Refuge Finance for Professionals (REF-P) is a risk asset product designed for individual professionals. It is meant to create a strong bond between the clients and the bank through support and financing.


  • Minimum opening and operating balance of =N=100,000.00
  • Account is open to everyone in paid employment
  • Account can be used to access facility for land purchase, renovation and rent payment
  • Facility to be secured by employer’s guarantee or in the absence of this, it should be secured by two guarantors from a commercial bank
  • Life insurance on the obligor for the duration of the facility
  • Job loss insurance on the obligor for the tenor of the facility. The premium will be paid by the obligor
  • Maximum tenor of 6 months
  • Obligors in banks and other financial institutions must be of assistant manager grade and above
  • Facility to be disbursed directly to landlord in the case of rent payment
  • Maximum of =N=10,000,000.00
  • Interest rate of 28% per annum
  • Maximum upfront fees of 3% flat
  • Facility to be disbursed directly to landlord
  • Repayment tied only to salary
  • Repayments must be through cheques or irrevocable standing mandates
  • Maximum turnaround time of 24 hours subject to submission of all necessary documents


  • A signed application letter
  • A filled application form
  • Verification of request
  • Credit checks on 2 credit bureaus i.e. XDS and CRC
  • Letter of introduction and guarantee from employer where required
  • Six months bank statement of salary account
  • Proof of employment i.e. offer letter, confirmation letter, e.t.c.


  • Duly accepted offer letter
  • Letter of guarantee from 2 eligible (eligibility will be measured by the amount earned in relation to loan request and other credibility variables) guarantors where required. Including employment identity cards, 1 passport photograph each
  • Undated cheques from obligor for tenor of the facility or verifiable evidence of irrevocable standing mandate
  • Payment of upfront fees
  • 2 Undated cheques each from guarantors for full amount and interest
  • Life and job loss insurance policy for obligor