Nirsal Microfinance Bank Sends New Notice To Non-Interest Banking Window Beneficiaries

Nirsal Microfinance Bank Sends New Notice To Non-Interest Banking Window Beneficiaries

The Nirsal Microfinance Bank (NMFB) has sent a new notice to clarify Non-Interest Banking Window Beneficiaries about the 25% mark-up of the loan facility which is meant to be paid back to the bank by the beneficiaries.

You may also want to read Four Important Things All NMFB Non-interest Banking Window Loan Applicants Must Know Ahead of Disbursement

The NMFB disclosed the notice on their official Instagram account which they clarified the reason for the 25% mark-up on the NIB Loan and also stated that the loan is strictly for financing equipment/goods at a predetermined mark-up.

They also went further to state that the Non-Interest Banking Window is availed within the principles of the MURABAHA system of the Non-Interest Lending which means the loan is meant strictly for financing equipment/goods, there is no avenue for the release of cash under the Murabaha principle of non-interest lending.

According to the notice:

DEAR NON-INTEREST TCF BENEFICIARY/APPLICANTS

In order to clarify the widespread mispresentations of some aspects of the recently launched Non-interest banking product of Nirsal Microfinance Bank, we wish to inform the general public that the 25% is the total mark-up for the 3 year tenure of the facility. This is payable to Nirsal Microfinance Bank over the life of the loan

The Non-interest Banking Window of the TCF is availed within the principle of MURABAHA system of the Non-Interest Lending. This means that the loan is strictly for financing equipment/goods at a predetermined mark-up.

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There is no avenue for the release of cash under the Murabaha principle of non-interest lending.

Please note, the Non-Interest Banking Window is available to all Nigerians.

Thank you for choosing Nirsal Microfinannce Bank.

Beneficiaries are advised to take note of the above notice ahead of the disbursement of the facilities to successful beneficiaries which will be starting any moment from now, so make sure to bookmark this website to get recent updates about the loan.

You may also want to read Nirsal Microfinance Bank Sends Important Notice To Covid-19 TCF Applicants

Note: The Nirsal Microfinance Bank Non-Interest Banking Window is available to all Nigerians and it’s free to apply, so don’t pay any agent for the Application of the loan.

Nirsal Microfinance Bank Sends New Notice To Non-Interest Banking Window Beneficiaries