COVID-19 TCF: No approval for new applicants yet, application follows due processes | Learn more

Following the recent reopening of the COVID-19 Targetted Credit Facility Loan application portal  https://nmfbloans.nmfb.com.ng/nmfbloanapplicationportal for the 2021 Batch of the Central Bank of Nigeria Intervention Scheme, many Nigerians who have successfully applied for the Scheme are in high anticipation to see their intended loans approved and disbursed by the Nirsal Microfinance Bank.

There have been reports that approval and disbursement have commenced for the new application which is still on going. These reports are baseless and false as approval and disbursement are only on going for the old applicants of  Scheme.

These fake reports have intensified anxiety among the new applicants and widened the fishing nets of fraudsters who leverage on fake information to lay in wait for unsuspecting victims to prey on.

Related: COVID Targeted Credit Facility: Man duped N20,000 by an alleged NMFB Staff

Securing the COVID-19 Targetted Credit Facility Loan is not a sole decision of the Nirsal Microfinance Bank and follows appropriate procedures as designed by the Central Bank of Nigeria. These procedures/processes are as follows:

1. Submit An Application

The process of submitting an application is easy and basically online, enabling an interested applicant to apply from anywhere at convenience.   An interested applicant can submit the loan application through phones, tablets, laptop or desktops as many have already done.

Submitting an applications directly to NIRSAL Microfinance Bank (NMFB) follows logical questionnaire which extracts information on clear need of the opportunity or an adverse impact as a result of COVID-19 pandemic on the applicants.

2. Approval

After the application, the Nirsal Microfinance Bank takes time to review the application using the criteria set by the Central Bank of Nigeria, and forward only the applications which meet the specified criteria to the CBN for final approval.

3. Disbursement

CBN reviews the applications and gives final approval for disbursement to NMFB who will notify a successful applicant of the approval of his/her loan in a stated sum which may not be an exact sum applied for.

For some reasons, many applicants of the COVID-19 TCF may not get their approval notification which is usually through Text Messages.

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

However, an applicant can be kept abreast on the status of his/her loan applicantion when approval commences by following these simple process:

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. 

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.

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  1. When will the approval of new applicants commence??

    1. Kindly follow for updates on approval and disbursement of the COVID-19 Targetted Credit Facility Loan.


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