Ekondo Asset Acquisition Scheme (EKAAS)

A direct and personal service delivery to customers A dynamic approach to assets acquisition

Introduction –

Our recognition of the escalating cost of household items caused by a high rate of inflation and the need to acquire your dream assets without having to deplete your disposable income are reasons behind Ekondo Asset Acquisition Scheme (EKAAS). This scheme affords our customers the unique opportunity of acquiring assets of choice and still maintain their standard of living.

EKAAS is open to employees in both public and private sectors.

Special Features –
  • EKAAS affords salary earners the unique opportunity of acquiring domestic appliances/household items without the full cash back-up
  • All you need to contribute is 30% of the cost of the assets plus insurance
  • Applicant’s Gross Annual Income must be at least 200% of the cost of assets
  • Convenient repayment period between 6-24 months
Benefits –
An opportunity to acquire new assets without financial stress.

Competitive and attractive interest rate.

Convenient repayment terms.

To qualify for EKAAS –
  • Open an account with Ekondo Bank and run it for 3 months
  • Minimum contribution of 30% cost of assets plus cost of insurance by the customer
  • Submission of letter of introduction from customer’s employer and a copy of letter of confirmation of appointment.
  • Irrevocable assignment of applicant’s salary to Ekondo MFB
  • Repayment will be tied to terminal benefit of customer
Assets for Acquisition:
  • MotorcyclesMotor Vehicles
  • Generating Sets
  • Deep Freezers
  • Refrigerators
  • Television Sets
  • Washing Machines
  • Microwave Oven
  • Gas Cookers
  • Air Conditioners
  • Satellite Dishes
  • Personal Computers
  • GSM Handsets
  • Sewing Machines
  • Photocopiers
  • Electronics (e.g. Compact Disc Players)
  • Laptops

Application Requirements:

    Identification of asset to be acquired
    Vendors’ proforma invoice obtainable from EKAAS partners
    Completion of EKAAS request form

Ekondo Saving Scheme

Ekondo Rainbow Savings (ERS)

This is fashioned to enable customers to develop the habit of savings. Small savers are encouraged to save.

Features

  • Initial deposit is N500
  • Maintain a minimum balance of N10,000 within 3 months
  • Interest payable is 2% above average saving rate

Benefits

  • Customer enjoys higher interest on savings
  • Simple account opening procedure
  • Balance on account serves as collateral for loans

Application Requirements:

  • Two passport photograph
  • A means of identification.
  • A minimum initial deposit of N500
  • Fill out an Account Opening Form
  • Fill out a Specimen Signature Card (Personal Account)
  • Fill out the Introduction Form

Ekondo Target Savings (ETS)

This is to encourage customers to save for a particular purpose, such as Pilgrimage, Christmas, Easter, School/Education, Weddings, purchase of shares, etc.

Features

  • An agreed amount is saved by the customer either daily, weekly or monthly
  • Attractive interest rate to be paid
  • Initial minimum deposit is N1,000
  • Simple account opening procedure

Benefits

  • Customers are insured against possible death during the target period
  • Customers meet their needs requirement with ease
  • Attractive interest rate to be paid

Application Requirements:

  • Two passport photograph
  • A means of identification.
  • A minimum initial deposit of N1,000
  • Fill out an Account Opening Form
  • Fill out a Specimen Signature Card (Personal Account)
  • Fill out the Introduction Form

Ekondo Shares Acquisition Scheme

Deposit 50% of the cost of preferred shares/stocks and get the shares purchased in your name.

Features

  • The client saves 50% cost of the preferred shares/stocks he or she wants to purchase.
  • The balance (50%) cost shall be contributed by the bank
  • Certificate is held by bank until the 50% is repaid.

Benefits

  • The client is empowered to purchase choice stocks/shares and the quantity desired
  • Enjoys expert advice on the type of shares to be purchased
  • Guaranteed high return on investments

Application Requirements:

  • Must be operating a current account
  • Must have a sure source of repayment other than the proceeds of sales of the shares.

Ekondo Investment Note

Ekondo Investment Note (EKIN) is a product whereby savers invest in a high-yield aggressive account. with an interest rate twice as high as the base rate of a normal savings account.

Features

  • The money is kept in for a tenure of either 90, 180, or 365 days
  • Interest rate is twice as highs as the base rate of a normal savings account
  • Minimum balance is N50,000

Benefits

  • Most attractive interest rate to be paid from any product
  • Simple and straightforward account-opening procedure

    • Guaranteed high return on investment

Application Requirements:

  • Must be either a saving or a current account holder.

Ekondo Savings Plus

The Ekondo Savings Plus (ESP) is a daily savings scheme targeted at traders and other group of savers who have the culture of daily savings but would rather do it from the convenience of their shops, offices, houses or business premises. The tenor of this savings will be as determined by the saver from the inception of the program but not less than two (2) months. The amount to be saved is flexible depending on the savers capability but not less than N200 per day.

General Procedures

  • A Field Officer would prospect for customers
  • On identifying a potential customer, the FO gets the prospect to execute account opening forms and agree with the customer the tenor of the savings and daily amount to be contributed
  • On getting to the Bank/Branch, the account will be set up with a different transaction radix from existing ones
  • The FO maintains a register of daily savings which must tally with the amount being lodged
  • Recommended interest rate for ESP is 6%p.a which is our usual savings account interest rate
  • Interest is paid monthly

Security

To mitigate against the risk of diversion and for control purposes, each saver will have to turn in his/her card for reconciliation and endorsement by an Internal Control Staff on a monthly basis.

Benefits

  • A more secured way of saving
  • The convenience of banking facility within the comfort of his/her house, shop or business premise
  • Earns interest rather than payment of service charge
  • Attractive interest rate
  • Savings can serve as collateral security to enable customer overdraw a current account
  • Easy to operate.

Application Requirements:

  • Two passport photograph
  • A means of identification
  • Fill out an Account Opening Form
  • Fill out a Specimen Signature Card (Personal Account)
  • Fill out the Introduction Form

Merchant Account

Application Requirements:

  • Fill out an Account Opening Form
  • Fill out a Specimen Signature Card (Merchant Account)
  • Fill out two Introduction Forms