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Latest News On Nirsal Microfinance Bank Loans For Today 15th December 2021

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3 years ago

December 15, 2021

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Latest News On Nirsal Microfinance Bank Loans For Today 15th December 2021

Welcome to Flippstack, we have gathered all the latest happenings on the Nirsal Microfinance Bank Loans which we will be sharing with you in this article, so make sure you read until the end.

Below is the latest news On Nirsal Microfinance Bank Loans For Today Wednesday 15th December 2021.

1. Monetary Policy Committee Urges CBN To Continue TCF Loan

The Monetary Policy Committee (MPC) has in its last meeting in Abuja urged the Central Bank of Nigeria to continue its support to Nigerians through the COVID19 Targeted Credit Facility Loan, to ensure that more people benefit from the programme.

The Managing Director/ Chief Executive Officer of NIRSAL Microfinance Bank, Mr. Abubakar Abdullahi Kure, disclosed the new development while speaking on Awards received by the bank for its excellent services to Nigerians.

The Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele said the Committee was impressed with the Targeted Credit Facility (TCF) “for its contribution to alleviating poverty at the grassroots”, Kure emphasized.

Individuals and families whose breadwinners lost their jobs as a result of the Coronavirus (COVID-19) pandemic in 2020 were among the recipients of the Household Loan under the COVID19 TCF.

2. Nirsal MFB Disburses N503b Loans To Applicants Since Inception

Nirsal Microfinance Bank (NMFB) has disbursed loans valued at over N503. 273 billion to over 881 thousand Nigerians and businesses since inception.

Data from the institution which was carried by Vanguard news indicated that most of the facilities were granted under the COVID-19 Intervention Fund released by the federal government to cushion the effect of the COVID-19 pandemic on households and small businesses.

Some of the beneficiaries include individuals and families whose breadwinners lost their jobs in 2020 as a result of the Coronavirus (COVID-19) pandemic.

They were made up of 612,321 households that received loans ranging from N250,000 to N1 million totaling N240. 083 billion.

Similarly, 103,185 Small and Medium Enterprises (SMEs) received loans valued at N104. 023 billion between 2020 and December 2021

Households that are Non-Interest Beneficiaries (NIB) of the NIRSAL MFB loans numbering 21,027 have so far secured facilities amounting to N9.091 billion.

Small and Medium Enterprises under the Non-Interest scheme (NIB SME) numbering 2,710 have accessed N1. 057 billion while 31,067 Agric Small Medium Enterprises Scheme (AGSMEIS) beneficiaries have accessed N116. 001 billion from NIRSAL MFB in one year.

105,244 Anchor Borrowers’ Programme (ABP) successful applicants have equally received loans amounting to N31. 001 while 5,527 Nigeria Youth Investment Fund (NYIF) have also drawn down N1.009 billion loans.

Their efforts in 2021 alone have made them receive awards from 23 groups who applauded them for their effort to provide liquidity for seriously impacted households and businesses.

3. Successful Completion of AGSMEIS Application Process is Not A Guarantee For Loan Approval – NMFB

Nirsal Microfinance Bank has revealed that successful completion of the AGSMEIS application process is not a guarantee that the beneficiary’s loan will be approved.

NMFB disclosed this on their official Facebook page when replying to an angry AGSMEIS applicant who narrated how he has paid and undergone the necessary AGSMEIS training and also went further to do an online assessment test but yet his Loan is not yet approved.

Replying to the applicant, NMFB stated:

“Dear Harry, please note that successful completion of the application process is not a guarantee for the loan, as all successful applications submitted must meet the bank’s risk acceptance criteria. Thank you.”