NMFB CBN Loan: Bank assures massive Loan disbursement to beneficiaries, moves to counter disbursement hitches

The Nirsal Microfinance Bank has assured Nigerians that the Loans disbursed by the bank would reach the intended beneficiaries without further delay, as it embarks on a system upgrade to avert technical hitches on the Loan disbursement to the beneficiaries.

NMFB, which has the instituted authority conferred by the Central Bank of Nigeria (CBN) to disburse loans under the CBN Intervention Programmes such as the COVID-19 Targeted Credit FacilityAGSMEIS LoanNigeria Youth Investment Fund and the Anchor Borrowers Programme, noted that the system upgrade is targeted at reducing the time taken to process large volumes of loans disbursed to the beneficiaries on weekly basis.

"NMFB is, currently, undergoing a system upgrade for the purpose of improving the processing cycle time for the volumes of loans disbursed to thousands of Nigerians on weekly basis," the Management stated.

Disclosing its commitment in delivering its mandate, the management of NMFB in the statement on Friday assured Nigerians that all applicants who had successfully accepted their loan offers, shall recieve the amount in the bank accounts which they had provided when they accepted the Loan offers, as soon as the system upgrade is completed.

The Management advised the applicants to ensure that only correct Bank Account details which can recieve N500,000 and above in a single deposit trasanction, are provided during the acceptance in order to ensure seamless disbursement of the Loans.

"Applicants are reminded to ensure that only correct details of Tier 2 and Tier 3 type account are provided, in order to enable seamless disbursement of loans", the management advised.

"We remind all Nigerians that funds disbursed through NMFB are LOANS, not GRANTS.

"The General public is advised to report any individual or enterprise posing as agents of NMFB and demanding access fees on NMFB loans", the Management added.

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