The Central Bank of Nigeria and NIRSAL have joined forces to launch an innovative loan program – the non-interest loan facility.
Designed to empower and support Nigerian households, AGSMEIS (Agriculture Gradual and Small Business Enterprise Scheme) and MSMEs (Micro, Small and Medium Enterprises), this loan offers a unique opportunity for those who fit the criteria to access financing without the constraints of traditional interest-based loans.
If you’re eager to learn more and if found eligible, here’s a step by step guide on how to apply for the CBN non-interest loan.
Household / SMEs – NON-INTEREST TARGETED CREDIT FACILITY (TCF-NI)
The TCF, or Non-Interest Targeted Credit Facility, is a ray of hope for Nigeria’s households and businesses – particularly the Micro, Small and Medium Enterprises – who’ve been hard hit by the COVID-19 pandemic.
These interest free grants are designed to provide much needed funding for businesses to get back on their feet, and to offer support to households still struggling to make ends meet.
Thinking about applying for TCF? Good news! The loan has a set limit of NGN 2.5 million with a repayment period of 3 years, giving you enough time to get back on your feet and grow your business. And during that time, you even have a 6-month moratorium where you can delay payments – a helpful breathing space in these trying times.
AGSMEIS – NON-INTEREST AGRI-BUSINESS, SMALL AND MEDIUM ENTERPRISE INVESTMENT SCHEME (AGSMEIS-NI)
The Non-Interest Agri-Business, Small and Medium Enterprise Investment Scheme, also known by its acronym AGSMEIS-NI, is a magnanimous endeavor initiated by the Federal Government of Nigeria to uplift the agricultural sector.
The central bank, CBN, plays a pivotal role in executing this funding scheme, which aims to revive the agricultural landscape, spur economic growth and alleviate unemployment. In short, AGSMEIS-NI is a beacon of hope for Nigeria’s agricultural businesses, a means to revitalize the economy, and an opportunity to empower the workforce.
AGSMEIS, though a prominent funding scheme, is not the only avenue available for businesses to secure financing. There exists an alternative in the form of non-floral products that adhere to the financial transaction principles of Islam.
These products offer a unique suite of features such as Murabaha and Ijarah, each tailored to cater to the growth and financial needs of businesses. Whether it’s raw materials, equipment or working capital, these non-floral products are a testament to the notion that there are alternative means of financing that not only abide by the principles of Islam but also support the growth and prosperity of businesses.
AGSMEIS-N has a financing limit of N10,000,000.00 with a tenor of 7 years
tenor (depending on the nature of the project). As an applicant, you may enjoy an added period of 6 months as a moratorium.
Important Link: AGSMEIS Loan Application
How To Apply For CBN Non-Interest Loan
If you want to apply for a CBN Non-interest loan for households and SMEs, here’s what to do:
- First, start by going to the NIRSAL microfinance website
- Next, tap on “Apply for Non-Interest Facility”. When you tap that, it will provide you with two options. These options are “NON-INTEREST TCF” and “NON_INTEREST AGSMEIS“. Click on the “NON-INTEREST TCF” tab.
- Once you tab the NON-INTEREST TCF tab, you will see two options: Household facility and SME facility. Pick the option that is most appropriate for you. Thereafter, you can start the registration properly.
- You will be asked if you are just a new applicant or returning to your previous application. If you are applying for the first time, select “New Applicant”.
- Next, move ahead to input your BVN. This will automatically produce some of your details. Fill in the empty fields required with your other details.
If your application is successful, you should receive a congratulatory message for applying successfully. If you have a business that you have registered with CAC, you can opt for the SME facility. You just need your business’ TIN number and other information related to the CAC registration.
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