Frequently Asked Questions & Answers
1. Is the name of the Bank, Hasal or Hasusu?
The name of the Bank is Hasal and not Hasusu. Hasusu is a savings product offered by the Bank

2. Who are the owners of the Bank and how old is it?

The Bank is wholly owned by individuals. The Board of Directors is chaired by Prof. Ndi Okereke-Onyiuke, while Rogers A.I Nwoke is the Managing Director. To view the profile of the Board of Directors, click the “About Us” session of this website. The bank was licensed in September 2008 and started operations October of the same year.

3. Does Hasal give loan?

YES! Hasal gives loan to support the economically active but financially handicapped of the society, thereby providing financial support to help people, especially those at the bottom of the pyramid. The Bank also supports Small and Medium Scale Enterprises projects to enhance the economic growth of the country. Hasal MFB is also into gender initiative programmes such as empowering market women involved in petty trading.

4. What are the requirements for obtaining a loan from the Bank?

The requirements for obtaining a loan from the Bank vary depending on the type of loan the customer is applying for. However, one dominant requirement is that, the applicant must have an account with the Bank and must have operated the account for at least one month. The requirements for obtaining loan from the Bank are contained in the ‘Customer Service’ session of this website.

5. Does Hasal provide ATM/online/SMS Alert banking services?

These services are coming soon.

6. What is the maximum loan amount and tenor for loan repayment

An account holder who applies for loan states the purpose, amount and tenor in his/her application. But the maximum tenor is 12 months. The repayment time is also determined by the type of loan being applied for and the financial capacity of the loan applicant. There could be flexibility in interest and principal repayments.

7. Does Hasal provide mortgage facility?
NO! Anybody who wishes to obtain a loan for this purpose is expected to approach a mortgage finance institution.

8. Who are HASAL customers/ who can bank with HASAL?

The Bank’s customers cut across all strata of the society including large, small and medium scale enterprises, corporate organizations and individuals.

9. How long does it take to get a loan from HASAL Microfinance bank Limited?

Application for loan is usually treated within 48 hours depending on the completeness of the loan application documents of the applicant. See customer service desk for requirements for obtaining a loan.

10. Can loan be granted to someone who does not have an account with the bank?

NO! This is because there is need for both parties to know themselves before any further banking relationship, which is the doctrine of KNOW YOUR CUSTOMER (KYC).

11. How does Hasal cheques go for clearing/can customers withdraw any where in the country?
Our cheques go for clearing through the Bank’s correspondent banks. YES! Our customers can withdraw anywhere in the country either with the ATM card or cheque.

12. Will my landed property I use as collateral be sold off?

NO! Your property will only be sold off when you default and the time for grace elapses.

13. What is the maximum amount I can deposit in your bank?

There is no maximum amount. The name microfinance does not mean we are a small bank. It only refers to the market we serve. There is no limit to the amount of deposit we can accept, either as fixed, call or normal deposit.