Salary Advances
Funds advanced to cover emergency and unforeseen expenses and expected to be
recovered from the same month s salary. Also known as pay day loan or a cash advance.
Target Market:
- Salaried employees whose employers have accounts with Bank of Africa.
- Salary account holders whose employers are pre- approved by the bank.
- Individuals
Benefits:
- It is a short term unsecured cash advance aimed at meeting a shortfall within the month.
- Short processing period
Features:
- It is a short term unsecured cash advance aimed at meeting a shortfall within the month.
- Salary advance not to exceed 50% of net income
- Salary advance to be repaid within one month i.e. on the next pay day. (For more senior staff, we could consider three months repayment on a case by case basis)
- Employer’s confirmation of employment terms and commitment to send the staff’s salary to BOA.
- Applicant and/or Employer to have ran an account with BOA for at least three months.
Required Documents:
- Three months payslip
- Letter from employer
- Original ID or passport
- Advance application form
Opening an Account
Click below to:
Print Account Opening Forms
Locate the nearest Bank of Africa branch
Send an e-mail to obtain further information