Financial products

• A prepaid card is like a debit card — but you load money onto it first.
• No bank account needed — perfect for budgeting or online shopping.
• You can’t spend more than you load — goodbye, overdrafts!
• Great for teens, travelers, or anyone who wants control without credit risks.

👉 A prepaid card gives you the power of plastic, without the pain of debt.

• Interest is extra money added to savings or loans — it can help you or hurt you.
• When you save, interest means the bank pays you extra.
• When you borrow, interest means you pay more than you took.
• Interest is calculated as a percentage from the ammount you took or saved.

👉 Know how interest works, so your money works for you — not against you.

• A savings account keeps your money safe and separate from your spending.
• It earns you interest — so your money grows slowly over time.
• You can use it for emergencies, school fees, or big plans.
• It’s safer than keeping cash under your bed (seriously).

👉 Saving in the right place builds your future, bit by bit.

• A loan is money you borrow — but you must pay it back with extra (called interest).
• Loans can help with emergencies or big goals — like starting a business or fixing your house.
• You must repay in small parts (called installments), usually monthly.
• Always check the interest rate and repayment plan before agreeing.

👉 A loan can help — or trap you. Read before you sign.

• A debit card lets you spend money already in your account — no borrowing.
• You can use it to withdraw cash, shop in stores, or pay online.
• Never share your PIN — not even with a “bank worker” on the phone.
• If your card is lost or stolen, block it fast using your bank’s contact line or app.

👉 A debit card is powerful — but only if you protect it like your cash.

• Your credit report shows how you handle loans and bills.
• Banks and lenders check it before approving credit.
• You can check yours at CRC or FirstCentral — free once a year.
• Fix mistakes fast — wrong info can block your next loan.
  

👉 Knowing your credit report protects your future.

Need funding but don’t qualify for a big bank loan? Microloans offer a simple, flexible way to access small amounts of money — especially for business needs.

• What are microloans? Small loans, usually ₦5,000 to ₦500,000, designed to help individuals start or grow a small business.
• Why they matter: They’re a great option for people with little or no credit history — especially in informal sectors.
• Easy to access: Fewer documents, faster approval, and lower barriers than traditional loans.
• Income boost: A microloan can help you buy tools, stock products, or expand services — all of which can raise your income.
• Great for first-time borrowers: Repaying on time builds trust and opens doors to bigger loans later.
• But be careful: Interest rates can be high, and missed payments lead to debt traps. Borrow only what you’re confident you can repay.

Microloans are powerful when used wisely. They’re not free money — they’re a stepping stone to financial growth if managed with care.

Before taking a loan, it’s crucial to understand how the interest rate works. It can affect how much you pay — and how easy it is to plan your finances.

• Fixed interest rate: stays the same — your monthly payment never changes.
• Variable interest rate: can rise or fall — low today, higher tomorrow.
• Fixed rates = easier to plan your budget.
• Variable rates = possible savings, but also more risk.
• Example: fixed rate means paying ₦50,000 every month; variable rate means ₦45,000 one month, ₦60,000 the next.
• Banks can raise a variable rate — always read the fine print.

If you want stability, go with fixed rates. If you can handle ups and downs, variable might work — but be ready for surprises.