FAQ

Bowen Microfinance Bank Limited is fully owned by the Nigerian Baptist Convention.

Yes, Bowen Microfinance Bank Limited is licensed by the Central Bank of Nigeria.

The bank operates under the guidelines of the Central Bank of Nigeria.

No, Bowen Microfinance Bank Limited is a microfinance bank with the responsibility to provide all types of small loans to help grow small businesses.

Bowen Microfinance Bank Limited is located within the Baptist Academy Compound at Obanikoro Bus Stop, Lagos. Branch: 79, Ogba Road Pero Bus stop, Agege.

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 of our correspondent bank (Fidelity, UBA, Access, Sterling bank Branch) to make Deposit into your account, withdrawal can be done at Fidelity and UBA Branches. You will need to go with your cheque or savings withdrawal booklet. Customers can also make withdrawals using their debit card and also transfer using the banks mobile App.

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.

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)      Debit card issuance.
d)      Ease of fund management using our Mobile App or USSD code
e)      Bulk Payment such as Salaries/ Bulk Remittance’s.

a) Individual: Savings and 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.

• 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.

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 a Minimum of N100,000 as investment in fixed deposit.

Fidelity Bank Plc, United Bank of Africa, Sterling Bank, Access Bank Plc.

Yes, you can pay cash directly into your account while cheques are cleared through Bowen MFB account with either Fidelity or UBA since they are our correspondent bank and also our clearing bank. Such cheques if after 2 working days are not returned customer receives value into their account.

• 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 branch of Fidelity and UBA.

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.

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.

Yes, your cheques can go through clearing.

You need to operate your account for a minimum period of four weeks before you can be considered for a loan.

Yes, all policies on cashless banking extends to all customers of Bowen Mfb.

Yes, you can issue your cheques to a 3^rd party for payment across the counter of payment through clearing.

Individual———— N500,000
Corporate ———– N3,000,000

A third party can withdraw a maximum of 150,000 across the counter. All amounts above this have to go through clearing.

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.

Individual———— N500,000
Corporate ———– N3,000,000

You can issue the cheque through clearing or pay penalty on the excess above limit stipulated by CBN

Deposit       Withdraw

Individual             2%                 3%

Corporate             3%                 5%

a)      Cash Payment for either dues or pension and other convention remittances
·         This platform is available for the church to either:
a)      Pay cash at our office in Baptist Academy Compound, Obanikoro.
Or
b)      Use the extended banking platform by paying through any of the branches of our correspondence bank (Fidelity, Uba, Access, Sterling bank).
Please indicate on your payment slip the name of your church, Conference and Church Code.
·         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 Our Correspondent bank 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:
Account Name: NIGERIAN BAPTIST CONVENTION
Account Number: 1100106585

Account Name: NIGERIAN BAPTIST CONVENTION (PENSION).
Account Number: 1100106592

Account Name: NIGERIAN BAPTIST CONVENTION (LOAN REPAYMENT)
Account Number: 1100106578

Account Name: NIGERIAN BAPTIST CONVENTION (HOUSING SCHEME)
Account Number: 1100106561

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 into Bowen Microfinance Bank Ltd Clearing account at Fidelity Bank Plc 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.

Yes, you now transfer directly to any third party bank using our Mobile App or USSD Short Code *614*314#.
or Write an instruction , stating the beneficiary, the beneficiary bank, the account number, the branch and amount to be transferred.

The Oat of Secrecy is uncompromising in force and no customer has access to another account holder’s information.

Yes remittances can be done through the bank as follows:

a) The Bank is now live on NIBSS INSTANT PLATFORM (NIP) so this enable direct transfer from any deposit money bank to Bowen Microfinance Bank online real time and the customer receives credit alert immediately.

b)      Payment through In-House- Transfers: If you are an account holder 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.

c)      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: Quickteller, Remita, Autopay,NIP and NIbsspay.

Quickteller: Payments can be done via https://www.quickteller.com/bowenmfb you will receive credit alert into your Bowen account.

Remita: you can make payment via the remita platform through Bowen Microfinance Bank payments such as school fee payment, taxes, federal and state government payment, bills payment.

NIBSS Instant Payments (NIP): Bowen MFB is live on NIBSS INSTANT PLATFORM (NIP) so this enable direct transfer from any deposit money bank to Bowen Microfinance Bank online real time and the customer receives credit alert immediately.

MCASH: Bowen is live on NIBSS MCASH platform for inward remittance of fund by customers and merchants. Merchants such as schools, super market, traders and other sme can make use of the platform to receive payment via USSD.