Who are the owners of bowen microfinance bank limited Bowen Microfinance Bank Limited is fully owned by the Nigerian Baptist Convention.
Is Bowen Microfinance Bank licensed? Yes, Bowen Microfinance Bank Limited is licensed by the Central Bank of Nigeria.
Who controls the operations of the Bank? The bank operates under the guidelines of the Central Bank of Nigeria.
Is Bowen Microfinance Bank Limited a commercial Bank? No, Bowen Microfinance Bank Limited is a microfinance bank with the responsibility to provide all types of small loans to help grow small businesses.
Where is Bowen Microfinance Bank Located? Bowen Microfinance Bank Limited is located within the Baptist Academy Compound at Obanikoro Bus Stop , Lagos
Do I have to get to Obanikoro to transact business with Bowen MFB No, As soon as you open your account with the Bowen MFB and all your account details have been forwarded to you, you can walk into any Fidelity bank Branch to withdrawal or deposit in your account. You will need to go with your cheque or savings withdrawal booklet. If you want to deposit you can use Fidelity Bank slips for that purpose.
Is Bowen Microfinance Bank a branch of Fidelity Bank Plc? No, Bowen Microfinance Bank is a microfinance bank and Fidelity bank is a commercial bank. By the operations of a microfinance bank, it must route all its clearing transactions through correspondence banks. Fidelity bank Plc is one of our correspondence banks with which we have a technologically based strategic partnership with. The technology enables the customers of Bowen to do their withdrawal and deposition transactions on their account without having to come down to our Obanikoro office. This gives convenience to our customers and the opportunity to reach out further.
Who can operate account with Bowen MFB? Petty traders( Groundnut sellers, Foodsellers,Hairdressers,Tailors,Bricklayers,Painters,Mechanics,Plumbers,

Welders, Cloth weavers, farmers, Salary earners, Teachers, Recharge Card sellers, Vendors, small business owners, suppliers and distributors of goods (Rice, Sugar& Cement etc). Marwa Riders. Small scale producers.

Churches and various Ministries, Schools.

What are the benefits of having a banking relationship with Bowen Microfinance Bank Limited? If you have a banking relationship with Bowen Microfinance Bank Limited you will be able to:

a)       Access Micro/small/Medium loans to assist you in growing your business.

b)      Run your account normally depositing and withdrawing on your account as you desire.

c)      Collection Points

d)      Funds Transfer.

e)      Payment of Salaries

Which kind of accounts can I operate with Bowen MFB? a)      Individual: Savings Personal Current accounts.

b)      Group: Group Savings and Current accounts.

c)      Church: Corporate Savings and Current accounts

d)      Small Business: Savings and Current Accounts

e)      Partnership: Joint Savings and Current accounts

f)       Fixed deposit account.

What are the documents required for opening a current account which are different from those of a savings account? ·         For savings account opening, you need three passport photographs, a form identification (National ID card, Drivers Licence, International passport) and recent utility bill (rent receipt, water rate).

·         For current individual, you need two passport photographs, form identification (National ID card, Drivers Licence, International passport) and recent utility bill (rent receipt, water rate) and two valid references.

·         For corporate account opening; you need your certificate of incorporate, memorandum and article of association, recent utility bill, forms co2 and co7, valid form of identification (National ID card, Drivers License, International passport) and 2 passport of each of the signatories.

·         Fixed Deposit account: Your instruction to open the account, your passport photograph and funding.

How Much do I need to open an account with Bowen MFB? Individual Savings: =N=2,000.00. Personal Current =N=5,000.00

Group: Savings =N=10,000.00. Current Account=N=10,000.00

Church: Savings Account=N=20,000.00. Current Account: =N=20,000.00

Enterprises: Savings =N=10,000.00. Current Account:=N=10,000.00

Corporate: Savings=N=10,000.00. Current Account=N=20,0000.00

Joint Account: Savings & Current Accounts =N=5,0000.00.

Fixed Deposit Account: You can start with any amount that you wish as investment in fixed deposit.

Can I drop my account opening package for Bowen Microfinance Bank with any of the branches of Fidelity Bank? No, your account package must be returned to Bowen Microfinance Bank Limited.
Can I pay both cheques and cash into my account through fidelity bank? Yes, you can pay cash directly into your account while cheques are cleared through Bowen MFB account with fidelity since fidelity is our correspondent bank and so our clearing bank. Such cheques if after 2 working days are not returned will then be moved into your account
What documents do I need to withdraw at Fidelity bank plc? ·         For savings account holders, you need your savings withdrawal instrument / slip which would have been given to you after your account has been opened.

For current account holders, your cheque is the acceptable instrument of withdrawal at Bowen MFB or any Fidelity bank branch

Can I pay my Bowen MFB cheques into my other bank account? ·         Yes, Bowen Mfb cheques are co-branded Bowen Mfb and Fidelity bank plc and so are valid for clearing. It can also be given to a third party and is acceptable at other banks through the inter banking clearing system
What instrument can I used to withdraw from my account while am waiting for the two references to be confirmed? ·         You can use a counter cheque for withdrawals on your account while waiting for confirmation of your references that will qualify you to be issued a cheque book to you by Bowen Microfinance Bank Limited. The Counter cheque can only be used through Bowen Microfinance Bank Limited  and not through Fidelity Bank Plc.
How do I operate my account conveniently through Fidelity Bank Plc. Withdrawals: You can withdraw directly on your account with Bowen through Fidelity bank once you have your cheque book or savings withdrawal booklet.

Deposit: You can deposit into your account using Fidelity deposit slip but please indicate your account number and date. You don’t need to be in possession of Bowen deposit slip before you pay into your account.

Can my cheque go through clearing? Yes, your cheques can go through clearing.
Can my account balance and mandate be view at any fidelity bank branches? Yes, your account details can be viewed at all branches of fidelity Bank branches to allow for seamless transaction.
Can my account be debited or credited directed by a teller at fidelity bank? Yes, your account can be credited or debited directly by the processing teller at any branch of Fidelity bank Plc
Will I receive any sms alert for such transaction done at fidelity bank plc? Yes, an sms alert /transaction notification will be sent to your registered phone number immediately your transaction is processed
How long do I need to operate my account before I can obtain a loan from Bowen Microfinance Bank Limited? You need to operate your account for a minimum period of four weeks before you can be considered for a loan.
Are my transactions with Bowen Mfb affected by the cashless policy? ·         Yes, all policies on cashless banking extends to all customers of Bowen Mfb
Can I issue my cheques to a 3rd party for payment? Yes, you can issue your cheques to a 3rd party for payment across the counter of payment through clearing.
Can I issue a cheque above =N=150,000.00? The CBN guidelines on cashless stipulates that if you are the account holder you can withdraw above =N=150,000.00 on your account as an individual and signatories to corporate account can withdraw above =N=3million on their account.
What is the maximum amount that can be withdrawn across the counter by a third party? A third party can withdraw a maximum of 150,000 across the counter. All amounts above this have to go through clearing.
What are the limits in terms of withdrawal and deposit per day? ·         Individual------------  N500,000

·         Corporate -----------  N3,000,000

What can I do if I am paying above =150,000.00 to an individual and =N=3million to a corporate body? You can issue the cheque through clearing or pay penalty on the excess above limit stipulated by CBN
What are the charges for withdrawals and deposit above the limit?                           Deposit       Withdraw

·         Individual             2%                 3%

·         Corporate             3%                 5%

How do we pay Convention dues and pension? a)      Cash Payment for either dues or pension to the Convention

·         This platform is available for the church to either:

a)      Pay cash at our office in Baptist Academy Compound, Obanikoro.


b)      Use the extended banking platform by paying through any of the branches of our correspondence bank (Fidelity Bank Plc).

If you are paying cash at Fidelity bank, the E-post Manager is used to credit Convention account with Bowen Microfinance Bank directly. Please indicate on your payment slip the name of your church and Conference.

·         If it is a cash transaction done in our office, we will issue you Convention receipt for your payment immediately. However if you pay cash through Fidelity Bank Plc you could pick up your receipt at your convenience from our office with your copy of the deposit slip.

·         The account details to which you can make cash payment is :

Dues: Account Name: Nigerian Baptist Convention

           Account Number: 001303000001

Pension: Account Name: Nigerian Baptist Convention

              Account Number: 001303000004

  b)      Payment through Cheque/Draft

·          If you are issuing a cheque or draft, you will pay directly to the clearing account of Bowen Microfinance Bank Limited.

·         The cheque/draft should be paid to Bowen Microfinance Bank Ltd Clearing account 5080056212

·         Upon clearance of the cheque /draft Convention account will be credited immediately.

·         At your convenience you can collect your receipt for the payments made accordingly.

·         In the case of payment for pension please remember to always come along with your previous pension receipts for proper recording.

Can transfer be done from my account with Bowen MFB to third party bank? ·         Yes, all you need is to write an instruction ,stating the beneficiary, the beneficiary bank, the account number, the branch and amount to be transferred
How are we sure that the Convention does not have access to information on our accounts? The Oat of Secrecy is uncompromising in force and no customer has access to another account holder’s information.
Can remittance be done through bank transfers? Yes remittances can be done through the bank  as follows:


a)      Payment through In-House- Transfers: If you are an accountholder with us you can do us an instruction to transfer funds into your accounts as you desire and at no cost to you. Your letter of instruction should indicate the amount, period, conference and association.


b)      Payment through Interbank Transfers: You can also do transfers into your account through interbank transfers at a fee to you. The following will be required by the bank for you to do interbank transfers.

Accountholder: Bowen Microfinance Bank limited

Bank: Fidelity Bank Plc

Branch: Gbagada Branch

Account No:

Sort Code:

Please note that you can instruct us to use any of the under listed platforms for interbank transfers from your account with us :

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