NIRSAL MFB Gives New Update About Non-Interest Banking Window

Covid-19 Targeted Facility

The NIRSAL Microfinance Bank (NMFB) gives a new update on Covid-19 Targeted Facility and AGSMEIS Loan, Read the statement below;

“Dear Customer,

Please note that the Covid-19 Targeted Facility is a loan not a Grant.

NIRSAL Microfinance Bank will never ask for money to help you access the Covid-19 Targeted Credit Facility or AGSMEIS Loan.

Never pay anyone who seeks to collect money from you.”

Difference Between Loan and Grant:-

Loan;-

Loan is the lending of money by one or more individuals, organizations, or other entities to other individuals, organizations etc. The recipient (i.e., the borrower) incurs a debt and is usually liable to pay interest on that debt until it is repaid as well as to repay the principal amount borrowed.

Also Read >>> How To Check CBN NMFB Covid-19 Household and SME Loan Approval Status

Grant;-

Grant are funds given by an entity frequently, a public body, charitable foundation, or a specialised grant-making institution to an individual or another entity (usually, a non-profit organisation, sometimes a business or a local government body) for a specific purpose linked to public benefit. Unlike loans, grants are not to be paid back.

Covid-19 Targeted Facility (TCF) Loan;

The Coronavirus Disease (COVID-19) pandemic has led to unprecedented disruptions to global supply chains, sharp drop in global crude oil prices, turmoil in global stock and financial markets, massive cancellation of sporting and entertainment event, lockdown of large swaths movements of persons in many countries, and intercontinental travel bans/restrictions across critical air routes across the world.

These outcomes have had severe consequences on households’ livelihoods and business activities, resulting from drop in global demand, declined consumer confidence and slowdown in production.

In this respect, the Central Bank of Nigeria (CBN) introduced the N50 billion Targeted Credit Facility (TCF) as a stimulus package to support households and Micro, Small and Medium Enterprises (MSMEs) affected by the COVID-19 pandemic.

Covid-19 Targeted Credit Facilities Loan Application Portal: https://covid19.nmfb.com.ng

Also Read >>> Link To Apply For CBN NIRSAL Covid-19 TCF Loan

AGSMEIS Loan;

The Agri-Business/Small and Medium Enterprise Investment Scheme is an initiative to support the Federal Government’s efforts and policy measures for the promotion of agricultural businesses and small/medium enterprises (SMEs) as vehicles for sustainable economic development and employment generation.

AGSMEIS Loan Application Portal: agsmeisapp.nmfb.com.ng

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