Beware of Fraudsters, NIRSAL warns


The Nigeria Incentive-Based Risk Sharing System for Agriculture Lending (NIRSAL) Microfinance Bank has alerted the general public as some fraudster attempt adulterating the COVID-19 Targetted Credit Facility program.

In a press release by the Microfinace Bank yesterday, the Management of the bank disclosed that following the disbursement of funds to applicants of the CBN N50 billon COVID-19 TCF loan, some fraudsters strategized on sending text messages to some of the applicants, requesting for 'processing fee' or Technical Support fee' to fast-track processing of their application.

The management of the Nirsal Microfinance Bank stated categorically that the bank is not affiliated to any third party on the disbursement of the COVID-19 Targetted Credit Facility and did not send such messages to their applicants.

The press release furthered that the bank has not changed it's method of application for the COVID-19 TCF which is through the online portal here, nor requested for information to be filled through any third part form. 

The CBN N50 billion COVID-19 Targetted Credit Facility is a soft loan scheme initiated by the President Mohammadu Buhari led administration to cushion the effect of the Coronavirus Pandemic on the Micro, Small and Medium Enterprise businesses in Nigeria. 

The soft loan also targets households whose small businesses have been hampered by the pandemic and are left vulnerable in the society.

Each applicant for the loan has access to above N10 Million at 5% interest in the first year and 9% interest in the subsequent years, specifically 3 years maximum duration and 1 year maximum moratorium.

The NIRSAL Microfinance Bank has other credit facility schemes which have been ongoing such as the AGSMEIS low interest loan and currently, the NIRSAL AgroGeocoop formation exercise.

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