Nigeria

CBN/NIRSAL MFB Loan Application Portal Reopens

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NIRSAL Microfinance Bank

The Central Bank of Nigeria (CBN) has reopened the NIRSAL COVID-19 loan application portal for MSMEs and individual households. CBN had introduced a stimulus package to support households and Micro, Small and Medium Enterprises (MSMEs) affected by the COVID-19 pandemic. Interested and eligible candidates are invited to register for the loan.

The outcome of COVID-19 pandemic have had severe consequences on households’ livelihoods and business activities, resulting from drop in global demand, declined consumer confidence and slowdown in production.

In this respect, the Central Bank of Nigeria (CBN) introduced the N50 billion Targeted Credit Facility (TCF) as a stimulus package to support households and Micro, Small and Medium Enterprises (MSMEs) affected by the COVID-19 pandemic.

The following are eligible for the programme;

Households: Households with verifiable evidence of livelihood adversely impacted by COVID-19. Microenterprises: Existing enterprises with verifiable evidence of business activities adversely affected as a result of the COVID-19 pandemic and SMEs: Enterprises with bankable plans to take advantage of opportunities arising from the COVID-19 pandemic.

The CBN/NIRSAL COVID-19 Loan Application can be done in these three steps; Submission of the Application; The application can be done on a phone, tablet or laptop. Applicants can visit the website and submit applications directly to NIRSAL Microfinance Bank (NMFB) with clear evidence of the opportunity or adverse impact as a result of COVID-19 pandemic.

Approval; NIRSAL MFB would review the application and forward the application to the CBN for final approval.

and Disbursement; after approval, CBN then reviews applications and gives final approval for disbursement to NMFB.

Interest Rates: Interest rate under the intervention is 5% p.a. before 1st March 2021 and 9% p.a. after (all inclusive), Load Duration: Working capital will be for a maximum period of one year, with no option for rollover. and Loan Amount: Households can access up to N3 million while SMEs can access a maximum of N25 million subject to a number of factors. The application deadline is not specified. The official NIRSAL website can be visited for more information.

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