Applicant information
Terms, declaration and privacy notice.
Please read these terms before submitting an application.
Eligibility
The facility is intended for eligible adults operating or intending to operate a small or home-based business. Applicants must provide valid identification and requested supporting information.
Financing amount
Approved financing may range from ₦25,000 to ₦100,000, subject to need, capacity, assessment and approval. The requested amount may be reduced.
Approved purpose
Financing must be used strictly for the business purpose stated in the application and approved by the Fund.
Financing period
The total period is 12 months: the first two months are for start-up or business development, followed by ten repayment months.
Repayment
Repayment is 10% of the approved amount per month for ten months. Early repayment is permitted, subject to the financing agreement.
Difficulty or default
An applicant who anticipates repayment difficulty must notify the Fund promptly. Any response will follow the approved non-interest financing policy, agreement and applicable law.
Business monitoring
The Fund may make reasonable calls or visits and request photographs, receipts or records to confirm that financing is being used for the approved purpose.
Changes and false information
Material changes to the business must be reported. False, misleading or materially incomplete information may result in rejection, withdrawal of approval or other lawful action.
Non-transferability
Approved financing belongs to the approved applicant and cannot be transferred without written approval.
Serious adverse circumstances
Death, permanent disability or another serious circumstance affecting repayment should be reported promptly and will be handled under the Fund's approved policy.
Non-interest principle
The facility will be administered under the Fund's approved non-interest financing model and applicable regulatory and Shariah requirements. Specific contractual terms will appear in the financing agreement.
Approval
Submission does not guarantee approval. The Fund may approve, reduce, defer or decline an application based on its assessment and policies.
Privacy notice
How applicant information is handled.
Usmaniyya Revolving Fund for the Vulnerable collects the information in this application to assess eligibility, verify identity and business information, communicate decisions, administer approved financing, monitor use and repayment, maintain records and meet applicable legal or regulatory obligations.
Personal, financial and identity information is stored in the Academy’s secure website database and document store. Access is restricted to the named administrator. Information will not be published on the public website. It may be disclosed only when necessary for authorised verification, professional advice, lawful administration or compliance with a legal obligation. Records will be retained only for the period required by the Fund’s record-keeping policy and applicable law, then securely deleted or anonymised.
Applicants may contact the Academy to request access, correction or appropriate deletion of their information, or to withdraw consent where consent is the applicable basis. Withdrawal does not affect processing already lawfully completed and may prevent further assessment or administration of the application.