Nirsal Microfinance Bank As one of the largest banks with a huge capital base, this bank is tasked with the objective of redefining the agribusiness sector and its activities within the country. It does this by measuring, re-evaluating and then sharing agribusiness credit risks.
The bank is one of the leading financial institutions operating in Nigeria, licensed by CBN to provide loans to Nigerians for various purposes.
Nirsal, otherwise known as NMFB is a subsidiary of the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL Plc.), a non-banking financial institution established in 2013 with a mandate to facilitate the free flow of affordable finance and investments to the agricultural sector.
Nirsal, better known by its short name NMFB, is a subsidiary of the Nigeria Incentive-Based Risk Sharing System for Agricultural Credit (NIRSAL Plc.), and was established in 2013 as a non-banking financial institution. It has been established with a mandate to facilitate affordable finance and free flow of investment. agricultural sector.
The following are loan products offered by NMFB
The Agric, Small Medium Enterprise Scheme (AGSMEIS):
AGSMEIS loan is an agricultural loan launched by Nirsal to provide up to N10 million to small and medium scale enterprises.
Businesses eligible for AGSMEIS include those in the creative and arts industries (fashion, beauty, apparel and textiles, arts and entertainment), industrial and manufacturing (agriculture and allied processing, automobiles), information and communication technology (telecommunications and media and publishing). and hospitality (catering and event management).
Single-digit interest is charged on these loans at an interest rate of up to 9% per annum. They also do not require collateral security.
Anchor Borrowers’ Program:
The Anchor Borrowers Program is a NMFB CBN lending program designed to build and maintain links between participating businesses and smallholder farmers involved in core businesses. To apply, you can visit a branch of Nirsal Microfinance Bank.
NIRSAL Microfinance Bank Access Target Account:
This is a saving scheme that targets micro, small, and medium-scale enterprises, as well as individuals, looking to cultivate a healthy saving culture. It usually runs for a specific period for a particular financial purpose.
Through this scheme, NIRSAL Microfinance Bank aids its customers in saving for a variety of specific reasons, such as rent, purchase of goods, purchase of equipment, or even for festivities.
There is a predetermined limit put on the account, meaning they only allow a number of limited withdrawals by the account holder based on pre-agreed instructions.
The Access Target account has an opening balance of ₦1,000 with a minimum balance of ₦500.
Nirsal Microfinance Bank Loan 2021 How to Apply:
The following are the required documents and credentials you must have before you can access a Nirsal loan.
- Your letter of employment
- Your staff ID card
- 6 months statement of your bank account
- Other valid means of ID like your National ID, Drivers’ license, and so on
- A utility bill
- 2 passport photographs
- A guarantor form