Frequently Asked Questions

Below are some of the frequently asked questions, please click on any tab to view an answer to each question.

Who owns Purplemoney Microfinance Bank?

Purplemoney Limited a subsidiary of Purple Capital Partners Limited.

Is Purplemoney Microfinance Bank licensed?

Yes, Purplemoney Microfinance Bank Limited is licensed by the Central Bank of Nigeria.

Who controls the operations of the Bank?

The bank operates under the guidelines of the Central Bank of Nigeria.

Do I have to get to any Purplemoney MFB branch to transact business?

No, as soon as you open your account with the Purplemoney MFB with your account details given to you, you can walk into any STANBIC IBTC BANK BRANCH to make a withdrawal or deposit into your account.

Who can operate account with Purplemoney Microfinance Bank?

Everybody can operate an account with us - Individual, SME, Group, Children etc.

What are the benefits of having a banking relationship with Purplemoney Microfinance Bank?

(1) Access to Micro/Small/Medium loans to assist you in growing your business. (2) Run your account with the bank regularly making deposits and and withdrawals as you desire with the followings ATM Card, Online Transfer, Funds Transfer, Salary Payment.

What account type can I operate with Purplemoney Microfinance Bank?

a. Purple Saving Account
b. Royal Saving Account
c. Royal Kids Account
d. Purple Target Plan

a. Current Corporate Account
b. Current Individual Account
c. Staff Salary Account
d. Queens Account

a. Term Deposit - Corporate
b. Term Deposit – Individual

Can my cheque go through clearing?

Yes, your cheques can go through clearing through our corresponding bank.

How long do I need to operate my account before I can obtain a loan from Purplemoney Microfinance Bank?

You need to operate your account for a minimum period of 12 weeks before you can be considered for a loan.

Are my transactions with Purplemoney Microfinance Bank affected by the cashless policy?

Yes, all policies on cashless banking extends to all customers of Purplemoney Microfinance Bank.

Can I issue my cheques to a 3rd party for payment?

Yes, you can issue your cheques to a 3rd party for payment across the counter or through clearing.

Can transfer be done from my account with Purplemoney Microfinance Bank to a third party bank?

Yes, you can do an online transfer or a written instruction stating the beneficiary bank details; beneficiary’s bank, account number, branch and the amount to be transferred.