COVID-19 Targetted Credit Facility: Why you may miss the TCF Loan |a must read

The approval and disbursement of the COVID-19 Targetted Credit Facility Loan has continued to put smiles on the faces of the numerous applicants, and it would be disheartening that you met the requirements but did not get your Loan as a result of these avoidable mistakes.

As severally explained, the COVID-19 Targetted Credit Facility Loan is a palliative Loan introduced by the Federal Government in April, 2020  to cushion the effect of the COVID-19 pandemic on Small and Medium Enterprises  (SMEs) which featured the SME and Household Loans and disbursed by the NIRSAL Microfinance Bank at 5% interest rate for the 1st year and 9% interest rate for subsequent years for 3years maximum duration.

Here are avoidable mistakes that have been discovered to pose a threat to your smile as an applicant of the COVID-19 Targetted Credit Facility Loan.

(1.) You entered your Account Name instead of your Bank Name

After your approval, you were meant to proceed to accept your offer. But after accepting the offer, instead of entering your Bank Name and Account Number, you hurriedly entered your Account Name and Account Number. It is impossible to credit your account with this unmatching details. Do not panic, your solution is right in here.

(i) Visit the official website https://covid19.nmfb.com.ng

(ii) When it opens, enter your BVN.

(iii) If it is up to 48hrs you made the mistake, immediately you enter your BVN, Bank Names and a space to enter account number will pop up.

(iv) Kindly scroll down, select your Bank Name and enter your Account Number. In less than 5days, you will be credited.

Read also>>>>COVID-19 Targetted Credit Facility: Solutions to problems associated with accessing the Loan

(2.) You activated a DND (Do not Disturb) on your SIM Card

If your DND is activated, it would be difficult to recieve text messages from Bulk SMS or "Non-number" text messages.

To deactivate your DND, kindly follow the processes below:

Airtel Network: Text "ALLOW"  to 2442

MTN Network: Text "ALLOW" to 2442

Glo Network: Text "CANCEL" to 2442

Etisalat Network: Text "ALLOW" to 2442

Alternatively, you can continue checking your status using the official website https://covid19.nmfb.com.ng without waiting for approval SMS.

Others include: 

(3.) Unrecovered Lost Number

If you have lost the phone number you used during application and unable to recover the line through welcome back, getting an approval text message is impossible.

Kindly keep checking your Status through the official website stated above.

(4.) Type of Account

If the type of account you are operating cannot accept your approved loan at one transaction, it will bounce when NFMB wants to credit you.

You have to  proceed to your bank to convert your account to a normal account and follow the processes at  'No 1' above to re-enter your account number for a new request for payment.

(5.) Out of Network or Poor Network Coverage

If you are resident at an area where network is unavailable or poor, your chances of getting approval text message is slim.

You would have to continue checking your status through the official website.

Note: Do not give money or your details to anyone "online" who promises to help you process the loan. Nirsal Microfinance Bank does not partner with an individual or group of individuals in the dispense of their official duties.

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