Our Products & Services

Legend Microfinance Bank is a microfinance bank that offers services that cut across boundaries of formal and informal financial service providers in our chosen segment of the lower end of the pyramid. 

Customers in this chosen market (grassroots) are profiled and classified into active low-income earners (otherwise referred to as active poor populace ), Informal / Self Help Groups and Small& Micro Enterprises. Small & Micro Enterprise is further analyzed into Income Generators (IG) Micro Entrepreneur (ME) and small Enterprise.

Understanding the differences in the basic needs of these itemized components of our chosen markets enabled us to develop a good foundation on which our products are designed and delivered. The range of products include but not limited to the following below:

 

Savings Deposit Products

  • Savings A/C
  • Current A/C
  • Term Deposits
  • Target Savings
  • Legend SME – LIFE
  • Legend Kiddy Smart
  • Legend YESS
  • Legend Group Umbrella
  • Legend Micro Cash Collection
  • Legend Aspire funds
  • Legend Wise plan (Retirement Savings A/C)

Get to Know our other products and services

  • Overdrafts
  • Term Loan
  • Legend Consumax Loan
  • Legend Allowy Delight
  • Legend Student / Skill Acquisition loan
  • Legend Salary Delight
  • Legend Solidarity Loan
  • Legend SME Loan
  • Legend Micro Credit

LEGEND KIDDY SMART ACCOUNT

DESIGN

This is a dedicated savings A/C for the underage in our cares. It is developed to ease financial planning ahead of wards future

Features/ Requirement

  • Designed for our children Parents & Guardians can operate on behalf of their children or Schools may incorporate into fees for their pupils/ students and operate the account on the students ‘ behalf as a means of differentiation from other schools
  • Convenient & easy to open
  • Operated by parent/guardian/ school on behalf of the account holder from infancy to 12 years
  • A fixed monthly/weekly savings (N100/250/500/ etc) is deposited to the child’s account
  • Guaranteed annual yield higher than savings account interest (savings + 2%) + education insurance benefit.
  • Could be converted to Teen Savings A/C at age 13, and further to full savings at age 18.
  • Online banking available on conversion
  • Maybe used as loan collateral
  • Include educational insurance valued at N50,000 for all account holder in the event of parent’s death
  • 2 kid’s passport required
  • Kid’s birth certificate copy
  • Signatory ID card
  • Signatory two passport

For schools, we help them setup Legend wealth clubs that teach the children valuable wealth creation and wealth management skills. Each school is assigned a Kiddy Smart Wealth Consultant.

 – LEGEND ALLOWY DELIGHT

Design:

Corps allowance – linked, specially designed for “YESS” account holders

Facility repayable per month but within a maximum period of 10 months starting from when the corp members are deployed

Features / Requirement

  • Designed for Youth Corpers
  • Quick loan application processing (48 hours)
  • Advance can be up to 65% of monthly allowance
  • Clean upcycle is monthly but the application can be renewed anytime in a new month and is available only to Corpers with more than 2 months left to end of service
  • Requires valid NYSC ID Card
  • 2 passport photograph
  • Introduction letter from CLO/LO

LEGEND YOUTH EMPOWERING SAVING SCHEME (YESS)

Design

This is a dual mission product with savings features linked to credit opportunity to cater for young but energetic and resourceful talents among our youths

Features / Requirement

  • Operates as High-yield target savings account that can be used to build up a credit profile for special loans (like student loans, working skill acquisition and Allowy – Delight ) limited to developmental needs such tuition loans, exam & project loans, tools purchase loans for artisans.
  • Advance can be upto twice savings balance
  • Acceptable guarantee required
  • Lien is placed on asset acquired till full repayment
  • Maximum tenure of 12 months is extended
  • Requires valid I.D. card
  • Require 2 passport photograph

SME & PERSONAL INVESTMENTS: LEGEND ASPIRE FUNDS

DESIGN:

This is a micro pool of funds where micro investors are given the opportunity to invest at competitive rates. Such funds are invested in money, capital market and real estates to guarantee higher and safe returns on clients funds.

Features/ Requirement

  • Easy to subscribe to with completion of placement funds
  • Guaranteed higher returns of savings +3%
  • Minimum tenor of 12 months
  • Separated from personal accounts
  • Investment note is issued on such placements
  • Requires valid ID + one passport
  • Tenable as loan collateral

This is a special current A/C for SMEs, self-help group & Association and it comes with financial management and payroll services

Features / Requirement

  • This is the true SME companion account
  • Convenient & easy to open
  • Withdrawals are not limited ( no minimum balance)
  • Allows third – party withdrawals
  • Allow use of chequebooks as a safe and convenient means of (cashless) payments
  • Loan/ Overdraft facilities are available
  • Allows standing orders for regular payments e.g. insurance premiums, rent, etc/
  • Legend provides financial management & payroll services to SME at a reasonable fee
  • Free business ledger provider to SME with training on usage to maintain transaction records
  • Business (asset & stocks) insurance cover available.
  • Correspondent Banking Services
  • Online Funds Transfer (inflow & outflow )
  • Legend Card Services
  • Legend Point of Sales Services
  • Legend Cash / Payroll Management
  • Legend Micro Insurance
  • Cheque Discounting
  • Other Professional, Financial & Business advisory service etc.

Design

Product developed for the needs of itinerant, petty traders and daily income earners. It helps in building savings daily ahead of future needs without travelling to pay at our banking halls. It is a linkage product that qualifies the loyal and creditworthy client for Legend Micro Credit facility.

Features / Requirement

  • Convenient and easy to open
  • Flexible product in line with 3 tier of KYC
  • Panacea to opening more standard A/C with the bank
  • Regular contribution for 60 – 90 days qualify for upfront advancement.
  • Reasonable interest rate and lesser documentation
  • Identify card required
  • 2 passport photograph

Design

This is wholesale microfinance loan for cooperatives and registered societies for on lending to their members or joint utilization through their existing loan process as specified in their bye-laws.

Features / Requirement

  • Designed for cooperative societies and registered groups including religious organizations with a good loaning process
  • Quick loan application processing (max 1 week)
  • Attractive repayment period 12 – 24 months
  • Attractive interest rate
  • Acceptable collateral
  • Reliable Guarantee
  • Convenient to administer

Design

This is a product of rural business plan from the bank aimed at lifting individuals in a group to a better status.

This is executed with group members cross guarantee and 20 – 30% mobilization are mostly required before disbursement.

Features / Requirement

  • Specially designed for Micro-to-Small enterprises that are members of a registered association or cooperation
  • Quick loan processing not more than 1 week
  • Attractive repayment period up to 24 months
  • 100% loan extinction in case of death (through life insurance )
  • Flexible principal repayment (monthly/quarterly/ half-yearly)
  • Attractive interest rates
  • Cross guarantee by members
  • 6 – 12 weeks funds mobilization required.

 

ASSET & LOAN – LEGEND CONSUMAX LOAN

Design

Aimed at individual current A/C holders and salary A/C holders. To support asset acquisition and other domestic needs.

Features / Requirement

  • Salaried individual or small business owners that are members of a registered association or cooperation or establishment workers
  • Quick loan application processing (within 72 hours)
  • Loan to finance personal assets such as Car, TV, Household personal effectetc
  • Asset must be insured and is used as collateral
  • The tenor of up to 12 – 24
  • Loan amount limited to 6times net monthly salary.

Design:

Salary linked A/C with monthly cycle repayment

Features / Requirement

  • A payday loan design for any individual with fixed monthly income which is domiciled with Legend including salaried workers and youth corp member.
  • Quick loan application processing (24 – 48 hours )
  • Advance can be up to 65% of monthly salary
  • Clean upcycle is monthly but application can be renewed anytime in a new month

Design

To ease the stress of the banking hall visit by our clients. We Also cater for off taking the risk on banking payments like cooperative loan disbursement, staff salary payments, banking agency, school fees collections etc.

Features / Requirement

  • Designed for high turnover cash-intensive businesses
  • Collections accounts have no COT
  • Cash pickup services at business door step
  • Payroll management
  • MOU required to enjoy the service
  • Affordable service / Maintenance fee

Design

Available to all customers either as individual products or group.

Features / Requirement

  • Available to all customers either as individual products or group health insurance for employees of a company
  • To be offered in partnership with health insurer
  • On various assets used on the subject of credit facility
  • Life assurance cover available

Design

In our drive to meet the emerging demands for globalized banking services LMFB within the purview of domestic e-banking channels leveraged on its robust software as well as her correspondent solution to deliver on a range of e-banking products like:

Features / Requirement

  • Convenient online real-time funds transfer (inflow & Outflow )
  • Issuance of debit cards on all qualifying accounts
  • Withdrawal at all e-channels with such debit cards and online payment systems
  • Make deposit and withdrawal directly on your LMFB account through any Stanbic IBTC branch account (correspondent banking service )
  • Point of Sales payment system also available at affordable fees

DESIGN:

Product with the basic feature of encouraging savings culture among our clients.

FEATURES AND OPENING REQUIREMENT

  • Convenient & easy to open
  • Operated by account holder only
  • Low minimum opening amount required (N500)
  • Attractive interest is paid to the account
  • Issue ATM Debit card and Online Banking available
  • May be used as loan collateral under lien
  • 3rd party identification allowed
  • 2 passport photograph required

DESIGN:

Product evolved to cater for needs of business individuals, group or  corporate entities

Features/ Requirement

  • Convenient & easy to open
  • No minimum balance, and it allows third – party withdrawal
  • Allow use of chequebook as a safe and convenient means of (cashless) payments
  • Loan/ overdraft facility available
  • Online banking & ATM card available
  • Allows standing orders for regular payment e.g. Insurance premiums, rent, etc.
  • Free monthly e-statements
  • 2 Passport Photograph
  • 2 references from current A/c holder
  • 00 minimum opening balance

 

 

 

 

 

PERSONAL BANKING – TERM DEPOSIT ACCOUNT

DESIGN:

Product with the unique feature of tenured placement ahead of future need and yet with impressive returns

Features / Requirement

  • Convenient & easy to open
  • Minimum amount is N50,000
  • The amount is fixed for a specific period, earning a higher return than savings
  • No introductions/reference required
  • Can borrow against deposit
  • 2 passport photograph required
  • One valid or 3rd party Identity required.

 

PERSONAL BANKING – TARGET SAVINGS ACCOUNT

DESIGN

A good oriented deposit account with provision for incremental value to increase the principal sum till maturity of the target period.

Features

  • Designed as a savings product toward meeting a specific goal
  • Convenient & easy to open
  • Amounts are fixed for a specific period or until a goal is reached and earning a higher return than savings (Savings + 2%)
  • Valid or 3rd party ID required
  • 2 passports required

PERSONAL BANKING – LEGEND WISE PLAN ACCOUNT

DESIGN:

This is a replica of voluntary retirement savings account for all active civil servants or private sector’s employees. It is to build saving ahead of retirement age with impressive returns.

Features + Requirement

  • Convenient to open and easy to operate.
  • A higher yield of saving + 2%
  • A contribution could be made at a convenient amount and period
  • Investment could be bidded on clients’ order to take additional advantage of higher returns
  • Valid or 3rd party ID required
  • 2 passports required

 

DESIGN:

Product with the unique feature of tenured placement ahead of future need and yet with impressive returns

Features / Requirement

v  Convenient & easy to open

v  Minimum amount is N50,000

v  The amount is fixed for a specific period, earning a higher return than savings

v  No introductions/reference required

v  Can borrow against deposit

v  2 passport photograph required

 

v  One valid or 3rd party Identity required.

DESIGN

A good oriented deposit account with provision for incremental value to increase the principal sum till maturity of the target period.

Features

  • Designed as a savings product toward meeting a specific goal
  • Convenient & easy to open
  • Amounts are fixed for a specific period or until a goal is reached and earning a higher return than savings (Savings + 2%)
  • Valid or 3rd party ID required
  • 2 passports required

PERSONAL BANKING – LEGEND WISE PLAN ACCOUNT

DESIGN:

This is a replica of voluntary retirement savings account for all active civil servants or private sector’s employees. It is to build saving ahead of retirement age with impressive returns.

Features + Requirement

  • Convenient to open and easy to operate.
  • A higher yield of saving + 2%
  • A contribution could be made at a convenient amount and period
  • Investment could be bidded on clients’ order to take additional advantage of higher returns
  • Valid or 3rd party ID required
  • 2 passports required