Nirsal Microfinance Bank: More than 7 million Nigerians are queuing for COVID-19 loans – DG
Mr. Abubakar Abdullahi Kure, Managing Director of NIRSAL Microfinance Bank, in a recent interview speaks on the endless quest of Nigerians to get loans.
NIRSAL is now two years old. Has it been successful in fulfilling its original mandate?
Nirsal’s strategy is supported by Dr. Godwin Amphiel, Governor of CBN, mostly to help the bottom line of the market. Its objective is to create employment, provide and create affordable and affordable credit and improve business performance. I have found that people think it is public finance. There are negative perceptions around you, which can affect your way back. Some people think it’s a national Cake.
There will be problems when returning. We also have scammers all around. Because people have desires; As the demand for goods and funds increased, people were deceived. Another key is counting the numbers. Let me tell you, it’s not easy to count. We have many options for what most companies do. As I told you, we have almost a million beneficiaries.
Number of anchor lenders program (ABP), loans to agriculture; We have created a youth investment scheme. Putting all these loans together, we are talking about more than 600 billion. N. N., would benefit more than a million Nigerians. Looking at financial institutions and lenders, this is very difficult.
We need to make sure the system is working properly, we need to make sure that the capability of the system is about what it is, and of course because of the people involved here and there with access. There are many complaints about Occasionally we also run into performance issues due to volume payments. All these challenges are before us.
Thank God we can deal with this and come out stronger. I have seen people accept that the Nigerian economy would not have come out of the quarantine if there had not been a Nirsal Microfinance Bank; Nigeria will remain completely closed. We are seeing an improvement in production and that is important.
Due to the loans provided by us, factories are starting to produce goods again, and people are getting financially affected to buy goods. We also helped with inflation. When we give loans to people, a certain channel enters their fields. This leads to an increase in the supply of goods and services. Basically, over time, you will find that people get these stuff at a cheaper price.