Covenant Microfinance Bank Test Questions and Answers
Here are 20 questions for a Covenant Microfinance Bank quiz, along with multiple-choice options and answers:
What is the primary function of Covenant Microfinance Bank?
a) Providing healthcare services
b) Offering financial services
c) Selling agricultural products
d) Managing real estate
Answer: b) Offering financial services
When was Covenant Microfinance Bank founded?
a) 2000
b) 2010
c) 1995
d) 2020
Answer: a) 2000
Which financial products does Covenant Microfinance Bank offer?
a) Credit cards
b) Mortgages
c) Savings accounts
d) Insurance policies
Answer: c) Savings accounts
Where is the headquarters of Covenant Microfinance Bank located?
a) Lagos, Nigeria
b) New York, USA
c) London, UK
d) Sydney, Australia
Answer: a) Lagos, Nigeria
What is the minimum age requirement to open a savings account with Covenant Microfinance Bank?
a) 16 years
b) 18 years
c) 21 years
d) 25 years
Answer: b) 18 years
What is the maximum loan amount offered by Covenant Microfinance Bank?
a) N10,000
b) N100,000
c) N1,000,000
d) N10,000,000
Answer: c) N1,000,000
How often does Covenant Microfinance Bank pay interest on savings accounts?
a) Annually
b) Semi-annually
c) Quarterly
d) Monthly
Answer: d) Monthly
Which of the following is NOT a requirement to open an account with Covenant Microfinance Bank?
a) Proof of address
b) Valid ID
c) Proof of employment
d) Minimum deposit
Answer: c) Proof of employment
What is the interest rate on Covenant Microfinance Bank's fixed deposit accounts?
a) 2%
b) 5%
c) 10%
d) 15%
Answer: c) 10%
Which of the following services can be accessed through Covenant Microfinance Bank's mobile banking app?
a) Ordering groceries
b) Booking flights
c) Checking account balance
d) Pet grooming services
Answer: c) Checking account balance
What is the maximum tenure for Covenant Microfinance Bank's fixed deposit accounts?
a) 6 months
b) 1 year
c) 3 years
d) 5 years
Answer: d) 5 years
What type of loans does Covenant Microfinance Bank offer to small businesses?
a) Personal loans
b) Educational loans
c) SME loans
d) Car loans
Answer: c) SME loans
Which of the following is NOT a channel for accessing Covenant Microfinance Bank services?
a) ATM
b) Internet banking
c) Postal service
d) Branches
Answer: c) Postal service
What is the primary source of funding for Covenant Microfinance Bank's lending activities?
a) Government grants
b) Customer deposits
c) Donations
d) Stock market investments
Answer: b) Customer deposits
What is the minimum balance requirement for a savings account at Covenant Microfinance Bank?
a) N100
b) N1,000
c) N10,000
d) N100,000
Answer: a) N100
How can customers contact Covenant Microfinance Bank's customer support?
a) Smoke signals
b) Carrier pigeons
c) Phone, email, or visit a branch
d) Sending a message in a bottle
Answer: c) Phone, email, or visit a branch
Which regulatory body oversees the operations of Covenant Microfinance Bank in Nigeria?
a) Central Bank of Nigeria
b) United Nations
c) World Health Organization
d) International Monetary Fund
Answer: a) Central Bank of Nigeria
What is the maximum withdrawal limit per day from Covenant Microfinance Bank's ATMs?
a) N5,000
b) N10,000
c) N20,000
d) N50,000
Answer: d) N50,000
What is the primary goal of Covenant Microfinance Bank's community development initiatives?
a) Promoting education
b) Providing free healthcare
c) Alleviating poverty
d) Hosting cultural events
Answer: c) Alleviating poverty
How can customers apply for a loan with Covenant Microfinance Bank?
a) Through a secret handshake
b) By telepathy
c) Online application or visiting a branch
d) By sending a carrier pigeon with a loan request
Answer: c) Online application or visiting a branch.
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