The First Trader Solution is a short-term overdraft facility offered to traders in pre-approved market locations who deal in fast moving goods. It comes in two variants; the Main FTS (180-day variant) and the Exceptional FTS (90-day variant).
- Available to traders that deal in fast moving goods.
- Tenor is either 90 days or 180 days
- Maximum Loan amount is N5m
- No collateral is required for the 90 days variant.
- Collateral for the 180 days variant shall be equitable mortgage on shop title documents to cover 200% of facility amount.
- Requires opening of a Charged Savings account with opening amount of 5% of the facility amount. There will also be subsequent deposits as shown below:
- 0.5% of the loan amount daily throughout the tenor of the 180 days facility.
- 1% of the loan amount daily throughout the tenor of the 90 days facility.