Its A Revolving Loan, If You Don’t Pay Back, Others Won’t Get – MD NirsalMFB

Its A Revolving Loan, If You Don’t Pay Back, Others Won’t Get – MD NirsalMFB

The managing director of Nirsal Microfinance Bank, Abubakar Abdullahi Kure, has urged beneficiaries of its TCF COVID-19 to start repaying their in order for others to receive their own Loan.

Speaking in an interview with NTA on Tuesday, the MD/CEO of NMFB stated that for the sustainability of the loan, beneficiaries who’s loan are due for repayment must payback.

You may also want to read Happy NMFB Covid-19 TCF Loan Beneficiary Showcases The Outcome Of Her Loan

“It’s a revolving loan, If A did not payback, B cannot get and if you did not pay back, there are penalties around that”, stated by Kure.

He went further to state some of the penalties defaulters may face which include;

1. Blacklisting of the beneficiary’s BVN

2. Activating the CBN GSI policy which means money will be deducted automatically from beneficiaries account to repay their loan.

The Managing Director of the Nirsal Microfinance Bank, Mr. Abubakar Abdulahi Kure, has earlier stated that the NMFB loan is not a national cake, and that beneficiaries must make sure to repay their loan which beneficiaries signed an agreement with the Nirsal Microfinance Bank to abide by the repayment order of the loan scheme.

You may also want to read How To Check Your NMFB Loan Repayment Schedule

So beneficiaries are advice to try and repay their loan to avoid facing the above actions.

It’s a revolving loan. If you don’t pay back, others won’t get – MD NirsalMFB, Abubakar Abdullahi Kure speaks on TCF Covid19 Loan Repayment. pic.twitter.com/j39aEvWPNN

— Nirsal Microfinance Bank (@NirsalMFB) June 14, 2022