NIRSAL MFB Disbursed About N400B To Over 700 Beneficiaries

NIRSAL Microfinance Bank (NMFB) has disbursed a total of N439.74 billion to 711,706 beneficiaries under the Agribusiness/Small and Medium Enterprises Investment Scheme (AGSMEIS) and the Targeted Credit Facility (TCF).

On Sunday, NMFB said in a statement, in Abuja, that the disbursement was done through a transparent process that captured the entire six geopolitical zones of the country.

According to the bank, claims that the South East region has been marginalised in the disbursement of the Agribusiness/Small and Medium Enterprises Investment Schemes (AGSMEIS), was untrue.

AGSMEIS is one of the major interventions of the Central Bank of Nigeria (CBN) in the effort to boost the economy, especially after the damaging effects of the COVID-19 pandemic on the nation’s economy.

NMFB described it as, “malicious,”, they claim that 100, 000 loan applicants from Anambra State were shut out of the scheme.

The bank also dismissed claims that it conspired with some Enterprises Development Institutions (EDIs) to extort money from loan applicants with the promise to grant them approvals for their loan requests.

NMFB said, “This accusation is not only spurious but unfounded as NMFB frowns at any form of unethical practice or unprofessional conduct which contravenes our policy and core values.

“Till date, NIRSAL Microfinance Bank has disbursed the sum of N101billion to 26,274 AGSMEIS applicants across the six geo-political zones in the country with emphasis on even spread.

“We are therefore surprised with the narrative that applicants from the South East are marginalized under this scheme. This statement is malicious.

“Our process is not only transparent but also ensures that successful applicants are Nigerians who are well experienced in their line of business and have met with the criteria set out for lending.

“NIRSAL Microfinance Bank has repeatedly warned applicants, through various social media platforms, that the AGSMEIS loan application process is individual-based, after the completion of an N10,000-cost training exercise by NMFB-accredited Entrepreneurial Development Institutions, (EDIs).

“The business plan, which is also automatically generated on the portal, has two options – a free application and another that cost N5,000. Applicants have the liberty to use any of the two business plan options. No EDI has the right to charge extra costs.

“We implore applicants to report any observed anomalies or form of solicitation from individuals or enterprise.

“We wish to use this medium to inform the applicants who were recently sent a decline application message due to their inability to meet our set current risk assessment criteria that they can re-apply with a business plan tailored to the new maximum of N3million threshold at no cost to them.

“Once again, we remind all Nigerians that the AGSMEIS loan is not a grant but a loan.”