Pensioners' loans (Wastaafu Loans) are loans issued to retirees or pensioners where their future pension payments are used as collaterals.
Under this type of loan, the pensioner will receive a lump sum of money repayable by certain amount of his/her pensions and/or other reliable sources of income like rent income with valid lease agreements, viable businesses etc
This credit programs currently covers pensioners from PPF, PSPF, LAPF, HAZINA NSSF and ZSSF.
- No tangible security is needed
- Assists retirees to increase working capital for their small and medium business projects
- Enables retirees to obtain capital funds for establishing small businesses
- Provides finance to support retirees unfinished building projects
- Enables pensioners to pay schools fees for their children and grandchildren
- Provide finance to retirees for medical treatment and other personal commitments
- Procedures for processing pensioners loan applications are very simple
- Fate of applications is provided within a shortest possible time
- Pensioners will still enjoy half of their monthly pension
- Does not require the pensioner to provide any tangible security
- The loan is insured against death or permanent disability of a pensioner thus, the liability will not bind members of his/her family