OUR PRODUCTS

PERSONAL LOAN

This is a short term loan designed for those in paid employment. It is meant to meet our customers’ short term financing needs

Features and benefits

  • Availability of funds to bridge short term personal needs
  • Flexible repayment plan
  • Competitive interest rates
  • Our personal loans are up to N1 million or more
  • 12 Months repayment plan with low interest rates
  • Flexible collaterals
  • Quick emergency loans without guarantors

How to get a Personal Loan
Let’s help you meet those important financial needs.

Create Account
Down load and Sign up on google playstore, amazon store and apple store with your BVN to set up your account.

Apply for a loan
Make a request for a personal loan from your unique dashboard.

Doc Review & Underwriting
Fill out our KYC form to determine your eligibility.

Get Funded
After verification, funds will be disbursed to your bank account.

What do you need to get a personal loan?
Our eligibility checker allows you to determine whether you check all our boxes. It takes around 2 minutes and it won’t harm your credit rating.

To be eligible you must…

  • Have a staff Identification card
  • Live and or work in Lagos State.
  • Be between 22 and 55 years old.
  • Must have a good and satisfactory credit history within the last 12 months.
  • Possess a verifiable digital identification (BVN/NIN)
  • Must have received a salary for a minimum of 6 months
  • Run an account (Current or Savings) with a commercial Bank in Nigeria.
  • Must have a minimum net salary income of N100,000
  • Possess a Valid ID – Int’l Passport, Voter’s card, Driver’s License, BVN OR NIN
  • Must have a Debit (ATM) card activated for online transactions
  • Have a salary bank statement for the last 3 months (must be stamped by the bank). Your bank can send it directly to us at credit@richwaymfb.com

NANO LOAN

Our Nano Loan is perfect for those unexpected expenses, or small investments that can make a big difference in your life.

How to get a Nano Loan

  • Create Account: Sign up with your email and password to set up your account.
  • Apply for Loan: Make a request for a loan via any of our channels.
  • Details Verified: Set up your repayment options
  • Loan Disbursed: Funds will be disbursed to your bank account.

Features and Benefits

  • Enables customers to access finance without documentation
  • Maximum of N50,000.00
  • Ensure faster loan processing
  • Loan Tenor is 1 month.
  • Availability of loan service 24/7 with instant loan disbursement
  • This product is open to both employed and self employed individuals Nationwide
  • Funds will be disbursed to the customer’s bank account directly
  • Both new and existing customers with adequate repayment capacity are eligible
  • Repayment is via your BVN connected to all banks in Nigeria
  • Accessible through multiple channels

Eligibility Criteria

What do you need to get a Nano loan?
To start your journey to financial freedom with us, we need to know whether you check all our boxes. It takes around 20 minutes and it won’t harm your credit rating.

To be eligible you must…

  • Have a staff Identification card
  • Live and or work in Nigeria.
  • Be between 22 and 55 years old.
  • Must have a good and satisfactory credit history within the last 12 months.
  • Possess a clean Credit Bureau Report.
  • Possess a verifiable digital identification (BVN and NIN)
  • Run an account (Current or Savings) with a microfinance or a commercial Bank in Nigeria.
  • Possess a valid Proof of Identification (National Identification Card, Driver’s License, data page of international passport, Voters ID)
  • Have a salary bank statement for the last 3 months (must be stamped by the bank). Your bank can send it directly to us at credit@richwaymfb.com

 

 

Frequently asked questions

Got a question about our loans, how quick we disburse, or looking for other financial products?

  1. Who is Eligible?
    • You must be between 22 and 55 years old.
    • Must have a good and satisfactory credit history within the last 12 months.
    • Run an account (Current or Savings) with a microfinance or a commercial Bank in Nigeria.
    • Live and or work in Nigeria.
    • Possess a clean Credit Bureau Report.
    • Possess a verifiable digital identification (BVN/NIN)
    • Possess a Valid ID – Int’l Passport, Voter’s card, Driver’s License, BVN OR NIN
    • Must have a Debit (ATM) card activated for online transactions
  2. What is a Nano loan?
    • Our Nano Loan is perfect for those unexpected expenses, or small investments that can make a big difference in your life.
  3. What is the maximum tenor?
    • Our Nano Loans are only available for a tenor of 1 month
  4. What is the maximum amount I can ask for?
    • Our Nano Loans are capped at N50,000.00
  5. How long after I apply will I get the loan?
    • Within 30 mins
  6. Is the product open to only workers in private sector?
    • This product is open to both individuals in private and public sector organizations.
  7. Can the loan be disbursed to alternative account beyond the staff salary account?
    • No

 

PUBLIC SECTOR LOAN

If you are a Federal Civil Servant, and a staff of Federal Ministry, Department & Agency, then Richway Public Sector Loan will grant you loan at a very attractive interest rate for your personal use.

With maximum loan repayments not more than a third of your monthly pay. 

Product features:

  • Flexible interest rate
  • Request letter from staff
  • Duly filled Individual loan form
  • Last 3 months statement of account
  • Letter of confirmation of appointment / employment
  • Staff salary account does not have to be domiciled with us
  • Instruction to debit from source
  • Work ID card
  • 2 recent passport photographs
  • Last 3 months payslip

SME LOAN

Richway Financial Services offers business owners of Small and Medium Size Enterprises the opportunity to access loan products in a quick, transparent and efficient way. Many business today have found it difficult to access suitable financial solutions that can help them grow their business. But the question is, do they have a viable repayment plan? This is very important, as many businesses do not have a well thought out financial plan for repaying borrowed money. If you fall into this category, do not panic, as we will work side by side with you to fashion out a viable financial plan that succinctly present a more realistic repayment strategy for the much desired SME loan your business needs.

This loan is for SMEs who wish to take their businesses to the next level. This loan is for Individuals and Corporate entities.

At Richway, we believe the only way to grow a sustainable economy is to support the growth of SMEs. This we do through Richway SME loans. Richway SME loans are suitably designed for Nigerian SMEs who are willing to access credit facilities at any point in time to grow their businesses. We created SME loans to be build a great future with you. Do not miss out of the great opportunity in the fast growing Nigeria’s SME-friendly eco-system, dare to be different, contact Richway for an SME loan today and get close to achieving your dreams.

Product features:

  • Loan amount above N500,000.00
  • 6 months other bank account statement.
Adequate security.
  • 6 months repayment plan.

Requirements

  • Proof of business ownership and experience of up to 24 months
  • Account opening required
  • Visible Business
  • 2 Guarantors
  • Any other documents that might be required by Richway

RICHWAY ASSET FINANCE

Richway Asset Finance gives you the opportunity to own that asset you had always longed for. Be it a generator, mobile phone, laptops, washing machine, household furniture etc.
Talk to us today with your desired asset Pro Forma invoice, you will be glad you did.
 
Product features:

  • Flexible repayment plan 
  • Tenor 3- 12 months.
  • Customer to submit proforma invoice.
  • Direct payment by the bank in favour of the vendor
  • The asset would be purchased in the name of the bank/ customer
  • All financed assets are to be comprehensively insured.
  • 20% equity contribution by customer
  • For business assets, daily/weekly/monthly repayment must be accompanied with a compulsory minimum savings of 1% of loan amount.

Type of Asset to be financed:

  • Generator set
  • Television set
  • Air conditioner
  • Cooker
  • Washing machine
  • Fridge, freezer
  • Other appliances

RICHWAY BACK TO SCHOOL FACILITY

If you are a parent or guardian and want to settle the payment of your child/ward school fees without any delays, our Back to School Loan is your best bet. This loan has a 90 day tenor.
 
Product features:

  • Direct payment to the child’s school account
  • Convenient weekly/monthly repayment plan range of 90days
  • Original school fee invoice/ bill containing child details.
  • Installmental repayment supported with undated cheques/direct debit
  • instruction. Customer must be a salary earner or a seasoned professional
  • No equity contribution required.
  • Two guarantors with undated cheques plus work ID card.
  • Maximum amount accessible is N500,000.00
  • Flexible interest Rates