Empire Trust Microfinance Bank: Accounts, Loans and Services

Empire Trust Microfinance Bank Limited is a Nigerian financial institution that provides banking services to individuals, salary earners, entrepreneurs, small businesses and other customers who need access to savings, credit and investment products. The bank focuses on financial services that can support personal financial management, business development and the needs of small and medium-sized enterprises.

Its services include savings and current accounts, fixed deposits, different categories of loans, mobile banking, internet banking and agency banking. Customers can explore these services according to their financial needs, eligibility and the bank’s applicable terms and conditions.

This guide explains what Empire Trust Microfinance Bank does, how its main products work, the account options it advertises, the types of loans available and what prospective customers should consider before opening an account or applying for credit.

History of Empire Trust Microfinance Bank

According to its corporate information, Empire Trust Microfinance Bank Limited was incorporated on 30 May 2014 under registration number RC 1193892. The bank states that it received its licence from the Central Bank of Nigeria (CBN) on 20 November 2014.

The institution was established to provide financial services to micro, small and medium-sized enterprises, as well as individuals and other customers who need access to formal financial services. Its stated objectives include providing working capital and loans, accepting deposits from individuals and organisations, and supporting economically active people who depend on businesses for their livelihoods.

Microfinance banks serve an important role in Nigeria’s financial system. They can provide savings facilities and credit products to customers whose needs may differ from those of large corporations or customers seeking more specialised commercial banking services.

For a small business owner, access to suitable financing can help cover operating expenses, purchase equipment or support expansion. For an individual, a savings account can provide a structured way to set aside money, while a fixed deposit may offer an option for funds that do not need to remain immediately available.

Empire Trust MFB offers products aimed at these different needs. However, customers should assess each product individually rather than assuming that every account or loan is suitable for every applicant.

What services does Empire Trust Microfinance Bank offer?

The bank advertises several categories of financial products and services. These can be grouped into deposit accounts, investments, loans and electronic banking channels.

The availability, pricing and conditions of individual products may change. Customers should confirm current requirements, fees, interest rates and account terms with the bank before making a financial decision.

Savings accounts offered by Empire Trust MFB

Empire Trust MFB advertises different savings account options. Although the accounts share the general purpose of helping customers save money, their features and intended uses differ.

1. Personal Savings Account

The Personal Savings Account is designed for individuals who want to save money while maintaining access to their funds for ordinary financial needs.

Features listed by the bank include:

• A minimum opening amount of ₦500.
• No account maintenance fee, according to the product information.
• Interest on eligible savings, subject to the bank’s applicable terms.
• SMS transaction alerts.
• Access to account statements on request.
• An ATM debit card.
• Mobile banking facilities.
• Deposits and withdrawals through the bank’s stated correspondent banking arrangements.

This type of account may be worth considering for customers who want a basic savings facility. Before opening it, ask the bank about current interest rates, card charges, transfer fees, withdrawal conditions and any minimum balance requirements not fully explained in the product description.

2. Savings Plus Account

The Savings Plus Account combines selected features of savings and current accounts. It may appeal to customers who want to save while also using some transaction facilities associated with current accounts.

The bank’s published product information lists a minimum opening amount of ₦500 and a minimum account balance of ₦5,000. Other listed features include SMS alerts, mobile banking, an ATM debit card, account statements on request and the ability to lodge cheques or dividend warrants under the product’s conditions.

The product information also states that the account may be used to access loan facilities, subject to the relevant requirements. It distinguishes between lodging cheques and using cheques for clearing, so customers should ask the bank to explain the exact cheque services available before opening the account.

3. Target Savings Account

The Target Savings Account is intended for customers who want to save towards a specific goal. Examples include school fees, festive expenses, household purchases or another planned expenditure.

The bank lists a minimum opening amount of ₦500 and a minimum savings duration of 30 days. Its product information states that a penalty may apply when funds are withdrawn before the minimum period has elapsed.

This account may be useful for people who prefer to separate money for a particular purpose from their everyday spending funds. Before depositing money, confirm how early withdrawals are handled, how interest is calculated and whether any other restrictions apply.

Current accounts for individuals and businesses

In addition to savings accounts, Empire Trust MFB advertises individual and corporate current accounts. Current accounts are generally intended for customers who need regular access to their money and transaction facilities.

Individual Current Account

The Individual Current Account is intended for personal banking needs that may involve frequent transactions and cheque facilities.

Empire Trust MFB lists a minimum opening amount of ₦1,000. The advertised features include cheque issuance, third-party withdrawals, SMS alerts, an ATM debit card, mobile banking and access to account statements on request.

Customers should ask about applicable account maintenance fees, cheque-book charges, minimum balances and transaction limits before deciding whether this account is more appropriate than a savings account.

Corporate Current Account

The Corporate Current Account is designed for organisations that need an account for business-related financial activities. It may be relevant to registered businesses and other eligible corporate customers that need to receive payments, make withdrawals and manage transactions.

The bank lists a minimum opening amount of ₦2,000. Published features include cheque issuance, third-party withdrawals, SMS alerts, ATM card access, mobile banking and account statements on request.

Opening requirements for a corporate account may differ from those for an individual account. A business should confirm the required registration documents, identification details, authorised signatories and other documentation directly with the bank.

Important: These figures are the amounts published in the bank’s product information reviewed for this guide. They should not be treated as a guarantee of current charges or the total amount needed to activate an account. Confirm the latest requirements directly with the bank.

Fixed deposit investment with Empire Trust MFB

Empire Trust Microfinance Bank also advertises a fixed-deposit product for customers who want to place money with the bank for an agreed period under specified investment terms.

According to its published product information, the fixed-deposit option has a minimum investment amount of ₦50,000 and a minimum duration of 30 days. The bank describes the interest rate as negotiable and states that partial liquidation may be allowed subject to conditions.

The bank also indicates that a fixed deposit may be used as collateral when seeking a loan, subject to approval and the applicable terms.

Before placing money in a fixed deposit, customers should ask the bank to provide the following details in writing:

• The applicable interest rate and whether it is quoted annually or for the entire investment period.
• The exact investment start date and maturity date.
• Whether interest is paid monthly, at maturity or according to another arrangement.
• The treatment of taxes or other applicable deductions.
• The conditions, charges or interest adjustments that apply to early withdrawal.
• The process for renewing the deposit or receiving the principal and interest at maturity.

It is important to distinguish a quoted interest rate from the amount an investor will actually receive. The final return depends on the agreed rate, duration, applicable deductions and the conditions of the investment contract. Customers should not assume a particular return until the bank confirms the terms.

Loans available from Empire Trust Microfinance Bank

Empire Trust MFB advertises several loan categories for individuals, salary earners and businesses. The most suitable product depends on the applicant’s employment status, income, credit history, repayment capacity and intended use of the funds.

Payday loans for private-sector employees

The Payday Loan is advertised for employees working in the private sector. Applicants should be prepared to demonstrate their employment status, income and ability to repay the loan.

Before accepting an offer, check the amount that will be disbursed, the total repayment amount, the repayment dates, applicable fees and the consequences of late payment. The amount a person can borrow should be assessed against their actual disposable income rather than salary alone.

Payroll loans for public-sector employees

The Payroll Loan is listed for public-sector employees. Eligibility and repayment arrangements may depend on the applicant’s employment details, income and the bank’s lending criteria.

Applicants should confirm whether their employer or payroll arrangement meets the bank’s requirements. They should also request a clear repayment schedule before agreeing to the facility.

SME loans for business owners

Small and medium-sized enterprises often require financing to manage inventory, purchase equipment, pay operating expenses or support business expansion. Empire Trust MFB lists an SME Loan among its products.

Business owners considering this facility should prepare accurate information about their business activities, cash flow, existing financial commitments and the purpose of the proposed borrowing. The bank may request account statements and other documents to assess the application.

A business loan should be matched to a realistic repayment plan. Borrowing to expand a business can create opportunities, but repayments can also put pressure on cash flow if sales or income do not meet expectations.

Retail loans

The bank also lists a Retail Loan product. Prospective borrowers should contact the bank to establish the precise purpose, eligibility criteria, loan limits, repayment period and pricing of the facility currently available under this category.

The name of a loan product alone does not establish its full terms. Customers should rely on the written offer and loan agreement rather than assumptions based on the product label.

Asset loans

An asset loan may be relevant to customers seeking financing connected with the acquisition of an asset. Empire Trust MFB includes Asset Loan among its advertised products.

The bank’s loan application form requests details related to the asset amount and equity contribution for the relevant application process. Applicants should confirm the minimum contribution, eligible assets, ownership arrangements, repayment terms and any security requirements before proceeding.

Who can apply for a loan?

Empire Trust MFB’s published frequently asked questions identify two broad categories of prospective borrowers: salary earners in private or public employment with a reputable establishment, and business people with a good financial record.

The bank states that the minimum borrowable amount is ₦50,000, while the maximum depends on the borrower’s financial capacity. These published details do not mean every applicant will qualify for that amount or that the same limits apply to every product.

The bank also states that credit checks are required. Approval therefore depends on the applicant’s circumstances and the bank’s assessment, not merely on submitting an application.

Documents that may be required

The bank’s published loan information lists several documents and details that applicants may need to provide:

• A recent bank statement covering at least six months.
• A recent passport photograph.
• A recent utility bill, stated in the bank’s FAQ as not older than three months.
• A valid government-approved identification document.
• Relevant personal identification details, including BVN and NIN where requested.
• Employment or business information.
• Additional documents relating to a guarantor, collateral or the particular loan product, where required.

The exact documentation can differ by loan type. For example, an asset-financing application may require information about the asset and the applicant’s equity contribution. Applicants should obtain the current checklist from the bank before submitting sensitive documents.

How loan applications are assessed

The bank’s published process involves applying, verifying the information supplied and disbursing an approved loan. Its FAQ says approved funds are paid directly into the bank account submitted by the applicant.

The bank also lists standing orders, transfers to a specified commercial bank account and cheques among its stated repayment methods. Customers should confirm which repayment methods apply to their particular loan agreement.

The bank’s FAQ mentions a turnaround of within 24 working hours. This should be treated as a published estimate rather than a guaranteed approval or disbursement time. Verification, incomplete documentation, credit assessment and other circumstances may affect processing.

Mobile and internet banking services

Empire Trust MFB advertises digital channels intended to let customers carry out selected banking activities without visiting a physical office for every transaction.

Its listed channels include mobile banking, internet banking, USSD and ATM cards. The exact functions available to a customer may depend on the account type, registration status, device, transaction limits and the bank’s current service arrangements.

Empire Trust mobile app

The Empire Trust mobile application is advertised as a channel for several financial activities, including:

• Opening an account online.
• Transferring funds.
• Managing savings and investment products.
• Paying bills.
• Purchasing airtime and mobile data.

The app’s published description also advertises a ₦10 transfer fee and says bill payments are available without a transaction fee. These are claims in the app listing, not a guarantee that every transaction or customer will always be charged the same amount. Confirm the current fee schedule and applicable conditions before transacting.

Customers should download financial applications only from trusted app stores, check the developer and app identity, and avoid sharing their passwords, PINs, one-time passwords or other security credentials with anyone claiming to represent the bank.

Internet banking and ATM cards

Internet banking is one of the channels advertised by the bank. Customers should confirm the available functions and registration process directly with the institution.

The bank also lists ATM debit cards among the features of several account products. Card availability, issuance charges, maintenance fees, withdrawal limits and the use of cards on other banks’ ATMs should be checked against the current terms.

Empire Pay agency banking and POS services

Empire Trust MFB also advertises an agency banking service known as Empire Pay POS. Agency banking allows participating agents to provide selected financial services to customers through authorised terminals or other approved channels.

The bank lists the following services for its agency banking operations:

• Cash deposits.
• Cash withdrawals.
• Fund transfers.
• Bill payments.
• Mini-statement generation.

Its published information lists a National Identification Number (NIN), Corporate Affairs Commission (CAC) documents, a utility bill and a passport among the requirements for obtaining an Empire Pay terminal. The exact requirements may depend on the applicant and current programme rules.

People interested in becoming agents should verify the application process, terminal costs, transaction commissions, settlement arrangements, operating conditions and support channels before making a financial commitment. They should also confirm whether any advertised requirements have changed.

How to open an account with Empire Trust MFB

Customers interested in opening an account should first decide whether they need a personal savings account, a target savings product, a current account or a corporate account. Choosing the appropriate account makes it easier to compare requirements and avoid paying for features that are not needed.

The bank advertises online account opening through its mobile application and provides account-opening information through its banking channels. Customers may also contact the bank or visit its stated office to ask about the current application process.

Steps to take before opening an account

Customers should never pay an unofficial intermediary who promises guaranteed account opening, loan approval or preferential treatment. Confirm any charges and payment instructions through the bank’s verified channels.

Empire Trust Microfinance Bank address and contact details

The bank’s official corporate information identifies its registered office as 35 Oba Akran Avenue, Ikeja, Lagos State, Nigeria.

Before visiting the office, customers should confirm its current opening hours and whether the service they require is available at that location. For account-specific issues, use contact details verified through the bank’s official materials and never disclose confidential security credentials over an unsolicited call or message.

What to consider before banking with Empire Trust MFB

Choosing a financial institution involves more than comparing the minimum opening balance or the amount of a loan. Customers should consider the complete terms of the product and how well it fits their needs.

Compare charges and interest rates

Ask for the current schedule of fees, including account maintenance, transfers, ATM card issuance, withdrawals, SMS alerts and any other applicable services. For savings and investments, confirm the interest rate and how it is calculated. For loans, compare the total amount repayable rather than focusing only on the amount offered.

Understand withdrawal and repayment conditions

Some savings or investment products may have conditions that affect early withdrawals. Loan agreements may include repayment dates, fees for late payment and other obligations. Read the relevant terms before committing funds or accepting credit.

Use secure banking channels

Protect your account information and verify the identity of anyone requesting payment or personal documents. Do not share your PIN, password or one-time password. If a transaction appears suspicious, contact the bank through a verified channel promptly.

Check the institution and product details

The bank states that it is licensed by the Central Bank of Nigeria and that deposits in its app-based accounts are insured by the Nigeria Deposit Insurance Corporation (NDIC), subject to applicable coverage limits and conditions. Customers who need to understand the protection applicable to a particular account should confirm the current NDIC coverage rules and the status of the product concerned.

Frequently asked questions about Empire Trust Microfinance Bank

Conclusion

Empire Trust Microfinance Bank Limited is a Nigerian microfinance institution that offers a range of financial products for individuals, salary earners, entrepreneurs and organisations. Its advertised services include savings and current accounts, fixed deposits, several categories of loans, mobile and internet banking, and agency banking through Empire Pay POS.

The most appropriate product depends on the customer’s financial objectives. Someone saving towards a specific goal may prefer a target savings product, while a business may need a current account or eligible SME financing. Customers with funds they can set aside for a defined period may wish to enquire about the fixed-deposit option.

Before opening an account, investing money or borrowing, confirm the current product terms, charges, eligibility criteria and repayment obligations directly with Empire Trust MFB. Reviewing those details carefully can help you make a more informed financial decision.