FAQs

Yes, Bowen Microfinance Bank Limited is licensed by the Central Bank of Nigeria under whose guidelines the bank operates.

Bowen Microfinance Bank Limited is located within the Baptist Academy Compound at Obanikoro Bus Stop, Lagos and can also be accessed digitally through her electronic channels of product delivery.

No, as soon as you open your account with Bowen MFB (through coming to the bank or the mobile app) and your account details have been forwarded to you, you can walk into any of our correspondent bank branches (Fidelity, UBA, Access, Sterling) to make cash Deposit or cash withdrawal from your account using your cheque or withdrawal form. Transfers can be done into and out of your Bowen MFB account using the mobile app or USSD code.

The bank is opened to do business with all sectors of the economy except foreign transactions. Our target clients are Petty traders, Small and medium Enterprises (SMEs), Artisans, Farmers, salary earners, Manufacturers, service industry, Entertainment industry, Food and fast moving goods dealers, distributors, retailers, churches and Ministries, Pastors, Cooperatives, Associations, Unions, schools and tertiary institutions.

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, meeting urgent family needs and achieving your dreams.
b)      Become a Visa Card holder acceptable on all POS and ATM terminals in Nigeria.
d)      Easy access to your account 24/7 through the e-channels(mobile app, short code *614*314#)
e)      Bulk Payment such as Salaries, vendors etc., from the comfort of your office, home anytime of the day.

Individual: Voluntary Savings, special savings and Personal Current accounts.
b) Group: Group Savings and Current accounts.
c) Church: Corporate Savings and Current accounts
d) Corporate: Savings and Current Accounts
e) Partnership: Joint Savings and Current accounts
f) Fixed deposit account.

• For savings account opening: you need two passport photographs, a form identification (National ID card, Drivers License, International passport, voters card), BVN, NIN and recent utility bill (rent receipt, water rate).
• For current individual: you need two passport photographs, form of identification (National ID card, Drivers License, International passport, voters card), BVN, NIN, recent utility bill (rent receipt, water rate) and two valid references.
• For corporate/Church account opening: certificate of incorporation/registration, memorandum and article of association, forms CO2 and CO7, valid form of identification (National ID card, Driver’s License, International passport), TIN, SCUML, BVN, NIN and 2 passports of each of the signatories, recent utility bill.
• Fixed Deposit account: Your instruction to open the account, your passport photograph and funding.

Individual Savings and current: =N=2,000.00.
Corporate: Savings and Current Account=N=20,0000.00
Joint Account: Savings & Current Accounts =N=5,0000.00.
Fixed Deposit Account: Determined by volume, tenor and prevailing market rate

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

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 interbank clearing system.

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

Individual———— =N=500,000
Corporate ———–——–=N=3,000,000

A third party can withdraw a maximum of =N=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.

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)      Pay cash at our office in Baptist Academy Compound, Obanikoro or any of our correspondent banks
Or
b)      Transfer directly into the Nigerian Baptist Convention Account with Bowen MFB and you get your receipt sent to your email at the provision of necessary details.
Please indicate on your payment slip the name of your church, Conference and Church Code.
The account details to which you can make cash payment or transfer are:
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

Yes, you can now transfer directly to any other bank using our Mobile App or USSD Short Code *614*314#.

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 SMEs can make use of the platform to receive payment via USSD.

Cybersecurity refers to the practice of protecting systems, networks, and programs from digital attacks. These cyberattacks aim to access, change, or destroy sensitive information, extort money from users, or interrupt normal business processes. Cybersecurity is important because it safeguards all categories of data against theft and damage, including sensitive data, personally identifiable information (PII), protected health information (PHI), intellectual property, and governmental and industry information systems.

The most common types of cyber threats include:

1. Phishing: Deceptive attempts to acquire sensitive information by masquerading as trustworthy entities in electronic communications.
2. Malware: Malicious software designed to disrupt, damage, or gain unauthorized access to a computer system.
3. Ransomware: A type of malware that threatens to publish the victim’s data or perpetually block access to it unless a ransom is paid.
4. Denial-of-Service (DoS) Attacks: Attempts to make a machine or network resource unavailable to its intended users by overwhelming it with a flood of internet traffic.
5. Man-in-the-Middle (MitM) Attacks: When attackers secretly intercept and relay messages between two parties who believe they are communicating directly with each other.

Individuals and organizations can protect themselves by:

1. Using strong, unique passwords and changing them regularly.
2. Enabling multi-factor authentication (MFA) wherever possible.
3. Regularly updating software and systems to patch vulnerabilities.
4. Training employees to recognize phishing attempts and other common cyber threats.
5. Implementing firewalls and antivirus software to detect and prevent malicious activities.
6. Encrypting sensitive data both in transit and at rest.

If your data has been compromised, take the following steps:

1. Change your passwords immediately and ensure they are strong and unique.
2. Enable MFA on your accounts for an added layer of security.
3. Notify relevant parties (e.g., bank, credit card company, workplace) about the breach.
4. Monitor your accounts for any unusual activity and report it to the appropriate authorities.
5. Consider a credit freeze or fraud alert on your credit reports.

Update your security software and run a full system scan to detect and remove any malware.

Cybersecurity is a critical component of business continuity and disaster recovery because:

1. Protects critical data and infrastructure from cyber threats, ensuring business operations can continue during and after an attack.
2. Reduces downtime by preventing or quickly mitigating the impact of cyber incidents.
3. Maintains customer trust and business reputation by safeguarding sensitive information.
4. Ensures regulatory compliance and avoids legal repercussions associated with data breaches.
5. Supports the rapid recovery of systems and data through effective backup and recovery plans, minimizing operational disruptions.

Effective cybersecurity measures help ensure that businesses can maintain operations, protect their assets, and recover quickly from any cyber incidents.

A cashless policy refers to the initiative or set of measures aimed at reducing the use of physical cash in transactions. This policy promotes the use of digital payment methods such as credit and debit cards, mobile payments, electronic transfers, and other forms of digital currency. The primary goal is to create a more efficient, secure, and transparent financial system.

The benefits of a cashless policy include:

1. Convenience: Digital transactions are often faster and more convenient than handling cash, making payments easier for both consumers and businesses.
2. Security: Reducing the amount of physical cash in circulation can lower the risk of theft and fraud.
3. Transparency: Digital transactions provide a clear record, which can help reduce tax evasion and improve financial accountability.
4. Cost Efficiency: It reduces the costs associated with printing, transporting, and handling cash.
5. Financial Inclusion: Facilitates access to financial services for individuals who may not have access to traditional banking, particularly in remote or underserved areas.

Common methods of cashless payments include:

1. Credit and Debit Cards: Physical or virtual cards issued by financial institutions used for transactions.
2. Mobile Payments: Transactions made through mobile apps or payment platforms like Apple Pay, Google Wallet, or PayPal.
3. Electronic Funds Transfer (EFT): Direct transfers of money between bank accounts, often used for bill payments and payroll.
4. Digital Wallets: Applications that store payment information and allow users to make transactions digitally (e.g., Venmo, Alipay, Paytm).
5. Cryptocurrencies: Digital currencies like Bitcoin or Ethereum used for transactions over blockchain networks.

The challenges associated with implementing a cashless policy include:

1. Digital Divide: Not everyone has access to the internet or digital devices needed for cashless transactions.
2. Cybersecurity Risks: Increased reliance on digital systems can expose users to cyberattacks, fraud, and data breaches.
3. Infrastructure: Requires robust and reliable technological infrastructure, which may not be available in all regions.
4. Financial Literacy: Consumers and businesses need to be educated about digital payment methods and their benefits.
5. Privacy Concerns: Increased digital transactions can lead to concerns about data privacy and surveillance.

Governments and organizations can promote a cashless policy through several measures:

1. Incentives: Offering tax rebates, discounts, or other incentives for using digital payments.
2. Education Campaigns: Raising awareness about the benefits and security of cashless transactions.
3. Improving Infrastructure: Investing in technology and internet infrastructure to support digital payments.
4. Regulatory Support: Enacting regulations that encourage cashless transactions, such as capping cash transaction limits and ensuring consumer protection in digital payments.
5. Public-Private Partnerships: Collaborating with financial institutions, tech companies, and other stakeholders to develop and promote cashless payment solutions.

By addressing these challenges and leveraging these strategies, governments and organizations can effectively promote a cashless policy, leading to a more efficient and inclusive financial ecosystem.

Anti-Money Laundering (AML) refers to a set of laws, regulations, and procedures designed to prevent criminals from disguising illegally obtained funds as legitimate income. AML measures aim to detect and report suspicious activities that may be indicative of money laundering or other financial crimes, thereby maintaining the integrity of the financial system.

AML is important because:

• Prevents Financial Crimes: It helps in detecting and preventing money laundering, terrorist financing, and other financial crimes.
• Maintains Financial Integrity: Ensures that the financial system is not used for illegal activities, preserving its integrity and stability.
• Compliance: Financial institutions are required by law to comply with AML regulations to avoid heavy fines, legal penalties, and reputational damage.
• Global Security: Effective AML measures contribute to global efforts to combat organized crime and terrorism by cutting off financial support.

Key components of an AML program include:

• Customer Due Diligence (CDD): Verifying the identity of customers and understanding the nature of their activities to ensure they are not involved in criminal activities.
• Transaction Monitoring: Continuously monitoring customer transactions to identify and report suspicious activities.
• Record Keeping: Maintaining comprehensive records of transactions and customer information for a specified period, as required by law.
• Reporting Obligations: Filing Suspicious Activity Reports (SARs) or Suspicious Transaction Reports (STRs) with the relevant authorities when suspicious activities are detected.
• Training and Awareness: Regularly training employees on AML laws, regulations, and internal policies to ensure compliance and awareness.

A Suspicious Activity Report (SAR) is a document that financial institutions and other regulated entities must file with the relevant authorities when they detect or suspect potentially suspicious or unusual activity that may be indicative of money laundering or other financial crimes. SARs provide details of the suspicious transactions and help law enforcement agencies investigate and prevent illegal activities.

The bank is focused on poverty alleviation through empowering the economically active persons, farmers, women, men, youth, micro, Small and medium Enterprises, salary earners, pastors, schools and institutions through her products and services. These products cater to the needs of the Nigerian Populace in the aspects of savings, payments and credits.
The focus of the bank is not just to empower but also uplift the standard of living of her target market in line with her slogan of …….. touching lives.