CIDAN offers wide range of credit support to Individuals, Small and Medium Enterprises (SMEs), Companies and other Corporate Organisations at very Competitive Rates.
This loan product is offered to Government employees who receive their salaries through the Controller and Accountants General’s Department (CAGD). Workers qualify for CIDAN Salary Loans if the applicant is between the ages of 18 to 55 years and is confirmed to be still working in a government institution. The quantum of a loan accessible by an applicant is largely dependent on the affordability ratio of the applicant which is pegged at 50% of one’s net earnings. Click here to Apply
CIDAN has dedicated a portfolio that provide credit facilities to SMEs which desire to expand their operations, increase liquidity, purchase stocks, clear goods at the ports, mobilise for construction projects, etc. Our rates on SME Loans are among the most competitive in the market.
CIDAN’s corporate credit facility is available to Companies and NGOs that need to solve short term liquidity problems and meet urgent financial obligations. The client is required to operate a current account in a recognised financial institution.
CIDAN offers personal credit facilities to individuals who desire to undertake personal projects: pay school fees, acquire a car, buy land, building projects, farming, private businesses, emergency financial needs, etc. Clients in this category must show that they have regular sources of income (e.g. Salary) or cash flows (from private businesses) with which to service the loan.
This product is intended to derive high positive synergy effect between Susu Savings and Susu Lending. The Ahoto loan is designed to shore up the working capital of micro-sector players—our market women and petty traders; who make daily sales and deposit same with CIDAN. The credit facility is synchronised with the Susu Savings; i.e. through their daily Susu deposits they are able service the loan.
GLW is a loan product modelled on the Solidarity Lending of Grameen. It is the lending practice where small groups borrow collectively and group members encourage one another to repay. CIDAN lends to functional groups of 4 to 6 women who share common social and economic characteristics. Each member must be married or committedly cohabiting. Deposits and loan repayments are modelled on the daily/weekly susu savings but in a group account.
The CIDAN EduBusiness loan is purposefully design to provide private educational institutions/ trusts/ societies etc. with much needed funds for expansions and capital projects. The expansion activity should be a revenue generating activity and could include opening of new branch, new school/college/institution; construction of additional classrooms hostels/dormitories, computer labs, library, purchase of computers, laboratory equipment, transport vehicles, etc.
This facility mainly designed for commercial transport owners who desire to increase their fleet. Clients are required to save/invests with CIDAN and build deposits to between ¼ and ½ of the cost of the vehicle to be acquired. CIDAN would then finance the cost of the vehicle with a credit facility and a portion of the revenue from the commercial activity of the vehicle is dedicated to servicing the loan.