Top IPPIS Loan Providers in Nigeria

The Integrated Payroll and Personnel Information System (IPPIS) is a system put in place to monitor federal civil servants of the Federal Republic of Nigeria. This system consolidates and automates public servant payroll, improving accuracy, expediting payment processing, and minimizing administrative burden. Additionally, it helps the federal government in identifying and eliminating ghost workers from the public service system. The administration of President Umaru Musa Yar’Adua introduced this system in 2007. IPPIS Loans aim to provide financial support and assistance to federal government employees who are under the system’s payroll. IPPIS loans aim to bridge the financial gap for government employees by offering a quick and easy way to access cash. This can potentially improve their financial security and well-being. There are a few IPPIS loan providers available in Nigeria. Many are not federal government-affiliated; that is, they are private financial companies. Let’s discuss these loan providers.

Top IPPIS Loan Providers in Nigeria

1. Nolt Finance: One of the financial companies offering IPPIS loans to civil servants in Nigeria. NOLT Finance offers loans ranging from ₦100,000 to ₦5,000,000. The loan tenure also ranges between three (3) to twelve (12) months. Interest rate varies; that is, depending on the loan amount and loan tenure requested. Upon request, a loan application takes about six (6) hours for processing and approval. To qualify for a NOLT IPPIS loan, the following are requirements you must meet:

• Passport Photograph 
• Staff I.D Card
• National Identity Number (NIN) card
• Recent payslip
• Bank Verification Number (BVN)

To apply for this loan:

• Visit NOLT Finance loan application portal
• Fill in your personal information
• Also, fill in your Next of Kin information
• Click on Next to access the loan application page
• Follow the prompt and wait for approval/feedback
• You can also download the NOLT Finance mobile app on Google Play Store or Apple App Store and proceed with your application.

2. Mutual Benefits Microfinance Bank: The Mutual Benefits MFB IPPIS loan falls under the Microfinance Bank’s consumer banking category. As highlighted on the website, here are a few benefits of these loans:

• Regular income earners can meet their unanticipated expenses
• Domiciliation of borrower’s salary account is NOT compulsory
• Improved lifestyle
• Improved income-generating capacity
• Opportunity for customers to hedge against price inflation

Mutual Benefits MFB IPPIS loans are categorized into two; Eazi Petty Cash and Eazi Cash. The features are as follows:

Eazi Petty Cash:

• Account Opening: Opening of a ₦3,000 hybrid account.
• Product Amount: Minimum of ₦50,000 and maximum of ₦100,000 (subject to capacity)
• Tenor: Maximum of six (6) months.
• Documentation: Borrower’s six (6) months bank statement of salary account, photocopy of employment letter/confirmation letter/promotion letter/recent salary review and office ID card.
• Securities: Borrower’s repayment cheques (where unavailable, the Account / Relationship Officer’s Personal Guarantee would suffice) and Guarantor’s single cheque (as back-up for default).
• Repayment: Monthly instalments (principal + interest). Subject to a maximum of 33% of the borrower’s monthly net salary.
• Guarantors: Two (2) credible guarantors, one of which must be from the borrower’s workplace.
• Processing Time: 24 Hours. Once the requirements are met.

Eazi Cash:

• Account Opening: Same as Eazi Petty Cash.
• Product Amount: Minimum of ₦100,000 and maximum of ₦500,000 (subject to capacity).
• Tenor: Maximum of nine (9) months.
• Documentation: Same as Eazi Petty Cash.

To apply for Mutual Benefits MFB IPPIS Loan, visit the loan application portal and provide all necessary information.

3. Mutual Trust MFB: Mutual Trust Microfinance Bank offers loans to employees under the IPPIS payment system; they call it “10 hours Prompt Loans”. All you have to do to apply for this loan:

• Visit the Mutual Trust MFB website
• Navigate to Loans and select 10 hours Prompt Loans
• Click on Apply Now
• Fill in your personal information which also includes your employment details. You will also need to upload documents to complete your application.
• Fill in your bank information in stage two (2) and proceed.

Features and Benefits of Mutual Trust MFB Loans:

• Twenty-four (24) months repayment tenure
• Interest rate ranging from 3% to 4%
• Upon request and meeting requirements, loan approval takes ten (10) hours.
• Loans range from ₦100,000 to ₦10,000,000.

Requirements:

• Be a federal civil servant
• Be enrolled with IPPIS
• Have a good monthly net pay
• Bank Verification Number
• Recent Pay Slip
• Bank Statement
• NIN

Generally, all IPPIS loan providers require you to provide a recent payslip, employment letter and IPPIS number to show that you are officially employed by the federal government of Nigeria.

Read Also, Types of Zedvance Loans Available