Social Impact Deposit

Other than the attractive interest on deposits, depositors are also entitled to nominate a child from a low-income household for LAPO Scholarship award.

SID Account features

The Social Impact Deposit (SID) Account is a deposit product designed to empower the vulnerable and the economically active poor in the society. The SID Account is an innovative deposit and investment platform that provides individuals with the opportunity to make deposits with Riverside Microfinance Bank that can be used to improve on the social needs of low-income individuals.

The SID Account will be targeted specifically at economically active poor individuals in Nigeria. With a minimum deposit of N200,000 and a minimum tenor of 6 months, savers in return are rewarded with attractive interest that comes with the account. Besides the attractive interest on deposits, the depositor is also entitled to nominate a child from a low-income household for the Riverside Scholarship award.

To open an SID Account today, kindly contact us on: 08028396589.

Features

Account Opening Minimum of N200,000
Payments can be made anywhere nationwide
Expert financial advice available.

Documents Required

Duly completed application form
2 recent passport-size photographs
Current utility bill
A valid means of ID (national ID, driver's license, voter's card or international passport)

Savings account interest rate

Earn interest on your entire account balance with a Social Impact investment Account. That’s cash you earn simply for placing your money in an interest-bearing savings account.

Daily Collected Balance	APY+	Interest Rate
All balances	1.25%	0.10%

Rates are current as of January 1, 2021, and subject to change.

⁺Annual Percentage Yield. Rate is variable and subject to change. Fees could reduce the earnings on the account. Call or visit a branch for more enquiry.

Frequently Asked Questions

How do I open Regular SID Account?

To open a SID account, you need to fill out the account opening form, bring 2 recent passport-size photographs, utility bill and a valid means of identification along to Riverside MfB branch closest to you.

Who can operate SID Account?

Anybody can operate the account.

Where can I open SID Account?

You can open SID Account at any Riverside MfB branch nationwide. Our Client Support Officers (CSO) will be glad to open one for you.

Do I need a guarantor to open a Regular Savings Account?

Find the savings account that's right for you

SAVINGS

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HIGH YIELD SAVINGS

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SAVINGS

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Details you need to make a smart decision

NGN 200 minimum opening deposit required for savings account. Please refer to each product and service for additional details. Additional terms and miscellaneous fees may apply. Products, features and benefits offered with accounts are subject to change at any time. You may vsit our branch for additional details.