Community Financing for Micro Traders in Africa

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Frequently Asked Questions

A micro-lending company provides credit access to micro traders for a specific period at a fixed interest rate.

Micro-lending operates through the following processes:

  1. Fill out the application form
  2. Submit necessary documentation
  3. Undergo due diligence
  4. Receive loan disbursement

Rural micro traders often lack financial statements needed for credit approval at commercial banks. However, a micro lending company does not require these criteria for accessing credit.

The requirements to qualify for a loan are:

  • Good credit records
  • Guarantor
  • Means of identification
  • Passport photograph
  • Evidence of business ownership

You can borrow amounts ranging from ₦50,000 to ₦500,000 from our company.

Our interest rate is 6%

It takes less than 24 hours to get a loan approved

Yes you can apply for a loan online or by downloading our mobile app on the google playstore.

The loan comes with no hidden charges, only a transparent processing fee of ₦7,000

 If your loan application is rejected, your processing fee will be refunded

The loan is strictly intended for business use and cannot be utilized for any other purpose.

Our micro lending company offers loans without requiring any collateral.

If you are unable to repay the loan on time, late fees of ₦1,000 per day will apply for defaulters.

 Late fee charges will be attached and will start counting after the last due date

Yes you can repay the loan before the due date

There is No penalty for early repayment

  • You can reach us directly on +234-816-285-6965 or send us a mail at
  • You can also reach to us via any of our social media channels (Linkedin, Facebook, Instagram and X) at @officialcotrust

There are currently no restrictions on the type of businesses that can apply for a micro loan.

Yes we offer financial education or support to micro businesses in our community as well as special programs or incentives for rural micro traders e.g. champions training program

We stand out from traditional banks and other lenders because of the following reasons:

  • No collateral
  • No hidden charges
  • Easy loan process
  • Timely disbursement
  • Flexible repayments
  • Community/Business support

No you can’t apply for multiple loans at the same time

There is no limit to the number of times an applicant can access a loan from us. You can always access a new loan upon complete repayment of an existing loan

Yes, we do report loan repayments to credit bureau. 

As a legally registered company, we follow due process in loan recovery and would not go outside of company and industry ethics stated by law. 

You can also see our Privacy Policy & Terms and Conditions to see how we handle data and operations

You will be unable to apply for a loan if you have poor credit history upon conducting our checks

You have a duration of 1-3 months repayment plan to pick from

You will be unable to extend the loan repayment period

Documents to submit alongside your loan application are:

  • Passport photograph
  • BVN
  • NIN printing

Yes your financial information is kept confidential.

You can also see our Privacy Policy & Terms and Conditions to see how we handle data and operations

You can request for the deletion of your account or data. To do so, see section 21 of our Privacy Policy page or click here

Yes, you can apply for a loan even if you are not a micro trader, but you must have an existing business

At Cotrust, our goal is to empower over 40 million African businesses with the finance to scale their businesses.


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