Nirsal Microfinance Bank: How to Check Nirsal Loan Approval with BVN

Nirsal Microfinance Bank: How to Check Nirsal Loan Approval with BVN

Last Updated on November 26, 2022

The CBN has granted NIRSAL Microfinance Bank a license to issue loans for a variety of reasons, including the Nirsal covid-19 loan, about which you may learn more at covid19.nmfb.com.ng. It is one of the top financial institutions operating in Nigeria. In addition, comparing loan offers like the NIRSAL loan from CBN-authorized banks can help you make the best loan selection possible.

Nirsal
NIRSAL

The Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL PLC) is a non-banking financial institution founded in 2013 with a mandate to facilitate the free flow of affordable finance and investments to the agricultural sector in Nigeria, is the parent company of NIRSAL, also known as NMFB.

The mission of NIRSAL is to redefine the agribusiness industry and its operations in the nation. Agribusiness credit risks are measured, repriced, and then shared to achieve this.

See: Best Microfinance Bank Loan in Nigeria

NIRSAL Microfinance Bank Loan

nirsal loan objectives

The loans that NMFB offers are listed below:

  • The Agriculture, Small, and Medium Enterprise Scheme (AGSMEIS) is a Nirsal agricultural loan that offers small and medium-sized businesses up to N10 million. Business owners in the creative and art industries (fashion, beauty, apparel, and textiles, as well as the arts and entertainment), industrial and manufacturing (agriculture and related processing, automobiles), information and communication technology (telecommunication, media, and publishing), and hospitality are eligible for the AGSMEIS (catering & event management). A single-digit interest rate of up to 9% per year is applied to these loans. Additionally, they don’t demand collateral security.
  • Program for anchor borrowers: An NMFB CBN loan known as the “Anchor Borrowers Program” attempts to establish and nurture a connection between businesses involved in the processing industry and small-scale farmers who trade in vital agricultural commodities. To apply, just go into any Nirsal Microfinance Bank location.
  • This saving program, called NIRSAL Microfinance Bank Access Target Account, is aimed at both individuals and small- and medium-sized businesses who want to develop a positive saving culture. It often has a set duration and serves a certain financial objective. Through this program, NIRSAL Microfinance Bank helps its clients save money for a range of particular purposes, including rent, purchases of commodities, equipment purchases, or even special occasions. The account has a fixed restriction, which means the account user is only permitted a certain number of restricted withdrawals based on pre-agreed instructions. The starting amount for the Access Target account is $1,000, and the required minimum balance is $500.

Also See: How to Apply for NYIF Loan

Requirements to Open Account with Nirsal Microfinance bank (MFB)

  • One current, legible passport photograph.
  • Identification documents (driving licence, international passport etc).
  • Utility receipt from the most recent three months (PHCN bill, water rate bill, tenement rate, rent receipt, telephone bill).
  • Complete and submit the account opening form.

How to Apply for a Nirsal Loan: Nirsal Loan Application Process

Before you may apply for a Nirsal loan, you must have the following papers and certifications.

  1. Your employment letter
  2. Pay stub
  3. Your employee ID card
  4. Six months’ worth of bank statements
  5. Other acceptable forms of identification, such as a driver’s license or national ID,
  6. An electric bill
  7. Two passport photos
  8. A sort of guarantor

These three stages may be used to complete the NIRSAL Loan Application;

1st Step: Submit a Request

The programme may be used on a phone, tablet, or laptop.
Visit the NIRSAL COVID-19 loan portal at https://nmfb.com.ng/covid-19-support/ and submit applications to NIRSAL Microfinance Bank (NMFB) immediately with convincing proof of the opportunity or negative effect caused by the COVID-19 epidemic.

2nd Step: Approval

Your application is examined by NIRSAL MFB, which then submits it to the CBN for final approval.

3rd Step: Payment

After reviewing applications, CBN grants final clearance for NMFB to be paid.

Who Is Eligible for NIRSAL Loan?

1. Households:

households whose livelihoods have been negatively affected by COVID-19 and can be verified

2. Microenterprises:

Existing businesses that can demonstrate how the COVID-19 outbreak has negatively impacted their commercial activity

3. SMEs:

Businesses with sound strategies in place to seize the COVID-19 pandemic’s prospects.

Also See: Best SME Loans in Nigeria

Things to Take Note of

Below is important information you should take into consideration before you begin your application process.

Interest Rates

The intervention’s interest rate is 5% per year until the first of March 2021 and 9% each year after that (all inclusive)

Load Period:

Working capital will only be available for a maximum of one year with no possibility of a rollover.

Loan Amount:

SMEs are only permitted to access a maximum of N25 million, while households are only allowed to receive up to N3 million.

How to Check Nirsal Loan with BVN

To check NIRSAL loan with BVN:

  • Access the NIRSAL loan portal by Login in (make sure you have a profile/have registered on the platform)
  • You need to note that you must be an eligible applicant to access the NIRSAL loan, and if you are you should receive an email with the email address you registered with stating you have been granted the loan
  • If you haven’t received any mail saying your loan has been approved, then visit https://agsmeisapp.nmfb.com.ng/ to check your loan status.
  • Next choose the category of loan you applied for, which are SME or Individual / Domestic Loans.
  • Finally, you can check your NIRSAL loan status by verifying your account by submitting your BVN. If your loan has been approved, the loan amount approved for you will be displayed to you.

See: How to Apply for Federal Government Survival Fund in Nigeria

NIRSAL Loan Review

Pros

They provide a wide variety of loans.
Their prices are reasonable

Cons

A lot of documentation is required for huge loans
Some loans need a guarantor to be applied for.
Receivers must complete mandatory training.

Conclusion

See: How to Apply for Federal Government Survival Fund

Because of the COVID-19 pandemic’s effects on global demand, consumer confidence, and production slowdown, families’ livelihoods and commercial operations have been severely impacted.

As a stimulus package to aid families and Micro, Small and Medium Enterprises (MSMEs) impacted by the COVID-19 epidemic, the Central Bank of Nigeria (CBN) announced the N50 billion Targeted Credit Facility (TCF).

What is the full meaning of Nirsal MFB?

The full meaning of Nisal MFB is The Nigeria Incentive-Based Risk Sharing System for Agricultural Lending MicroFinance Bank

What are the objectives of NIRSAL?

The objective of NIRSAL is to stimulate the flow of affordable finance and investments into the agricultural sector by de-risking the agriculture & agribusiness finance value chain, fixing agricultural value chains, building long-term capacity, and institutionalizing incentives for agricultural lending through its five (5) strategic pillars; Risk Sharing, Insurance, Technical Assistance, Incentives and Rating.

Who is The CEO of NIRSAL

The current CEO of NIRSAL is Aliyu Abdulhameed, who is the Managing Director/Chief Executive Officer of NIRSAL Plc.

What is the difference between Nirsal PLC and Nirsal MFB?

Nirsal PLC and Nirsal MFB are two separate entities. NIRSAL Plc was created to increase commercial funding to the Agriculture sector by de-risking the sector, while NIRSAL MFB (NMFB) supports MSMEs across various sectors with loans.

How do I open an NMFB account?

You can open a NIRSAL MFB account by visiting an NMFB branch in your state, their branches are mostly located at NIPOST offices spread across Nigeria

How do I check my Nirsal account number?

To know your Nirsal account number, kindly contact the NMFB. This is also very important, most especially when you’re ready to start repaying your loan

What type of bank is Nirsal microfinance?

NIRSAL Microfinance Bank (NMFB) is a Nigerian Financial Institution licensed by the Central Bank of Nigeria (CBN) to carry out specialized banking services.

Where is Nirsal MFB located?

NIRSAL MFB Marina, Nipost Office, 34 Marina Street, Lagos Island, Lagos.

How do I contact NMFB?

For enquiries on MSME, NYIF, AGSMEIS and COVID-19 Credit Facilities, kindly call 094621730, send an email to [email protected] or visit nmfb.com.ng.

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