This product which is targeted at staff of reputable organizations can acquire assets of their choice with easy. Through the Product, individuals can pick up a whole range of household assets, office equipment, fairly used cars, furniture etc and pay with ease over a specified period spanning up to 12 months.


  • These include: durable household items, used cars, laptops, computers, generators, office equipment, home equipment, washing machines, indoor sport equipment, kitchen equipment and others.


  • Payment for the lease assets is made in instalments over an agreed period of time. The lease tenor ranges from (3) to (12) months depending on the kind of item(s) to be leased. The maximum tenors for household items and used cars are (10) months to (12) months respectively.


  • Ownership of assets resides with ESAN MFB LTD until all payments under the lease have been made after which ownership is then transferred to the individual/ lessee.


  • A wide range of leasable equipment
  • Budget constraints are circumvented
  • Requires relatively little documentation
  • Payments can be structured to suit your individual needs, with your budget and cash flow taken into consideration.
  • Impressive turnaround time
  • At the end of the lease, ownership of the asset(s) will be transferred to you.


For Individuals:

  • A recent passport size photograph
  • A photocopy of your staff ID card and National ID/Drivers’ License
  • Copies of your most recent pay slips for at least 3 months
  • Salary bank account statement for at least six (6) months.
  • Copy of a recent Utility Bill
  • Copy of Confirmation and employment Letters
  • A Guarantor and the guarantor’s valid I.D and recent passport photo.
  • Completion of ESAN MFB LTD application form
  • A copy of a proforma invoice from a reputable vendor.


  • Post- dated cheques for the monthly rentals can also be made out by the lessee in favour of ESAN MICROFINANCE BANK LTD.

        Default in terms of this Agreement will occur if:

    1. The Lessee fails to make repayment in full, on or before the payment date in accordance with the monthly repayment plan given to the lessee;
    2. Any representation, warranty or assurance made or given by the lessee in connection with the application for this facility or any information or documentation supplied by the lessee, is later discovered to be materially incorrect; or
    3. The lessee does or omits to do anything which may prejudice the Bank’s rights in terms of this Agreement or cause the Bank to suffer any loss or damage.
    4. If the lessee default in repayment for two consecutive dates, the lessee forfeit the asset and initial upfront payment and lease rental payments made.

If the lessee defaults in their obligations under this Agreement, the Bank will be entitled to do the following:

    1. The Bank will on each Repayment Date collect the total amount payable by that date in accordance with the repayment plan schedule given to the lessee. Where the lessee fails to honour their obligation to repay their total monthly repayment amount by the due date, the Bank will attempt to collect the outstanding amount within the next twenty-four (24) hours.
    2. Where more than forty-eight (48) hours have elapsed since the repayment date and the repayment amount (total or partial) still remains outstanding, the Bank will start calculating accelerated interest at the rate of 30% plus the applicable lessee interest rate.
    3. Following the lease ’s default, the Bank reserves the right to assign its right, title and interest under the Agreement an external Collections Agency who will take all steps to collect the outstanding loan amount.
    4. The Bank also reserves the right to start legal proceedings against the defaulting lessee and is under no obligation to inform the lessee before such proceedings commence.
    5. The Bank will be entitled to terminate this Agreement (after service of any notice required there under) if the lessee in any way perpetrates or attempts to or is involved in any act of fraud or other criminal activity in respect of ESAN MFB or the Loan, or if any information provided by the lessee as part of the application is incorrect or misleading in any material manner. On such termination, the Bank reserves the right to demand repayment of the full loan amount with interest calculated in the same manner as in sub-clause (2) above.
    6. Hold the lessee responsible for all legal costs and expenses incurred by the Bank in attempting to obtain repayment of any outstanding loan balance owed by the lessee. Interest on any amount which becomes due and payable shall be charged in accordance with sub clause 2 above.

The lessee agrees that the Bank may communicate with them by sending notices, messages, alerts and statements in relation to this Agreement in the following manner:

    1. To the most recent address the Bank holds for the lessee on file.
    2. By delivery to any email address provided during the application process.
    3. By delivery of an SMS to any mobile telephone number the lessee has provided to the Bank.


  1. This Agreement shall be governed by the laws of the Federal Republic of Nigeria and shall be subject to the jurisdiction of the courts of the Federal Republic of Nigeria.
  2. If the Bank does not strictly enforce its rights under this Agreement (including its right to insist on the repayment of all sums due on the Repayment Due Date) or grant the Borrower an indulgence, the Bank will not be deemed to have lost those rights and will not be prevented from insisting upon its strict rights at a later date.
  3. The Bank reserves the right to transfer or assign its rights and obligations under this Agreement (including its obligation to lend money to the Borrower or the amount owed under this Agreement) to another person. The Bank will only tell the Borrower if such a transfer causes the arrangements for the administration of this Agreement to change.