The launch of Kazang Pay in Zambia follows the introduction of the solution in South Africa, where around 60,000 small and micro merchants use Kazang Pay to accept card payments. In Zambia, there are around 3.8 million debit, credit and ATM cards in issue and 41,000 point of sale (POS) terminals in place. The value of POS transactions has grown to K 111.4 billion by 2022 from less than K 20 billion in 2018, according to the Bank of Zambia.

Says Leon de Wit, managing director at Kazang Zambia: “Zambia has made enormous strides in terms of financial inclusion, with card usage and penetration growing at a rapid pace. With Kazang Pay, merchants can now easily accept card payments on the same all-in-one terminal they already use for vending of VAS products.

“Card transactions help merchants to grow basket sizes and potentially attract more customers, and at the same time, reduce the risks and costs of handling cash. Moving towards digitalised payments will also enable merchants to track sales, manage cash flow, and create a footprint that could make it easier for them to access loans.”

Ashley Naidoo, director of Kazang Pay in South Africa says: “Our Zambian merchants have eagerly embraced our card acquiring service as a valuable part of our one-stop solution. Following the launch of Kazang Pay in Zambia, we have seen higher VAS sales across our merchant base and much-improved merchant retention and with our card acquiring solution we now appeal to a broader merchant base.”

Distributed by APO Group on behalf of Kazang.

ABOUT KAZANG:
Kazang (www.Kazang.com) is a leading provider of cash and digital solutions to merchants in Southern Africa’s informal economies. Our fintech solutions include a diverse range of value-added services (VAS), card acquiring, secure cash vaults and supplier payments platforms. Operating with a network of approximately 90,000 active devices, we process approximately 2.2 million transactions daily in markets such as South Africa, Namibia, Botswana, and Zambia.

We are dedicated to helping small and medium merchants grow and succeed, through increasing their sales, making their businesses more efficient and reducing their risks with its holistic portfolio of products and services. Kazang is a member of Lesaka Technologies (https://LesakaTech.com).

ABOUT LESAKA TECHNOLOGIES, INC:
The Connect Group and Kazang was acquired by Lesaka Technologies, Inc. in April 2022. Lesaka Technologies, (Lesaka™) is a South African Fintech company that utilizes its proprietary banking and payment technologies to deliver superior financial services solutions to merchants (B2B) and consumers (B2C) in Southern Africa. Lesaka’s mission is to drive true financial inclusion for both merchant and consumer markets through offering affordable financial services to previously underserved sectors of the economy. Lesaka offers cash management solutions, growth capital, card acquiring, bill payment technologies and value-added services to retail merchants as well as banking, lending, and insurance solutions to consumers across Southern Africa.

Lesaka has a primary listing on NASDAQ (NasdaqGS: LSAK) and a secondary listing on the Johannesburg Stock Exchange (JSE: LSK). Visit www.LesakaTech.com for additional information about Lesaka Technologies (Lesaka ™). $LSK / $LSAK