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Background Synopsis

According to the UN classification, Nigeria is a middle income, mixed economy and emerging
market, with expanding financial, service, communications, technology and entertainment
A recent assessment by the World Bank as reported on the 31st October 2014 on the situation
of poverty in the world, where it ranked Nigeria third among worlds ten countries with
extreme poor citizens. From the assessment, the World Bank established that Nigeria with
about 170 million population falls among countries with extreme poverty whose over 70%
population live on $1.25 (N200) or even less per day. Specifically, the report revealed that 7%
of the 1.2 billion people living below poverty line in the world are Nigerians [reference].
With this retrospection, we are looking at providing accessible funding for daily living for these
70% within the Nigerian Economy. The introduction of soft loan service would cater for
releasing between N1000 - N5000 to eligible bankable customers, which would take care of
their daily living for 25days asserting from the World Bank report on cost of living for the 70%
of our populace.
This need has ushered in the existence of micro-loans which most financial institutions would
not want to delve into for reasons best known to them.

BorrowMeMoni is a swift service that allows eligible GTB customers access a soft loan (borrow
money in less than 5mins) from the bank without walking into the banking hall to fill out forms,
provide a guarantor/shortee or assign collateral. It is a convenient way to deal with unexpected
minor spending and bill payments when your account balance is too low (N0-N999) to have
ordinarily gone to the ATM to withdraw money.
The soft-loan received by the customer can be used for anything and has no underlying motives
hindering the customer from withdrawing from any Bank's ATM at any location throughout
It just saves you the embarrassment of asking and being turned down.
Our dear customer is expected to pay back (Automatically deducted) when moneys are paid
into his/her account within a specified period.

BorrowMeMoni Target Audience

Our target market is concentrated at the grass root level; everyone (Bankable) that has some
form of small or average income on a regular basis.
These groups can range from:1. Students
2. Youth Corpers
3. Okada Riders
4. Drivers/Conductors
5. Petty Traders
6. Vulcanizers
7. Battery Chargers
8. Security Guards
9. Cleaners
10. Office Assistants
11. Civil Servants(lower levels)
12. Corporate workers

13. Gainfully Emp. (N250k above/Monthly)

14. Salary Earner(N10k N250k/Monthly)
15. Barbers
16. Welders
17. Carpenters
18. Mechanics
19. Electrician
20. Painters
21. Photographers
22. Tailors
23. Hair Dressers
24. Brick Layers

The group largely makes up the bulk (70%) of Nigerias Micro Economy and this group is the
financial engine room.

Business Rules

Customer account must have been active for at least 12 months

Customer's main account balance must be between N0 and N999
Customer's frequent weekly or monthly cash lodgments MUST exceed N5000 at the end
of 30 days over a 6 months period.
Customer must have a minimum of N5000 and above regular cash lodgment within a
30days period
Consideration of Customer's average monthly withdrawals
Customer must have paid up any previous soft-loan taken plus service charge associated
with it.

Loan Permutations

Loan variant ranges from N1,000 to N5,000

Monthly account lodgment from N10,000 -29,000 is Eligible for N1,000 soft loan
Monthly account lodgment from N30,000 -59,000 is Eligible for N2,000 soft loan
Monthly account lodgment from N60,000 -99,000 is Eligible for N3,000 soft loan
Monthly account lodgment from N100,000 N149,000 is Eligible for N4,000 soft loan
Monthly account lodgment from N150,000 Above is Eligible for N5,000 soft loan

Crediting Customer Account

Once a Customer has been flagged as eligible the Customers account is credited
immediately with the specified Amount/figure
The Services Charge of 10% would be deducted from any amount payable to customer
prior to crediting the Customers account. E.g (if customer specifies N2000, N1800 would
be credited)

Loan Repayment

After a customer is credited, the repayment triggers after 24 hours

Any money paid into the customers account after 24hours of loan credited is deducted.