Covid-19 Loan: Nirsal Set New Date for Disbursement See Details
The Federal Government through the Nirsal microfinance bank (NMFB) has announced the disbursement date for SME and Household Loan for all the applicants that applied from March to April 2021.
The Central Bank of Nigeria (CBN) has made a Disbursement of 300 billion nairas to Nirsal Microfinance Bank for payment of remaining applicants of 2020 and 2021 new applicants on Targeted Credit Facility (TCF) as a stimulus package to support households and Micro, Small, and Medium Enterprises (MSMEs).
The disbursement date has been announced.
NMFB Disbursement date will commence from August – September 2021.
The Nirmal Microfinance Bank (NMFB) Loan amount to Household is 100,000.00 to 500,000.00 naira, and the Loan amount for SME will be from 1,000,000.00 to 3,000,000.00 naira.
The Central Bank of Nigeria (CBN) recently announced the addition of NGN 50 billion (USD 120 million) to its Targeted Credit Facility, a stimulus program for micro-, small and medium-sized enterprises (MSMEs) as well as households affected by the pandemic.
The funding will be disbursed through NIRSAL Microfinance Bank, which is minority-owned by CBN’s Nigerian Incentive-based Risk Sharing System for Agricultural Lending (NIRSAL). Each retail loan will carry an annual interest rate of 9 percent, with a term of up to one year.
The maximum loan size is NGN 25 million (USD 61,000) for MSMEs and NGN 3 million (USD 7,300) for households. The government previously allocated NGN 2.3 trillion (USD 6 billion) to pandemic relief efforts, including microfinance and other programs.
NIRSAL Microfinance Bank was launched in 2019 and has lent NGN 309 billion (USD 811 million) to 540,000 household and business customers as of 2021. Its products include a savings account that requires NGN 1,000 (USD 2.60) to open and a loan program for agriculture that charges 5 percent per year and offers loan sizes up to NGN 10 million (USD 26,000).
The Central Bank of Nigeria was established by law in 1958. Its mandates are as follows: “to issue legal tender currency; to maintain external reserves; to safeguard the international value of the legal tender currency; to promote monetary stability and a sound financial system in Nigeria; and to act as banker and financial adviser to the Federal Government.” As of December 2019, CBN reported total assets of NGN 302 billion (USD 79.4 billion).
NIRSAL Microfinance Bank -NMFB Shortlisted Candidate Loan Status from across the 36 States of the country and Abuja, the Federal Capital Territory