SmartTeller

Terms & Conditions

1.       Eligibility

This product is only available to active corp members and graduates who are no more than 2 years post-NYSC.

2.       Investment Threshold

All customers must invest a minimum of N100,000 by the end of their service year to be eligible for venture capital funding. Post NYSC customers must invest a minimum of N100,000 by the end of a 12 months’ period.

3.       Monthly investment threshold

Average monthly investment must not be less than 10,000 naira.

4.       Investment Frequency

Contributions to the investment accounts must be made monthly.

5.       Investment Frequency

Customers can go no more than a cumulative two (2) months period without making the required contribution to their investment account.

6.   Investment Type

Customers who opt for the classic investment are eligible to receive 12% interest per annum on their investment at the end of the period.

7.   Investment Type

Customers who opt for the venture funding investment receive 10% interest per annum on their investment.

8.   Venture Fundinge

Venture funding is available at a maximum of N150,000 per corp member (i.e. 150% of total investment)

9.   Venture Fundinge

Corp members are eligible for venture funding upon submission and approval of a viable business plan.

10.   Venture Fundinge

Business plans will be reviewed and ranked based on uniqueness, demonstration of insight into proposed market, sufficient knowledge of basic business organic functions, adequate understanding of technical and financial requirements, a deep understanding of the critical success factors and associated performance indicators, key risks and the associated mitigants, an appreciable understanding of an implementation roadmap, and feasibility of business idea.

11.   Repayment Period

Funds will have a repayment period of 24 months with a 6 months’ moratorium.

12.   Interest

Interest is gross of withholding tax.

FTB
SmartTeller
Lagos, Nigeria
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