COVID-19 Targetted Credit Facility: Payment, Approval continues for the Household/SME Loan Scheme

The Nirsal Microfinance Bank has continued the payment of the Applicants of the COVID-19 Targetted Credit Facility Loan even as doubts fill the minds of many who are bent on criticising the laudible initiative of the Federal Government.

There has been speculation that the Approval and Disbursement for the Scheme has ended but we wish to state clearly that both Approval and Disbursement for the COVID-19 Targetted Credit Facility (Household and SME) are on going and no fixed date yet for the end of the Programme. With the huge turnout of the Scheme following many increment from N50Billion to N150billion and currently N300billion, the Federal Government is likely to make further consideration.

However, Applicants of the Scheme should understand that  Approval follows some processes and done in batches. Also, it is 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

Recently, some Application were reviewed and Approved, and some of the applicants may not have noticed due to technical issues with the SMS delivery service.

Waiting for approval? Applicants can check their loan status using the usual simple method: 

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 the official website of Nirsal Microfinance Bank for the COVID-19 TCF just as https://nyif.nmfb.com.ng is for Nigeria Youth Investment Fund and https://nirsalmfb.caderp.com/Account/Register for AGSMEIS Loan Scheme.

4. A response will be displayed when you enter your BVN.

(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.


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Applicants should also note that the Nigeria Youth Investment Fund Scheme has not in anyway replaced the COVID-19 Targetted Credit Facility or the AGSMEIS Loan Scheme as each is a unique initiative with expected and recorded impact on the lives of the beneficiaries.

However, the eligibility criterion which entitles a person an opportunity to benefit from only one of the several schemes is still in place. 

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