COVID-19 TCF: Bank grants Approval, calls on Applicant to check Status

The Nirsal Microfinance has called on thousands of the Applicants of COVID-19 Targetted Credit Facility Loan Scheme to check their loan approval status.

In a statement by the bank, Friday, Applicants of the Household Loan can quickly check their status through https://covid19.nmfb.com.ng/HomeLoans while those who applied for the SME Loan option can check through https://covid19.nmfb.com.ng/SmeLoan.

The COVID-19 Targetted Credit Facility Loan is a Loan Scheme introduced by the Federal Government in April, 2020  to cushion the effect of the COVID-19 pandemic on Small and Medium Enterprises  (SMEs). It features the SME and Household Loans, and disbursed by the NIRSAL Microfinance Bank at 5% interest rate for the 1st year and 9% interest rate for subsequent years for 3 years maximum duration.

According to the Federal Government, N253 billion has been disbursed to 548,345 Household and SME beneficiaries since the commencement of the Programme.

The CBN acting Director of Corporate Communications, Osita Nwanisobi in a statement broke down the beneficiaries as 470,969 households and 77,376 Small and Medium Enterprises.

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General Guide for Checking COVID-19 TCF Approval Status

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

2. When it loads, select the type of Loan you applied for. Either SME or Household or use https://covid19.nmfb.com.ng/HomeLoans (for Household), https://covid19.nmfb.com.ng/SmeLoan (SME)

3. Enter your BVN.

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.

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