Frequently asked questions

Magajin-Gari Microfinance Bank Limited is a CBN-licensed microfinance bank focused on providing accessible financial services to civil servants, traders, and everyday Nigerians, especially in semi-urban and rural communities across Kwara State.

Yes. Magajin-Gari Microfinance Bank Limited is licensed and regulated by the Central Bank of Nigeria (CBN) with RC No. 338467. Customer deposits are insured by the NDIC.

We are headquartered in Ilorin, Kwara State, and currently operate across all 16 LGAs in Kwara State. We are expanding our agent network and civil servant credit partnerships nationally.

You can open an account in three ways: (1) Dial *367*626# from any phone and follow the prompts, (2) visit any of our agent locations in your LGA, or (3) contact our support team for assistance. You'll need your BVN or NIN to verify your identity.

For a basic account, you need your BVN or NIN. For civil servant credit products, you will also need your staff ID or employment verification letter from your LGA payroll office.

No. Our savings and current accounts carry zero maintenance fees. There are no monthly charges for simply holding an account with us.

Absolutely. You can open and manage your Magajin-Gari account entirely via USSD by dialling *367*626# from any basic phone on any network. No internet or smartphone required.

Loan limits depend on the product: USSD Loans range from ₦5,000 to ₦500,000. Civil Servant Credit goes up to 3x your net monthly salary. Daily Working Capital go up to 50% of your net monthly salary. Limits increase as you build a repayment history with us.

Loan funds are disbursed within minutes of approval. Most applicants receive their funds in under 10 minutes after completing the USSD application.

No collateral is required for our USSD loans, daily working capital, or civil servant credit products. Eligibility is based on your income, BVN/NIN, and repayment history.

If you miss a repayment, please contact us immediately via *367*626# or call our support line. We have a structured restructuring process and do not immediately report to credit bureaus on the first missed payment. Early communication is always best.

A daily working capital is a short-term advance of up to 50% of your net monthly salary, disbursed instantly and automatically repaid when your salary arrives. It's designed to help you cover urgent expenses before payday without stress.

Any registered trader, merchant or business owner civil servant or private sector, with an active Magajin-Gari account and a verified regular income qualifies. You need to have received at least one salary payment through the bank or via a linked account.

Repayment is automatic. When your salary is credited to your account, the loan amount and any applicable fees are deducted automatically. You don't need to remember to repay. It happens seamlessly.

Our USSD code is *367*626#. Dial it from any mobile phone on any Nigerian network: MTN, Airtel, Glo, or 9mobile, to access your account, apply for loans, check balances, and more.

Yes. USSD works entirely without internet or data. It runs over the basic mobile network, so it works on any phone, including feature phones and entry-level devices, as long as you have network signal.

Your mobile network may charge a small session fee (typically ₦5–₦20) for USSD sessions. Magajin-Gari does not charge separately for USSD access. Financial transactions (transfers, loan repayments) carry standard bank transfer fees per CBN guidelines.

Standard savings accounts earn competitive interest rates. Our locked savings product earns up to 8% per annum the longer you lock, the higher the rate.

The minimum opening balance is just ₦500. There is no minimum balance requirement after opening. You can let your balance go to zero without penalty.

Station Saver is our innovative savings product that lets you lock in today's fuel price for future purchases. You deposit funds now, and when you go to a partner station in the future, you pay the price that was locked at the time of deposit, protecting you from price increases.

Our agents are located at LGA secretariats and key market areas across Kwara State. Visit our Contact page to find the nearest agent location to you.

At any Magajin-Gari agent hub you can: deposit and withdraw cash, transfer funds, open a new account, apply for a loan, repay existing loans, pay bills, and get help with any banking queries.

If you're interested in becoming an agent and bringing banking to your community, please contact us via our Contact page or call our support line. We provide full training, onboarding, and the tools you need to get started.

Yes. Deposits with Magajin-Gari Microfinance Bank are insured by the Nigeria Deposit Insurance Corporation (NDIC). We are a fully licensed and regulated CBN institution.

Contact us immediately by calling our support line or visiting the nearest agent location. You can also dial *367*626# and select the security option to freeze your account instantly. Never share your PIN or OTP with anyone. Our staff will never ask for this information.