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Frequently Asked Questions

How Can I Open a Personal Account?

Everyone is different so one size never fits all. That is why we have a wide range of accounts to fit everyone, regardless of situation or lifestyle.

So whether you want a basic account or one bursting with options, you will find the right account that meets your expectations.

Open An Account Online Here

How Can I Open a Investment Account?

When you consider the advantages that come with a CIT MFB Investment account and the many benefits to your business, coupled with the support and guidance you receive from your ever attentive relationship manager, you would be right to consider it a valuable business asset.

Open an Investment Account Online

How Can I Block and Replace My Card?

If your card has been damaged, misplaced or stolen, kindly call CIT MFBDirect immediately on +234-700-024-8632, 07000CITMFB to block the card.  You can then request a replacement.

Always place your Debit Card away from electromagnetic items e.g. mobile phones.

Can I Generate My Statement of Account Online?

Yes, You Can. If you have registered for Internet Banking.

Otherwise, you can either contact the Contact Center to request that your Statement be sent via your registered email address or visit the nearest CIT MFBank branch to request for your Account Statement.

How Do I Register on CIT MFBank Online?

Click Here: www.citmfb.com, this will take you to our Online Banking Website. Or  Click here to set up Internet Banking by the bottom of the page and proceed with the steps below:

  • Please enter your valid Current/Saving Account number & submit
  • You will get authentication to your mail id or to your mobile phone via SMS
  • You will be asked to enter the Activation Code & submit
  • Once valid activation code has been entered you will be taken to the next screen where you can choose your Username and Password.
  • Accept the Terms & Conditions and submit.
  • Now you are ready to Log on to CIT MFB Online Banking

What is the Current Pricing on the CIT MFB Online Products?

CIT MFB OnlineTransaction TypeTransaction Fee
Intra Bank TransferNo charge
Inter Bank Transfer
Less than N500,000100
Between N500,000 and N1M200
Between N1M and N10M600
Above N10M1000
Bill Payments100
Air-Time RechargeNo charge

Note that in addition to the fees above, Account maintenance charge will apply on Current accounts.

Can I transfer funds to other Commercial Banks?

Yes, you can.

Are There Charges on CIT MFBank Online?

There are no enrolment fees nor monthly or any other periodic charges; however there are transaction charges.

What Investment Products Can I Invest In?

CIT MFBank has two investment products:

1. Fixed Deposit
:

  • Certificate will be issued to investors
  • Minimum Tenor of 30 days
  • Interest on fund is 8% -13% per annum, subject to review
  • Can be used as collateral for loan
  • Minimum investment of N100,000 and Above

2. Investment Notes: A high yield account with

  • Minimum Tenor of 90 days
  • Interest on fund is 12% per annum
  • Can be used as collateral for loan
  • Minimum investment of N100,000 and maximum of N1,000,000

Can I Increase My Investment Whenever I want?

Yes, you can.

For Investment Notes, you can add any amount at any time to your account.

For Fixed Deposit, we will re-invest the sum of your old and new investment for the tenure you choose.

Can I Liquidate Before the End of My Investment Tenure?

Yes, you can.

You can liquidate your Investment Note at any time.  Penalty charge on liquidation before maturity will be taken on the principal if interest has been taken upfront.

However, Liquidation before maturity will attract a penalty of 20% on the accrued interest on Fixed Deposit accounts.

Can I View My Account Balance Whenever I Want?

Yes, you can.

You can view your account on our Mobile App or Internet Banking or speak to your Relationship Manager for details.

How Safe is My Investment with CIT MFBank?

Your Investment is safe with us.

We are regulated by the Central Bank of Nigeria (CBN) and
Insured by Nigeria Deposit Insurance Corporation (NDIC).

We have a highly skilled team and a 100% payout rate on investments.

How Long Does It take to Get My Money When I Liquidate My Investment?

You will receive your money within 24 working hours of instructing a liquidation.

How Do I Start To Save With You?

Please visit Investment Options and fill the account opening form.

You can also call +234-700-024-8632

How Does CIT MFBank Calculate Interest Rate?

The interest on your investment is calculated per annum and pro-rated to your selected tenure.

Do Any Other Charges Apply On Investments?

All investments are subject to 10% Withholding Tax (WHT).

Am I Eligible for a CIT Loan?

To Qualify for a loan, you must be:

⇒ Be between 25 – 59 years old
⇒ Have a verifiable source of income
⇒ Live and / or work in cities where we operate
⇒ Have a savings or current bank account with any commercial bank

How Much Can I Borrow and For How Long?

You can get up to N5Million for 12 months.

How Do I Apply?

Please follow this link @ www.citmfb.com to apply or call +234-700-024-8632

How Long Does It take To Process a Loan?

Your loan process can be completed in 48 hours provided all documents are valid & presented on application.

What Documents Do I Need to Apply for a Loan?

You Need Your:
1. Bank Statement
2. A Government issued ID card
3. Utility bill (optional)

Why Does CIT MFBank Need My BVN?

This is a CBN policy applicable to financial institutions as part of KYC requirements.

Do You Perform a Credit Bureau Check?

Yes, we do.

Why Can You No Longer Process My Application?

Based on the information provided by you, you do not meet the minimum requirements to access a loan.

Why Was My Loan Request Not Approved?

Based on the documents provided by you, you do not meet the full requirements to access a loan.

How Does CIT MFBank Calculate Interest Rate?

We use a Risk Based Pricing model which estimates the risk of lending to each applicant and prices accordingly.

How Long Can I Pay Back My Loan?

Our maximum loan repayment tenure is 12 months.

If My Request is Approved, When Will I Get My Loan?

Once your application is approved, you will receive funds within 24-48 hours

I Receive My Salary in Cash, Can I Apply for a Loan?

We will require your salary bank statement to process your application.

I am a Student, Can I Get a Loan?

You must be over 25 years and have a regular source of income to apply for a loan.

How Can I Send My Bank Statement to You?

You can do this through different ways:
1. Internet Banking: Walk into any CIT MFBank branch & print your statement.
2. Your Bank: Ask your bank account officer to print your statement.
3. Attach a soft copy of your stamped & signed bank statement to your loan application.

This is still subject to verification.

I Am Self Employed with a Good Cash Flow, Why Was I Declined?

Based on the documents provided by you, you do not meet the full requirements to access a loan.

Why Was I Offered Less Than What I Applied For?

Your debt-to-income ratio may not be able to accommodate your loan request.

How Do I Get Confirmation That My Loan has been Approved

1. Your account officer will inform you once your loan is approved.
2. You will also get an SMS Alert on your phone

How Do I Make My Loan Repayments?

Cash Deposit or Transfer into any of these designated accounts:
Bank:
Bank:
Cheques: The cheques deposited as part of your loan documentation will be presented to your bank on your due date. Please make sure you have enough funds to cover repayment.

Why Do I Have To Go Through The Loan Process Again As A Returning Customer?

If your initial documents are still valid, we will only need your recent bank statement (3 months).

I Changed My Job, What Do I Need To Do?

Please send your new offer letter to info@citmfb.com

Can I Extend My Loan Tenure?

Yes you can.

Please send an email to info@citmfb.com

Can I Borrow More In Addition To My Existing Loan?

Yes, you can apply for a top-up loan.

Please contact your account officer with your request.

Can I Take Multiple Loans?

You can have one active loan and take a top-up on your existing loan.

How Long Do I Have To Wait After Paying Off A Loan Before Reapplying For A New Loan?

You can apply for a new loan immediately after or during the tenure of your existing loan

Can I Make Part Or Full Payment Before My Loan Repayment Date?

Yes, you can using any of the options below:

1. Cash deposit or transfer into any of these designated accounts:
Bank:
Bank:

2. Cheques: The cheques deposited as part of your loan documentation will be presented to your bank on your due date.

Please make sure you have enough funds to cover repayment.

What Happens If I Can’t Meet Up My Repayment Date?

Please send an email to info@citmfb.com

Can I Skip A Repayment?

Please send an email to info@citmfb.com

Why Is My Repayment Unsuccessful?

If the payment details you supplied to CIT MFBank has changed, incorrect or not funded, your repayment will be unsuccessful.

What Is Your Default Rate?

Our current default rate is 0.03%.

What Is Your Default Rate?

Our current default rate is 0.03%.

How Do I Know My Current Outstanding Balance?

Please send an email to info@citmfb.com

My Salary Has Been Slashed/Reduced; What Do I Do?

Please provide evidence of your salary change from your employer via email to info@citmfb.com and restructure your loan repayment with us.

How Do I Change My Repayment Date?

Please send email or letter from your employer stating change in your salary date to info@citmfb.com

How Do I Change My Repayment Instrument?

Please visit any of our branch and a representative will attend to you.

What Happens To My Cheque After I Finish Paying My Loan?

We will return your cheques after your loan has been repaid. Please send an email to info@citmfb.com

Can I Pay Before My Repayment Date?

Yes, you can. Please make payment 72 hours before your repayment date and send email to info@citmfb.com