DNMeyer Plc begins ‘Paint Now and Pay Later’ Scheme

Have you ever wondered why some beautifully constructed buildings stand without being painted after several years? To alleviate this problem, and make finishing easier, Nigeria’s foremost paint industry DNmeyer Plc has pioneered a scheme to make its paints products available to consumers. The Scheme ‘DNmeyer Paint Now and Pay later’ is a short-term credit facility financed by FirstBank Nigeria Plc.
The purpose of the scheme is to provide opportunities for the consumer (Corporate & Individuals) to purchase premium paint products that are readily available without feeling a sharp depletion in their cash flow. The pains disappear with the obvious gains that a good decision in premium products will provide in beautification, protection & preservation.

To benefit from the scheme:

• Select paint; agree on colour, volume and value with DNM
• DNM will issue a Performa invoice in favour of the applicant
• Applicant endorses Proforma invoice
• Applicant completes an application form which is submitted to First Bank
• FirstBank screens the applicant and proforma invoice and approves within 48 hours
• FirstBank issues cheque in favour of DNM to the value of proforma invoice
• DNM sends receipt to FirstBank
• DNM supplies / applies the product
• FirstBank implements agreed pay back schedule
• Customer repays the principal over three equal monthly installments or enbloc at the end of 3 months
• Repayment can be extended up to 4 months for supply & apply customers.

Limit of credit

• Investment grade companies N200 million
• Estate developers N100 million
• Organizations N20 million
• Individuals N0.5 million

The Minimum Risks Acceptable
Applicant must have been in his/her line of business for a min. of 12 months or has a verifiable & adequate source of income in the case of individuals. However, this can be waived if applications are backed with eligible security like quoted stock of blue chip companies (to cover a min. of 150% of bank exposure) or treasury bills or other fixed deposits covering 110% of exposure.

The Minimum Risks Acceptable

Applicants must maintain a current account relationship with FirstBank or any other bank for at least six months prior to application for the facility. This can also be waived if backed with the security stated above.

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