Frequently Asked Questions
Find answers to common questions about our services.
What is Okada Microfinance Bank Limited?
We are a licensed microfinance bank dedicated to providing accessible financial services, loans, and savings products to individuals, micro-businesses, and small-to-medium enterprises (SMEs).
Where is your head office located?
Our main office is located at No.1 Mission Road, Okada, Ovia North East LGA, Edo State
Is Okada Microfinance Bank regulated?
Yes. We are fully licensed and regulated by the Central Bank of Nigeria (CBN), and all eligible deposits are insured by the Nigeria Deposit Insurance Corporation (NDIC).
Who can open an account with Okada Microfinance Bank?
Anyone can open an account! We serve petty traders, artisans, civil servants, small business owners, corporate organizations, and individuals.
How do I open an account with you?
You can open an account instantly through this website or by visiting any of our branches.
What documents do I need to open an account?
You will need a valid government-issued ID (NIN, Voter’s Card, Driver’s License, or Passport), a recent utility bill, passport photographs, and your Bank Verification Number (BVN).
Can I open a business account for my enterprise?
Yes. We offer specialized Business and Corporate Accounts designed to help MSMEs manage cash flow and access business credit lines.
What is the minimum balance required to keep my account open?
You can open a basic savings account with as little as ₦1,000.
How do I update my personal details (e.g., phone number, address)?
For security reasons, major profile updates require you to visit a branch or send a verified request to our customer support email with supporting documents.
What should I do if my account becomes dormant?
If you do not perform a transaction for over 6 months, your account may be flagged as dormant. Visit any branch with a valid ID to reactivate it for free.
What is the interest rate on your savings accounts?
We offer highly competitive interest rates that outperform traditional commercial banks. Please check our Rates page or contact us for current figures.
How does your Fixed Deposit account work?
You can lock away a specific amount of money for a set period (e.g., 30, 90, 180, or 365 days) at a guaranteed, higher interest rate.
What types of loans does Okada Microfinance Bank offer?
We offer Business Microloans, SME Loans, Personal/Salary Advance Loans, and Asset Financing.
Do I need collateral to get a loan?
We offer collateral-free microloans for small amounts based on business cash flow and guarantors. Larger SME loans may require flexible asset collateral.
How long does it take to get a loan approved and disbursed?
Once all required documents and credit checks are completed, microloan disbursements typically take between 24 to 48 hours.
Are my deposits safe with Okada Microfinance Bank?
Yes. Okada Microfinance Bank Limited is fully licensed by the Central Bank of Nigeria (CBN) and all deposits insured by the Nigeria Deposit Insurance Corporation (NDIC).