Some of the applicant also acknowledged to have been able to accept their loans without recieving text notifications.
The COVID-19 Targetted Credit Facility Loan is a palliative Loan introduced by the Federal Government in April, 2020 to cushion the effect of the COVID-19 pandemic on Small and Medium Enterprises (SMEs) which featured 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 3years maximum duration.
It is very important to continually check your status as there is a limited time upon which if not accepted, would be reversed indefinitely.
To check if your Loan has been approved, follow this method:
1. Open the official website 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 safe. That's the official website of Nirsal Microfinance Bank.
If it says 'Your loan has not been approved, check back later, kindly check back later as they said.
If it however displays "BVN does not exist", do not panic. Just keep checking back from time to time as approval is on going.
Kindly note that in order to ensure larger distribution of the allocated fund for the COVID-19 Targetted Credit Facility, the Federal Government decided on cutting down the amount of proposed loan per individual. What this means is, if you applied for N1million, you may get N500,000 or N300,000 approved so that many other Nigerians that applied would benefit too.
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