Frequently Asked Questions
How much can I borrow?
Our minimum loan amount is N15,000 and a Maximum amount of N20,000,000. Both depend on borrower’s repayment capacity assessed based on verifiable business inventory and other criteria.
What type of Loan do you offer?
What we offer are business loans for businesses that are already in existence/operation, and housing/house improvement loans.
What are your loan requirements?
To access our loan facility;
- You must have a business
- The location must be within our bank’s lending area (Lagos state, Oyo state and Ogun state)
- It must have been in existence within a specific period.
How long does it take to get a loan?
It doesn't take longer than it ought to as long as the necessary requirements are adequately met (less than 3 working days).
What is your interest rate?
Our interest rate differs depending on the loan amount. However, it is very competitive.
Do I need to open an account before I can get a loan?
No fee or mandatory account opening is required before you can get a loan from us. No COT on ABN account (zero COT on all ABN account type).
What documents do I need to start the process?
A valid ID-card and proof of business ownership.
What if my business is not registered?
Proof of business ownership can be in form of shop rent receipt, invoices, goods/product receipt etc (Evidence to show your business have been in existence within the stipulated period).
Do I need a guarantor?
Yes, at least one guarantor will be required for the loan process.
What is meant by declining balance?
The interest amount will be calculated only on the remaining loan balance every month-end.
What if I operate an online business?
You must have a physical business location with tangible evidence that you do business and that the business is yours.
What type of collateral do I need?
Flexible collateral arrangements depending on loan size (household goods, business equipment, goods in stock, vehicles, property etc.)
What are the requirements for account opening?
A valid ID-card, and a minimum balance of N1,000. You will also enjoy all charge-free mobile banking services (instant fund transfer, bill payment, utility bills, school fees, airtime top-up, balance enquiry).
What category of ID-card do you regard as valid?
National ID card, International Passport, Driver’s license, Permanent voter’s card etc. that has not yet expired.
How can I make deposits without coming to your banking premises?
Deposits can be made through various platforms available;
- Correspondent bank from our partner banks
- eBillsPay at any branch of all commercial banks in Nigeria
- internet banking transfer from all commercial banks in Nigeria.
- Electronic transfer
- Merchant Scheme from our partner banks. You can also visit: Our Payments Page
What is the interest rate on savings?
The interest rate currently is 4.2% per annum.
What are the interest rates on Term Deposit?
The interest rate depends on the amount and maturity period. It is negotiable.
What is the minimum I can fix?
The minimum amount is N30, 000.
What is the minimum tenor?
The minimum tenor is 30days.
If I have urgent cash needs, can I liquidate and get my funds?
Yes, however accrued interest may be charged depending on the type of interest payment chosen.
How can I get my interest?
Interest rate can be paid into your account monthly or upon maturity.
How to apply for a POS?
- Kindly download form from ABN website OR pick up an application form from any of our branches nearest to you OR through your Relationship Officer.
- Fill the form and submit after completion
- The POS terminal is deployed to your business location within 15 business days maximum Terms and conditions apply.
How myAB-POS works
- Step 1: Insert card
- Step 2: Press keys with digits to enter value of goods e.g. N20,000
- Step 3: Press Enter key (green key) to validate amount
- Step 4: Enter PIN and press the Enter key (green key) to confirm PIN
- Step 5: Terminal screen reads transaction status - Approved or Declined
- Step 6: Press Enter key (green key) to print customers receipt
- Step 7: Press any key to print duplicate (merchants) receipt
When is my account credited for a successful transaction?
- Cardholder gets instant debit for a successful transaction.
- Business owner receives value within 24 hours (except weekends)
Who can apply?
- All clients.
- This includes but not limited to; Eatery, Spa, Supermarkets, Bar, Hotels & Restaurants, Electronic Shops, Pharmacies, Boutiques, Hospitals, Airlines, Petrol Stations etc
AB Bank Card
What is a debit Card?
The ABN Debit Card is a payment card that represents an electronic means of withdrawing money from your bank account or making purchases with the money in your bank account. The ABN Debit Card can be used on any bank ATMs. It can also be used on POS terminals.
What is the maximum amount I can withdraw?
You can withdraw a maximum of N40,000 per transaction and perform up to five transactions per day. In all, a customer can withdraw a maximum of N200,000 in a day.
Where can I use my AB Bank Card?
You can use your AB Bank card to pay for goods and services at millions of establishments worldwide. Your card will be accepted at any establishment that displays the MasterCard logo.
Can I withdraw cash using my AB Bank Card?
You can withdraw cash on your account from any ATM
What Can I do with myABcard MasterCard?
- Allows you to make withdrawals and purchases on any MasterCard enabled ATM and POS.
- You get 24/7 direct access to your personal funds allowing you pay for goods and services
- It saves time and money, as you can spend directly from your account
- You can shop conveniently and pay for goods and services anywhere in the Country
- With myABcard MasterCard you enjoy unlimited FREEDOM.
- Your card remains valid for three years
Can I use my AB Bank card to shop on the internet?
Feature currently not available
If the ATM displays the message "Incorrect PIN"?
Visit any of our branches and submit a letter of complaint to the Client Adviser of your branch. The letter must include account number and/or PAN
I have forgotten my Debit Card PIN
Submit a request for a new PIN through the CSU officers of your branch and a new PIN will be issued to you.
Can I tie additional accounts to my Debit Card?
Yes you can tie additional accounts to your Debit Card. For fresh requests, there is provision on the Application Form for the main (default) account number to be documented. There is also the space provided on the same form for the other account numbers (that the customer has, with AB Bank and would like access to).If the customer has got his access codes for a particular account and would like to add another account to the facility, he /she is required to write a letter to that effect. The letter, which must be duly signed by him, must have the following details:
- Full Names
- Account numbers (both existing and new)
- Full Names
Please log all transaction disputes via either of the following channels:
- email to email@example.com or firstname.lastname@example.org
- Call us on 0902 496 9999
What is ABN Mobile Banking?
This is our mobile payment solution with which ABN customers can operate their accounts from the convenience of their homes/offices and carry out basic financial transactions using their mobile phones.
What transactions can you perform on this service?
- Bill payment
- Airtime top
What is the maximum limit I can do using myABmobile?
A daily transfer amount of N1, 000,000 can be done using myABmobile
I upgraded my limit but still can’t transfer up to requested limit?
The limit allowed per transaction is N100, 000
I registered but not receiving activation code?
Do Not Disturb (DND) status of the registered line should be checked/confirmed and deactivated if active, by sending STATUS to 2442.
Do you charge on transactions while using myABmobile?
No, All transactions on myABmobile are Free Of Charge irrespective of the number of times used. This is freedom.
Can I use myABcard on any ATM or POS?
Yes, myABcard card can be used on all ATM and POS terminal (Mastercard compliance – 98%).
How much do you charge using myABcard?
Transactions on myABcard are Free of Charges irrespective of the number of times used.
Why can’t I check my balance using myABcard?
Account balance can be checked/verified through myABmobile. And after every transaction on your account, your account balance will be sent to you via bank alert (free of charge).
Electronic Funds Transfer
What is ABN EFT?
ABN EFT is a real time solution that enables customers’ transfer funds from their ABN account to an account in any commercial bank in Nigeria.
Who can use internet banking?
All ABN account holders, Corporate and individual.
How can I get the EFT service?
Walk into any ABN branches and to fill a form.
What are the charges associated with using internet banking?
The charges are shown here