Sagamu Microfinance Bank (Sagamu MFB) offers a diverse range of financial products for individuals and small businesses in Nigeria. Their loan portfolio spans from SME expansion loans up to ₦50,000,000 to housing, micro, daily contribution, and salary advance loans. Interest rates are competitive, repayment terms are flexible, and many options come with minimal paperwork and no collateral necessary.

Remarkably, Sagamu MFB approves loans swiftly—salary advances may be granted within just 10 minutes. Repayment plans are tailored to your needs, and you benefit from 24/7 e-channels for banking. Their platform also includes a personalized Naira Visa card that’s valid online, at POS, and at ATMs globally.

How to Apply

• Visit any Sagamu MFB branch or customer centre
• Fill out the application form and provide supporting documents
• Discuss your desired amount and loan product with a representative
• Wait for quick approval, which may be instant for salary advances
• Receive funds directly in your account

Advantages

The zero-collateral microloans and daily contribution loans stand out, making access to credit wonderfully inclusive for market traders and micro-entrepreneurs. Flexible repayment and 24/7 customer support add to the convenience.

The enormous loan ceiling of ₦50 million for SMEs enables significant business growth, and the quick approval process means you spend less time waiting for vital funds.

Disadvantages

The specific interest rates are not openly listed, which could make it difficult for shoppers to compare offers before visiting a branch. Loan eligibility can depend on assessment and may vary.

For tricycle (keke) financing, you must provide a 10% down payment, which might not suit everyone who prefers 100% financing.

Verdict

Sagamu MFB is a strong choice if you value quick, flexible loans with minimal barriers to entry. Its variety of products caters to most personal and business needs, especially for micro to mid-sized borrowers seeking reliability and speed.