COVID-19 Targetted Credit Facility: Disbursement continues as NMFB overturns hitches, Approval to follow

Technical hitches had within the past few weeks hampered the disbursement of the COVID-19 Targetted Credit Facility resulting in mixed feelings from the applicants of the CBN Intervention Program.

The new week has however reassured the Federal Government's commitment in enabling the Micro, Small and Medium Enterprises (MSMEs) recover from the impact of the COVID-19 Pandemic.

As at this moment, the backlogs of October, November and December are being cleared, and  it being backlog, patience is demanded from applicants who got approval within these months. Many of the applicants affected have already been paid yesterday and some today while payment continues.

Following the ongoing disbursement is more approval and those who got approval before but could not accept their loans, would be able do so.

Waiting for approval or Acceptance of your loan offer, there are chances that you may not be alerted.

However, you can keep checking your status by following the method below

1. Open https://covid19.nmfb.com.ng

2. When it loads, select the type of Loan you applied for. Either SME or Household

3. Enter your BVN. Do not worry, the website is safe. That's the official website of Nirsal Microfinance Bank.

4. A response will be displayed. 

(A) If it says your Loan has been approved, it will load your details asking you to accept your Loan offer. Proceed to complete the process and enter bank name and your account number. Avoid mistakes here.

(B) If it says 'Your loan has not been approved, check back later, kindly check back later as they said.

(C) If it however displays "BVN does not exist", do not panic. Just keep checking back from time to time as approval is on going and hope is high.

Read Also:COVID-19 Targetted Credit Facility: Fund increment, high hopes for Applicants

Note that Approval is done in batches and not a sole decision of the Nirsal Microfinance Bank -the NFMB sends application to CBN, CBN reviews and approves, gives order to NMFB to disburse the fund. According to CBN, the loan approval/disbursements is based on the activity, cash flow, and industry size of the beneficiaries. Just be patient.

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  1. I hate to see my bvn doesn't exist,it's guves me high level of disappoinment as where do I go from here!

    1. Kindly note that approval is an on going process.

  2. Pls,I will so much appreciate it if I found favor in your sight of God through you.I need this loan as my business is completely down.Thankd

  3. After going through the process of completing the loan it is disgusting to see your BVN does not exist. however haven given us the hope that approvals is ongoing one day it could be my turn , better still try to send SMS to those that their approval has been because not all of us are aware of this I was only informed about this medium today . thought I don't know whether it is authentic thanks

    1. Hi dear, kindly note that COVID-19 Targetted Credit Facility Loan Approval and Disbursement is on going. All you have to do is to keep hope alive and keep checking your status.

      We will do everything possible to keep you updated on not only the COVID-19 TCF but also other FG/CBN Intervention Programmes as the clock ticks.

  4. Pls say something about agsmeis loan applicant, ours is most unfortunate

    1. AGSMEIS application is open. A lot of the applicants have failed to pay for their training with the accredited EDI they signed up for.

      Those trained will be reviewed and disbursement to in no distant time.

  5. Please sir I was approved my covid 19 loan since 4/02/2021 uptil now no alert. Secondly if someone mistakenly enter wrong account, how that person is going to correct it.

    1. If you entered wrong account details, there are two way of getting you back on the Payrol.

      1. Enter your BVN to check your status again, there would be a pop-up asking you to select your Bank Name and enter account number.

      2. NMFB will send you a text message telling to correctly fill your account details.

      However, if you have provided a correct account detail which does not belong to you, you will have to visit the bank for complaints.


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