NMFB Clarifies Misconceptions Regarding Intervention Credit Facilities
By Patience Ikpeme
The NIRSAL Microfinance Bank (NMFB) has issued a statement addressing concerns and clarifying misconceptions surrounding the Central Bank of Nigeria (CBN) intervention loans it administers.
The statement comes as recovery efforts for the loans, often wrongly assumed to be grants, are being intensified.
NIRSAL MFB in its statement reiterated that the loans, like the popular “Covid-19 loan” (Targeted Credit Facility), were designed as temporary interventions with specific purposes and repayment schedules.
Despite an extended moratorium period (36 months for TCF, 60 months for AGSMEIS), some borrowers have defaulted, prompting increased recovery efforts.
The bank emphasized direct communication with beneficiaries and encouraged them to report any intermediaries claiming to represent NIRSAL MFB. A whistleblower portal is available for such reports.
Beneficiaries were reminded that the Global Standing Instruction (GSI), authorized by the CBN, allows the bank to recover unpaid loans from other bank accounts. The bank then advised beneficiaries with genuine concerns to contact them for evaluation and potential adjustments to their loan terms.
NIRSAL reiterates its dedication to transparent communication and its role in driving economic growth through SME loans.
The bank acknowledged recent challenges in loan recovery, as a result, it has launched a proactive campaign on social media platforms. This campaign aims to remind beneficiaries of their repayment obligations and the consequences of default. Additionally, the public is encouraged to report any suspicious activities linked to supposed “agents” acting on behalf of NIRSAL.
NIRSAL MFB noted the importance of responsible repayment, stressing that evasion is not a viable option. The bank then urged beneficiaries to honour their commitments and utilize the resources available on its website to facilitate smooth repayment.
