PAYDAY SCHEME is an easy and quick way of accessing immediate cash for meeting short term needs. It is strictly designed for employees of corporate organizations such as; Banks and financial institutions, Telecoms industry, Oil and Gas Industry and Multinational companies.


(1) The Customer opens an account with Esan Microfinance bank limited.

(2) An application is done in writing from the Customer official mail to the bank


(3)   All necessary documents are forwarded to Customer these includes:

(a)   Account opening form

(b)   Loan application form

(4) The Customer execute the account opening forms and the loan application forms, affix

recent passport photographs and scan same back through his or her official  e-mail with

attached copies of the followings:

(c) Copy of staff employment identification card.

(d) Copy of recent resident utility Bill

(e) Copy of cheque leaflet

(5) The bank down loads the forms and attached documents. Open an account with the information

submitted by the customer and process the loan request for approval by management.

(6) ATM card is mandatory and will be processed for customer and issued.

(7) Upon approval the customer is contacted and required to bring the original of all scanned

documents for sighting.

(8) After due verification the original cheques for repayments (dated and duly signed) are collected

and loan disbursed accordingly.

(9) Tenor:  30 days + 6 days.

(10) Facility of up to =N=200,000

(11) Interest rate 5% Flat + 1%   Processing Fee +1% Monitoring fee.

All payments by the Borrower will be made by one of the following methods: Direct Deposit at the Bank, Personal Cheque, Standing Order or through an acceptable electronic channel. All other methods will be accepted with the Bank’s consent only.

In particular:

    1. The borrower will be given a dedicated and customized repayment plan upon approval of the loan application;
    2. The Borrower will be expected to make monthly repayments in accordance with the repayment plan
    3. The Borrower will be sent an electronic message or sms alert two (2) banking days -before each monthly repayment date and the Borrower hereby agrees that such notice shall be conclusively deemed received by the Borrower without need of any further notice.
    4. The Borrower hereby agrees that nonpayment of the amount owed by the Payment Due Date shall render the Borrower in default and entitles the Bank to take steps to recover the outstanding loan amount in accordance with clause E below.

At our request, you will be required to provide us with your latest financial statements, contingent liability details and any other reasonable information relating to you and/or your financial affairs.


    1. The Bank will approach a dedicated Credit Reference Agency for a credit report on the Applicant in considering any application for credit.
    2. The Borrower authorizes the Bank to access any information available to it as provided by the Credit Agency.
    3. The Borrower also agrees that his/her details and the loan application decision will be registered with the Credit Agency.
    4. In the event the Borrower wishes to access the credit report, the Bank will advise the Borrower of the contact details of the relevant credit agency and the Borrower waives any claims he/she may have against the Bank in respect of such disclosure.

        Default in terms of this Agreement will occur if:

    1. The Borrower fails to make repayment in full, on or before the payment date in accordance with the monthly repayment plan given to the Borrower;
    2. Any representation, warranty or assurance made or given by the Borrower in connection with the application for this loan or any information or documentation supplied by the Borrower, is later discovered to be materially incorrect; or
    3. The Borrower 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.

If the Borrower 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 Borrower. Where the Borrower fails to honor 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 borrowing interest rate.
    3. Following the borrower’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 Borrower and is under no obligation to inform the Borrower before such proceedings commence.
    5. The Bank will be entitled to terminate this Agreement (after service of any notice required there under) if the Borrower 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 Borrower 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 Borrower responsible for all legal costs and expenses incurred by the Bank in attempting to obtain repayment of any outstanding loan balance owed by the Borrower. Interest on any amount which becomes due and payable shall be charged in accordance with sub clause 2 above.

The Borrower 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 Borrower 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 Borrower 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.