NFMB commences Non-Interest Loan, approves another batch of Candidates

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The Nirsal Microfinance Bank has announced that it has selected another batch of beneficiaries of the COVID-19 Non-Interest Banking Window for TCF and AGSMEIS.


NMFB made this known in Statement on Wednesday, noting that it does not charge any fee before applicants can access its loan offers.

Recall that the COVID-19 Non-Interest Banking Window for TCF and AGSMEIS focuses on Asset Financing and not Cash disbursement as obtainable in COVID-19 Targeted Credit Facility Loan and the AGSMEIS Loan.

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According to the Bank, “the COVID-19 Targeted Credit Facility and AGSMEIS are loans that are repayable while the Non-Interest Banking Window recognises only the sharing of profits from the investment with the beneficiary.”

NMFB noted that an eligible beneficiary of the Scheme must be adversely affected by the COVID-19 Pandemic, must be aged 18 years and above, must posses a Bank Verification number, and must have been running their own businesses.

The bank added that existing beneficiaries of COVID-19 Targeted Credit Facility Loan and AGSMEIS Loan Scheme are ineligible to benefit  for the Non-Interest Banking Window for TCF and AGSMEIS.

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The Nirsal Microfinance Bank had also clarified that the loan scheme, COVID-19 Non-Interest Banking Window for TCF and AGSMEIS is not for only Muslims as it is open to all Nigerians.

NMFB had also warned the beneficiaries not to sign any Vendor’s Asset/Acceptance note or invoice until the beneficiary confirms that the good he/she originally requested for, matches what is being delivered.

The portal for the Scheme remains  or

All approved candidates are expected to follow the instructions sent through text messages to accept the loan offer.

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About the Author: Sam Oluwarantimi

Interpersonal Communication Specialist & Graduate (Biology), Obafemi Awolowo University. Join me on Twitter.

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