COVID-19 Targetted Credit Facility not ended, Payment/Approval continues | UPDATED

Many applicants of the COVID-19 Targeted Credit Facility Loan who have developed mixed feelings about the Scheme due to one situation or the other are of the opinion that the Programme may have ended without anyone noticing.

In view of the tension such assertion has created among the applicants of the Scheme, we wish to vehemently state that disbursement and approval are on going as the Programme remains very much alive. However, the applicants are encouraged to exercise some patience while they fuel their optimism for a favourable outcome.

Payment had continued and some applicants have confirmed to have recieved alerts of their loan disbursement which was exciting but the most invigorating were the words of encouragement from those that recieved these credit alerts - to others who are waiting for payment.

Many payments have bounced back because of mistakes from the beneficiaries. Some filled in their "Account Names" instead of their "Bank Names" and Account Numbers when accepting their offers. Others had bank accounts that cannot accept up to the amount approved for them which should be upgraded while some Banks outrightly has interswitch issues. If NMFB queries your Bank Account by sending you text message, "kindly provide a new bank account of your own".

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

Applicants should note that NMFB does not approve or disburse COVID-19 TCF Loan based on the date or Month one applied. While some April and March Applicants raises questions, many June Applicants have actually been paid. Any Applicantion within any month can be chosen randomly and sent for review or payment made regardless of month or date of approval.

Applicants should also understand that Approval follows some processes and done in batches. 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.

The worst that can happen to any person is one's Loan being approved without one knowing, and it gets reversed after 1 week of approval. Never let that be your case.

Always form a habit of checking your approval status through the 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.

Patience is the only price one has to pay to get COVID-19 Targetted Credit Facility Loan.

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