NMFB Loan Update: Over 7 Million Nigerians On Queue For COVID-19 Loans On Our Portal

NMFB Loan Update: Over 7 Million Nigerians On Queue For COVID-19 Loans On Our Portal

The Nirsal Microfinance Bank Managing Director, Mr. Abubakar Abdulahi Kure has disclosed that over 7 Million Nigerians are on Queue For Covid-19 Loans on their portal.

According to Nirsal Microfinance Bank on their official Instagram Account, Mr. Abubakar Abdulahi Kure, made this known during an interview with ABDULWAHAB ISA, where he speaks on the unending quest by Nigerians to access loans, among other issues.

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It’s been two years since the inception of NIRSAL by the Federal Government through the Central Bank of Nigeria, How has it fared in terms of carrying out its core mandate? asked by ABDULWAHAB ISA.

“Our conceptualization is with the support of CBN Governor, Dr. Godwin Emefiele, essentially to help those at the lower level of the economy. The idea is to create jobs, provide and create affordable and accessible loans and also to grow the economy effectively. – Mr. Abubakar Abdulahi Kure.

“What I have found out is, people think this is a public fund. There is a poor perception around it, which could pose a danger on recoveries. Some people feel it’s a national cake. There would be challenges around recoveries. We also have scammers around the products. Because people are desperate; because demand supersedes supply and the fund is limited, people get scammed.

“The other aspect is around numbers. I must tell you, it is not easy to do numbers in terms of volume. We have significant volumes, which most commercial banks are doing. As I speak to you, we have close to one million beneficiaries. The number ranges from Anchor Borrower’s Program (ABP), we have done Agric loans; we have done Youth Investment Scheme. Put all these loans together, we are talking of over N600 billion given to over one million Nigerians. When you look at the banking system and granting of loan facilities, it’s a major challenge.

“We have to ensure the system works right, we need to ensure the system has the capacity around the volume and, naturally, because people are involved, there are a lot of complaints here and there regarding accessibility. Occasionally, we also have some operational issues with volumes because we are dealing with bulk payments. All these are challenges we face. We thank God we are able to confront it and we are waxing stronger”

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Although despite a large number of Nigerians on queue waiting for their Loan to be approved, the portal is still open for new applicants as approval and disbursement are still ongoing.

NMFB Loan Update: Over 7 Million Nigerians On Queue For COVID-19 Loans On Our Portal