Device financing – How it works

  • Qualifying criteria

    •     Needs to earn a monthly salary

    •    Must have a bank account (if it is a Savings Account, the client must provide a guarantor who has a Current Account)

  • Limits

    Minimum load of ₦ 100 000 and maximum load of ₦ 4 000 000

NOTE: Clients who do not have a Current Account would be expected to provide a guarantor with a Current Account as the guarantors cheques stand as a guarantee


How the Process works?


1) Customer decides what product he/she wants
2) Complete loan application form and submit to iStore
3) The Device Finance partner who will collect and process the completed forms
4) You will need to pay one current dated cheque for the first month’s instalment and seven post-dated cheques for the remaining seven months
4) The loan value will be inclusive of 5% insurance which is mandatory and covers physical damage (physical damage is not covered under standard warranty)


  • Required documents for Guarantor:

    •    Duly completed form

    •    1 x passport photograph (Guarantor to write name of the photograph)

    •    Agreement form

    •    Employer’s Identity Card

    •    One month certified bank statement (State BVN number)

    •    Postdated cheques

    •    2 x cheques for 6 moths tacitly tenor

    •    3 x cheques for above 6 months facility tenor

    •    Official e-mail address

  • Required documents for individual:

    •    Formal letter of Application for the facility stating the amount, purpose of the      facility, tenure, source of repayment and proposed security.

    •    Personal profile (CV)

    •    Pay slip (6 months)

    •    Copy of employment letter

    •    Stamped statements for 6 months

    •    Copy of employer’s ID card or other means of Identity and two passports

    •    Most recent utility bill

  • Required documents for corporate:

    •    Application Letter on Company Headed Paper stating intent to acquire lease      facility for stated equipment

    •    Two Passport photograph of the Authorized Signatories

    •    Memorandum and articles of Association

    •    Certificate of Incorporation

    •    Corporate and Management profile

    •    Board resolution requiring the company to take on the lease

    •    Most recent Audited Financial Statements or Management Account for current      period

    •    Original Signed and Stamped Bank Statement for the last Twelve (12) months

    •    Tenancy Agreement (where utility bill is not in applicant name)

    •    Most recent Utility bill

Frequently Asked Questions

  • 1. Pre-qualification Questions

    Do you earn a monthly salary?

    How much do you earn on a monthly basis?

    Do you have a Current or Savings bank account?

    Is it Savings or Current? (In the case of savings account, the client would have to provide a guarantor who has a current salary account)

    Are you a Nigerian citizen?

    Are you currently servicing a loan(s)?

  • 2. Who is a salary earner?

    A person who works with a registered and reputable organisation, operates a bank account and receives a regular and consistent payment every month.

  • 3. Do we offer business owners loans?


  • 4. Who is the Financial Service Provider?

    Rosabon Financial Services

  • 5. Why do you deal with salary earners only?

    Rosabon Financial Services does not collect collateral from their clients, therefore the cheque of the clients or their guarantors stand as a guarantee to the loans.

  • 6. Is there a single interest rate?

    Every client has a different risk level which is determined by a number of factors. These factors include: Credit history (if the client is currently servicing a loan or has defaulted in a previous loan), tenor and provision of guarantor. Therefore, all clients cannot be granted the same interest rates because the higher the risk level the higher the interest rate.

  • 7. What are the factors that affect interest rate?

    • Credit history (if the client is currently servicing a loan or has defaulted in a previous loan)

    • Tenor

    • Provision of guarantor

  • 8. What is the documentation process?

    When applying for a loan, the client is expected to submit the complete required documentation, before the process can start

  • 9. How long does it take for the money to be disbursed?

    It takes 48-72 hours for the money to be disbursed as long as the client’s required documentation are all complete. NOTE: The transaction cannot move forward until all the required documents are COMPLETE.

  • 10. What happens in the case that the client cannot continue the financing agreement?

    When a client loses his/her job or cannot afford to pay back, the client is expected to inform Rosabon Financial Services before the due date of the next payment. Rosabon Financial Services has a team dedicated to advising on and restructuring of loan payment.