COVID-19 Targetted Credit Facility: NMFB apologises for technical difficulties, assures seamless application

The Nirsal Microfinance Bank has, Wednesday, apologised for the technical difficulties which has hampered smooth application on the application portal  https://nmfbloans.nmfb.com.ng/nmfbloanapplicationportal since the commencement of the new COVID-19 Targeted Credit Facility Loan Scheme.

NMFB explained that the downtime being experienced on the portal is due to the validation services which forms an essential part of the application process while assuring intersted applicants that the bank is working tirelessly to resolve the issues to ensure seamless application on the portal.

"We apologize for the technical downtime being experienced on our portal. This is due to third-party validation services pertaining to loan application.

"NMFB Management assures all applicants that the Bank and her partners are working relentlessly to ensure this is resolved within the shortest time possible and will communicate same. Thank you," NMFB stated.

This became necessary as many applicants have been distressed by the continued querries such as "BVN does not exist", "BVN invalid" and more which had outrightly prevented many of the interested applicants from declaring their interest on accessing the COVID-19 Targeted Credit Facility.

The COVID-19 Targetted Credit Facility is a soft Loan Scheme introduced by the Federal Government in March, 2020 as part of the Central Bank of Nigeria Intervention Scheme to cushion the effect of the COVID-19 Pandemic on Nigerian Businesses.

The loan features the Household Loan where an applicant can access up to N3 million without collateral at 5% interest rate until February, 2022, 9% interest rate for the rest of the years, 12months Moratorium, 3years maximum duration. There are more than 320,000 Nigerians who are current beneficiaries of the Household Loan since April, 2020.

It also features the SME Loan where a beneficiary has access to up to N25 Million at 5% interest rate until February, 2022, 9% interest rate for the rest of the years, 12 months Moratorium and 3 years maximum duration. It however requires supporting documents which form a part of its collateral system.

The Nirsal Microfinance Bank asides the CBN Intervention Schemes and just like other Microfinance Bank also offers Loans to its customers who have accounts with them at a subsidised interest rate through the Commercial Loan plan. NMFB petronises traders who deal in products such as Food, Electronics, Allied  products, Computers/Phones, Spear parts can all be accessed through https://nmfb.com.ng/covid-19-support or https://nmfbloans.nmfb.com.ng/nmfbloanapplicationportal

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