Credit Processing Times

a) Processing Fees: Upon submission of an application the client pays a N50,000.00 non-refundable application fee.
b) Cost of Facility: The Bank’s Financing Schemes are availed either directly to beneficiary clients or as interbank facilities. Below are the banks indicative fee structure, based on risk based pricing in respect of the products and services:
i. Interbank facilities
a) Rediscounting & Refinancing Facility [RRF]: 3% to Participating Banks [PBs] who are allowed a maximum spread of 3% per annum ; subject to an ‘’all-in’’ rate of a maximum of 6%
b) Export Stimulation Fund [ESF]: 3% per annum to PBs with the Banks allowed a maximum all in interest rate of 7.5% for short term facility and a maximum all-in interest of 9% for medium to long term facility.
c) Stocking Facility: This Facility is MPR linked and is currently available at between 14% per annum to the PBs allowed a maximum spread of 3% per annum ii. Direct Lending Facility
This Facility is MPR linked and is currently available at between 14% to 17% interest rate per annum and a maximum of 1% as up front Management Fee. iii. Lines of Credit [LOC]
The LOC’s pricing is based on a 3 months/ 6 months LIBOR reference rate with the following as the current rate per annum to beneficiary clients.
a) AfDB LOC 5% – 6.5%
b) Exim India LOC 6.5% – 7.5%
c) Afreximbank LOC 6.5% – 7.5%


Kindly note that Credit Applications will only be deemed to have been received when all basic documentation highlighted on the application checklist are submitted and duly acknowledged by the Bank.
Upon receipt, Credit Applications will be processed as follows, depending on the loan amount:
Tenor Processing Timeline
Rediscounting & Refinancing Facility 5 working days
Short-Term Facilities 30 -40 working days
Long-Term Facilities 60 - 120 working days