NIB Loan Update: Dubious NIB Vendors To Face Punishment – NMFB
The Managing Director of the Nirsal Microfinance Bank, Abubakar Abdullahi Kure has warned its approved vendors of the Non-Interest Banking Window for TCF & AGSMEIS Loan who engage in any unethical Practices will be handed over To Law Enforcement Agencies.
Mr. Abubakar Abdullahi Kure disclosed this during a recent meeting of the Bank on the Loan Programme on Friday.
Kure who appraised the Bank’s accredited vendors for Non-Interest Banking window for TCF & AGSMEIS, tabled various complaints from aggrieved beneficiaries at the event which was attended by over fifty vendors from different parts of the country.
“Consequently, vendors who continue to contravene the Bank’s policy on unethical practices by short-changing NIB beneficiaries will be severely dealt with. They will be reported to law enforcement agencies, de-registered, and have their names published in the national dailies.”, he stated.
The reaction of the MD came as a result of complaints by some beneficiaries regarding their assigned vendors who have failed to pick up their calls or deliver their equipment.
Meanwhile, some beneficiaries have also complained that some of the accredited Vendors demanded that they take 50% of their approved loan in cash, and forget about the delivery of the agreed products the vendors were meant to supply.
The beneficiaries further alleged that some vendors deliver products that are not commensurate with the approved loan by the bank.
The Nirsal Microfinance Bank is concerned about the safety and welfare of the people had also warned applicants of CBN Intervention Loan Programmes that it does not request money at any time in the disbursement of approved loans to the beneficiaries.
NMFB alerted that such dubious intentions should be reported to the bank, assuring that appropriate action would be taken to guard against imposters who may wish to defraud applicants in the name of the bank.
NIB Loan Update: Dubious NIB Vendors To Face Punishment – NMFB