Inventory Financing
LPO Financing
Frequently asked questions
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Yes, if you are a distributor and you have a good financial and credit history.
Duration Interest rate
30 days - 2 to 2.5% per month
No. However, you would need the following:
- Letter from you to supplier asking them to only accept payment via Obtainly.
- Undated cheque
- Remita direct debit instruction
- A guarantor is only needed if your supplier doesn’t have an MOA with Obtainly and you need more than 2 million naira.
We can also accept Bank Guarantee or Credit Insurance instead of the undated cheque or Remita direct debit.
Suppliers that have an MOA (Memorandum of agreement) with Obtainly get better terms. For instance, they do not need a guarantor even for credits above 2 million naira. To know if your supplier has an MOA, simply reach out to your Obtainly contact person or send an email to [email protected] to ask.
Up to 30 Million naira, depending on your credit limit. Your credit limit is the total amount of money that can be given to you as credit to purchase inventory. It is calculated by reviewing your bank statements, purchase history and credit report.
30 days
You make a transfer to the Obtainly payback account provided to you on or before the due date.
Obtainly virtual accounts are used to disburse funds to your supplier. This means that any amount of money paid into the virtual account would automatically flow into your Supplier’s bank account. However, if you already have a due funding, when you pay into the virtual account, the amount owed would be deducted, then whatever you have left would flow to your supplier’s account. If there is no due funding, the entire amount transferred into the virtual account would be sent to your supplier's bank account immediately.
To complete your profile, you need the following documents:
- CAC Documents ( Certificate, Form CAC2/CAC7 or Status report, Memorandum and articles of association)
- Identification card of applicant (Driver’s license, NIN, international passport or voter’s card)
- Utility Bill not more than 3 months old.
- BVN of applicant.
- Passport photograph of applicant.
- Bank statement for the past 12 months (collected via mybankstatement service)
- Authorization letter to your supplier
- Remita direct debit instruction
- Undated cheque
- Business insurance
After a funding request has been approved, Obtainly releases funds to your supplier on your behalf via the virtual bank account. Click here to learn more about how the virtual account works
If you do not payback after the due date, additional charges would be charged for everyday the payment is late. The additional charges are higher than the applicable interest rate on a daily basis.
If partial payment is made on or after the due date, additional charges would apply to the remaining amount of money that is still due. If partial payment happens before the due date, there would be no reduction or addition to the total amount owed.
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