IBILE Microfinance Past Questions & Answers

IBILE Microfinance Past Questions & Answers

Here are 20 multiple-choice questions about IBILE Microfinance Bank, along with options and the correct answers for each:

What is the full meaning of "IBILE" in IBILE Microfinance Bank?

a) Innovative Banking Institution for Local Empowerment

b) Integrated Banking Initiative for Local Economies

c) Inclusive Banking for Local Enterprises

d) International Bank for Local Economies

Correct answer: a) Innovative Banking Institution for Local Empowerment

Which Nigerian state is IBILE Microfinance Bank primarily based in?

a) Lagos State

b) Rivers State

c) Enugu State

d) Ogun State

Correct answer: a) Lagos State

What type of financial institution is IBILE Microfinance Bank?

a) Commercial Bank

b) Central Bank

c) Development Bank

d) Microfinance Bank

Correct answer: d) Microfinance Bank

IBILE Microfinance Bank aims to provide financial services to which target group?

a) Low-income individuals and small businesses

b) High-net-worth individuals

c) Corporate companies only

d) International investors

Correct answer: a) Low-income individuals and small businesses

What is the core mission of IBILE Microfinance Bank?

a) To maximize profits for shareholders

b) To promote financial inclusion and empowerment

c) To facilitate foreign exchange transactions

d) To offer investment banking services

Correct answer: b) To promote financial inclusion and empowerment

IBILE Microfinance Bank offers which of the following services?

a) Mortgage loans

b) Insurance policies

c) International remittances

d) All of the above

Correct answer: d) All of the above

Which regulatory body supervises and regulates IBILE Microfinance Bank?

a) Central Bank of Nigeria (CBN)

b) Securities and Exchange Commission (SEC)

c) Nigerian Deposit Insurance Corporation (NDIC)

d) Federal Inland Revenue Service (FIRS)

Correct answer: a) Central Bank of Nigeria (CBN)

How many branches does IBILE Microfinance Bank currently have?

a) 5 branches

b) 10 branches

c) 15 branches

d) 20 branches

Correct answer: c) 15 branches

Which of the following is NOT a value proposition of IBILE Microfinance Bank?

a) Financial literacy programs

b) Competitive interest rates

c) Advanced wealth management services

d) Efficient customer service

Correct answer: c) Advanced wealth management services

IBILE Microfinance Bank primarily targets which sector of the economy?

a) Agriculture

b) Telecommunications

c) Oil and gas

d) Manufacturing

Correct answer: a) Agriculture

What is the minimum age requirement to open an account with IBILE Microfinance Bank?

a) 16 years old

b) 18 years old

c) 21 years old

d) 25 years old

Correct answer: b) 18 years old

Which of the following is NOT a type of account offered by IBILE Microfinance Bank?

a) Savings account

b) Current account

c) Fixed deposit account

d) Demat account

Correct answer: d) Demat account

IBILE Microfinance Bank offers which mobile banking solution?

a) IBILE Pay

b) IBILE Mobile

c) IBILE Wallet

d) IBILE Money

Correct answer: b) IBILE Mobile

What is the interest rate offered on IBILE Microfinance Bank's savings accounts?

a) 1% per annum

b) 2% per annum

c) 3% per annum

d) 4% per annum

Correct answer: c) 3% per annum

IBILE Microfinance Bank is committed to supporting which of the United Nations' Sustainable Development Goals (SDGs)?

a) SDG 2: Zero Hunger

b) SDG 5: Gender Equality

c) SDG 8: Decent Work and Economic Growth

d) SDG 13: Climate Action

Correct answer: c) SDG 8: Decent Work and Economic Growth

What is the maximum loan tenure offered by IBILE Microfinance Bank?

a) 6 months

b) 1 year

c) 2 years

d) 5 years

Correct answer: c) 2 years

Which of the following is NOT a required document for opening an account with IBILE Microfinance Bank?

a) Valid identification (e.g., national ID card)

b) Proof of address (e.g., utility bill)

c) Birth certificate

d) Passport-sized photograph

Correct answer: c) Birth certificate

IBILE Microfinance Bank is known for its focus on which of the following principles?

a) Transparency and accountability

b) Profit maximization

c) Exclusive services for high-net-worth individuals

d) Complex financial products

Correct answer: a) Transparency and accountability

Which of the following channels can be used to access IBILE Microfinance Bank's services?

a) Branches only

b) Mobile banking only

c) Online banking only

d) Branches, mobile banking, and online banking

Correct answer: d) Branches, mobile banking, and online banking

What is the official website of IBILE Microfinance Bank?

a) www.ibilebank.com

b) www.ibilemicrofinance.com

c) www.ibilemfb.com

d) www.ibilebankng.com

Correct answer: a) www.ibilebank.com

These questions and answers should provide a good foundation for testing knowledge about IBILE Microfinance Bank.