How long does it take to open an account with the bank?
Less than an Hour after form submission same day
What is the minimum initial deposit to open a savings account with the bank?
Savings Account N2, 000
What documents do I need to open an account with the bank?
A valid ID-card, utility bill and current passport photographs.
How do I get my statements of account?
Upon request via mail or across the counter.
Can I access my account in any other branches across the country?
Yes, you can
Can I obtain loan from the bank?
Loans can be obtained from all the branches if you operate savings/current account.
How can I make deposits without coming to your banking premises?
Deposits can be made through various platforms available;
- Correspondent bank from our partner banks
- eBillsPay at any branch of all commercial banks in Nigeria
- Internet banking transfer from all commercial banks in Nigeria.
- Electronic transfer
- Merchant Scheme from our partner banks.
Do I need to come to the branch to apply for a loan as an existing customer?
No, your application can be made online via your page on our secure portal. After the application has been made, our relationship officer would pick up your documents and follow-up the process.
What is the interest rate on savings?
Interest Rate on savings deposit is 4% per annum.
Can I use MainstreetMFB ATM card on other banks' ATMs?
Yes.
Can I use MainstreetMFB ATM card to purchase goods at stores?
Yes (POS).
Can I use MainstreetMFB ATM card to buy airtime of all Network?
Yes
Can I change my pin on any bank’s ATM using MainstreetMFB ATM Verve (Debit/Credit)?
Yes
When having disputes (ie cash dispense without payment) who /where do I lay complain?
Walk into any Branch of Mainstreet Microfinance Bank requesting for a dispute form through the CSO/E-Business Officer of the branch.
Is online banking available?
Online banking is a real time solution that enables you to access your account 24 hours a day, 7 days a week.
Who can use our online banking?
Mainstreet MFB account holders can access our Online-banking platform. Your Mainstreet MFB All-In-One account gives you access to transact and access information on our Online Banking Platform.
Do one have to pay to use the Online Banking Platform?
Our Online Banking Platform is free.
What are the types of transactions that can be performed on the Mainstreet MFB Online platform?
- Balance enquiry
- Inter-bank transfers
- Account(s) statement generation
- Bills payment via NIBBS
What infrastructure has to be in place?
All you need is a Personal Computer, Tablets, hand-held device or other device that is connected to the Internet.
What are the benefits associated with using our Online Banking?
You can conclude transactions from one end to the other online. There is also the convenience of self-service 24hours every day.
Where can funds be transferred?
Funds can be transferred to all local banks in Nigeria.
I am a customer and I am not registered on the Mainstreet MFB Online Banking, How do I register?
You can register on our website at https://www.mainstreetmfb.com
click on online banking and choose subscribe to register.
I am unable to come to your Head Office as I live out of town. Do you have direct phone lines?
Yes. If you have any enquiries regarding MainstreetMFB products and services please contact our Customer Service Officers at the head office or call any of the following numbers; .
If you have any other enquiries regarding our services please contact us.
Can I obtain loan from the bank?
Loans can be obtained from all the branches if you operate savings/current account and fulfill all loan requirements.
Who can apply?
Anyone who is qualified.
How much can I borrow?
Our minimum loan amount is N50, 000 and a Maximum amount of N50, 000,000. Both depend on borrower’s repayment capacity assessed based on verifiable business inventory and other criteria.
What are your loan requirements?
To access our loan facility;
- You must have a business
- The location must be within our bank’s lending area (Lagos state)
- It must have been in existence within a specific period.
How long does it take to get a loan?
It doesn't take longer than it ought to as long as the necessary requirements are adequately met (less than 3 working days (24hrs, 48hrs and 72hrs)).
What is your interest rate?
Our interest rate differs depending on the loan amount. However, it is very competitive.
Do I need to open an account before I can get a loan?
Yes, with any of our branches.
Do I need to come to the branch to apply for a loan as an existing customer?
No, your application can be made online via your page on our secure portal. After the application has been made, our relationship officer would pick up your documents and follow-up the process.
What documents do I need to start the process?
A valid ID-card, utility and proof of business ownership.
What if my business is not registered?
Proof of business ownership can be in form of shop rent receipt, invoices, goods/product receipt etc (Evidence to show your business have been in existence within the stipulated period).
Do I need a guarantor?
Yes, at least two guarantors will be required for the loan process.
What if I operate an online business?
You must have a physical business location with tangible evidence that you do business and that the business is yours.
What type of collateral do I need?
Flexible collateral arrangements depending on loan size (household goods, business equipment, goods in stock, vehicles, property etc.)
Must I operate my account for six months in Mainstreet MFB before I get a loan?
To get a loan from Mainstreet MFB, you are required to have an operational account. However, you can still benefit from Mainstreet MFB loans even if you have not operated your account for up to six months.
I am unable to come to your Head Office as I live out of town. Do you have direct phone lines?
Yes. If you have any enquiries regarding MainstreetMFB products and services please contact our Customer Service Officers at the head office or call any of the following numbers; .
If you have any other enquiries regarding our services please contact us.
