5 Must Have Insurance Policies

5 Must Have Insurance Policies

5 Must Have Insurance Policies – The principal objective of insurance is to protect what’s most important to us, life, health, home, properties, workplace, etc. Insurance is a must in many cases but a lot of Nigerians choose to do without it and this is a huge mistake for everyone that owns an asset of any kind.

However, the correct insurance policies guarantee the safety of your properties.

What Is Insurance?

According to Wikipedia, it define Insurance as means of protection from financial loss. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss. An entity which provides insurance is known as an insurer, insurance company, insurance carrier or underwriter.

Purpose And Need Of Insurance?

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Time Value Of Money

Time Value Of Money

Time management is money management – Using the Principles of Managing your time to manage your money.

One of the important things in life is when we realize time uses are not to be waste. No wonder the psalmist in the Bible actually says Teach us to number our days, that we may gain a heart of wisdom.

So, today, let look at how we can manage our time to money values.

You must be familiar with the phrase, ‘Time is money’. This is the daily reality for those that work in organizations such as academic, medical facilities among others, where the daily wages are being paid depending on the hours spent working. Continue reading

5 Nigerian Banks To Sources Funds For Business  Without Collateral

5 Nigerian Banks To Sources Funds For Business  Without Collateral

Many entrepreneurs have great business ideas, many also have millions worth ideas, ideas that is sure to bring change but Nigeria being what it is (previously) they often fall back with these ideas as they cannot on their own raise capital nor can they found this idea. After every great business idea or idea in general often follows development, and this development are only visible in the presence of fund and capital.

One of the commonest  limitation or challenge to many prospective bright entrepreneurs like they lament is often stringent requirements of obtaining capital and funds.

So, what have been the most challenging things to get a loan if you ever attempt to gain access to loans? If you think financial aspect is why your business has not taken a new turn, or why that business Idea is still being delayed then consider this information much important to solve your long waiting problem surfing for banks in Nigeria that offer you loans without collateral.

Why do I need a loan from these Banks In Nigeria?

Everyone has one or two reasons for every loan they need, but it is most advisable if you want to apply for a loan you should best invest into something you believe would regenerate income so to pay back even when there is no collateral attach to these loans. So, here are:

5 Nigerian Banks To Sources Funds For Business  Without Collateral

1. First Bank Nigeria Plc

The First Bank of Nigeria has made plans to provide non-collateral loans for Small and Medium Enterprises in Nigeria. This initiative of the bank is aimed to empower economic growth in the Nigeria SME sector through their loan schemes. The great thing about First Bank’s unsecured loans is that it is easily accessible to entrepreneurs irrespective of the business type, location or size.

As an interested entrepreneur, the only thing you need to do is to go through a psychometric test, pass the test and then provide the bank with your business plan and your business financial projections.

Also check: Benefits You Will Gain From Loans Without Collateral

2. Heritage Bank

Heritage Bank has also increased the accessibility to SMEs business funds in Nigeria. The bank has also built initiatives around promoting access to the market for SMEs.

One of their major programs is the Youth Innovative Entrepreneurship Program (YIEDP) backed by the Central Bank of Nigeria – in recognition of its commitment to SME and Youth development. The programme is aimed at harnessing the latent entrepreneurial spirit among the teeming youths by providing timely and affordable loans to help implement their business ideas.

The fund is to support youth corps members, market women and whoever desires to access business finances through short –term borrowing from the bank.

3. Diamond Bank Plc

Diamond Bank Plc also offers entrepreneurs an opportunity to obtain loans without collateral. The bank’s non-collateral loans are designed to stimulate growth for Micro, Small and Medium Enterprises (MSME) in Nigeria.

Diamond Bank Plc has about 5 SME friendly accounts that you can open and start with. If you want a loan without collaterals, you’ll have to look at the bank’s SME loan packages and choose the one that is best to your kind of business.

Diamond Bank’s SME loans can be accessed in the form of: Revolving Credit, Installment Loan, Local Purchase Order (LPO) Finance and Contract Finance. Thus, Diamond Bank gives you access to short and medium-term financing for working capital, as well as assets purchase needs with reduced collateral requirements.

4. Wema Bank

Before you approach any of these banks for a non-collateral loan, it would be in your best interests to first open, run and maintain an account (corporate preferred) with such a bank for a period of 3 to 6 months.

You should also be armed with a sound Business Plan and a solid Repayment Plan for the loan. Unlike other Nigerian banks, WEMA has more dealings with retail businesses. The bank has built its structure around retail banking, conducting transactions with market women and real SMEs.

It is worthy to note that Wema Bank gives business loans from ₦100,000 to ₦1 million without any collateral. All you need to do is to have steady transactions for 6 months in your corporate account to qualify for their loan offers.

To show their eagerness to give out these loans, the bank even has a loan calculator on its website – which helps interested loan applicants to calculate how much the bank would be expecting from your loan request.

5. Stanbic IBTC Bank

The Stanbic IBTC Bank offers Nigerian entrepreneurs a great opportunity to obtain business loans without providing collateral. The loans are designed to help SMEs buy their business assets. However, the assets only become your own when you make the last payment on the received loan.

Also check: 7 Common Reasons Banks In Nigeria Don’t Easily Give Loans

To apply for Stanbic IBTC non-collateral loan, you should be prepared to provide the bank with the following information:

Stanbic IBTC Loan Application Requirements

  • The full names and capacities of those who will sign;
  • CV of each member of the management team;
  • The reason why you need the business finance;
  • Your business’ financial statements, including an income statement, balance sheet and cash flow statements;
  • Personal statements of assets and liabilities of all the partners, members or directors;
  • A 12-month cash flow forecast or financial projections;
  • The amount of your own contribution and the source of the funds.

Finally, please note that the success of any business venture is not dependent on bank loans, what matters most is the business management and fund maximization. Experience, knowledge and understanding are required if you want to run a successful business. Don’t be discouraged if the first few phases of starting your own business don’t turn out to be what you expected. Entrepreneurship is a volatile world, but as long as you stay committed to improving your ideas and continue to work hard, you’ll always have a chance to succeed

Why Customers Accounts Get Debited By Banks

In the 1980s, interest rates on deposits were as high as 12per cent to 25per cent but today things are different. Not only are savings account interest rates well below 1.5 to 3per cent on average, bank accounts are now loaded with fees that can take a serious bite out your balance.

Developments in the banking space, have shown that instead of banks crediting depositors’ account with interest, they rather continue to make money from the larger society in cooked manner most of which is not in line with customers’ satisfaction.

Recently, the apex bank proposed neck breaking bank charges which stated that; N50 will be charged on every cheque leaflet obtained and used at the deposit money bank’s counter. This is not the same as the collection charge on cheques, which is also proposed to be “one per cent of cheque value or naira equivalent of $10 whichever is lower.”

The CBN had also started a N100-per-month charge on every debit card (your typical ATM card) – separate from the existing N65 charge after the third withdrawal within the same month. In its draft on the “guide to charges for banks and other financial institutions in Nigeria”, CBN also proposed a N4, 200-per-annum charge on foreign currency denominated cards as maintenance fee.

For naira dominated cards, a monthly maintenance fee  of N100 was also proposed for every month a debit card is used (N1, 200 per annum), and a N50 charge for other months when card is used or not (N600 per annum).

The proposal is coming only 13 days after Nigerians protested excessive bank charges, declaring a ‘No Banking Day’ on March 1, 2016.

For foreign exchange related transactions, where Form M or Form A is needed for forex from CBN, charges that were hitherto not applicable have now been proposed.

The CBN is proposing a charge of a N100 on Form A, which is used by students to apply for forex on school fees, medical bills, and travel allowances. Form M, which is predominantly used by manufacturers to import goods (not on the CBN prohibition list), is proposed to henceforth cost “N1, 000 in addition to maintenance fee on e-form platform in line with CBN directive.






 3 Financial Red Flags In A Relationship

 3 Financial Red Flags In A Relationship

Being in a relationship with that special one with everything you have wished for is the pure bliss everyone would like to experience.

While it’s easy to overlook superficial issues, but when it comes to financial red flags there are definitely some deal breakers.

The truth remains that no one is perfect with money, neither is anyone born to be good or bad with money and it’s totally okay to have disagreements when it comes to our finances. But if we’re serious about taking our relationship to the next level that is marriage, then we really need to make the money talk a priority.

Some of the red flags you should look out for are:

Unpaid Loans

Anything can happen that would require you or your partner to get a loan, and that is not a bad thing. What you would be concerned about should be finding out if your partner is repaying his loans or not and as at when due.  What you would also want to look out for is how your partner manages his loans. You would like to ask if they are using the loan to solve the financial emergency they have or to do something else that is not as relevant. Continue reading

Opinions: Best Tips For Successful Entrepreneurship

Opinions: Best Tips For Successful Entrepreneurship


Opinions: Best Tips For Successful Entrepreneurship – There are many internal factors that influence how fast or how big a company will grow. If the owner doesn’t acknowledge and attend to those critical factors, they are setting their burgeoning enterprise up for potential failure or enduring mediocrity.

The most critical factors often aren’t always obvious but I’m ready to share them with you right now to help you navigate the perils and enjoy the benefits of business ownership.

Here are 6 best tips for successful entrepreneurship, yet critical concepts you MUST master if you are to experience the growth and profitability you desire in business. Continue reading