COVID-19 Targetted Credit Facility: Most transparent Program asides N-Power - Nigerians react

Many Nigerians have hailed the COVID-19 Targetted Credit Facility as the most transparent Federal Government Program asides the N-power Program, one of the Social Investment Programs of the present administration.

Commending the laudible initiative towards mitigating the effect of COVID-19 Pandemic on Nigerian Micro, Small and Medium Enterprises (MSMEs), many Nigerians who are not mainly beneficiaries of the Program, through their Social groups, have confirmed a great number of beneficiaries who do not know any one in the government upperclass, but have benefitted from the Program in large sums.

Some of the beneficiaries have acknowledged the credit alert of N300,000 to N1.5million under the Houshold Loan and more under the SME component of the Program to boost their businesses.

The Governor of the Central Bank of Nigeria, Godwin Emefiele,  announcing the increment of the Program Funding from N150billion to N300billion after impact analysis by the apex bank, in a report contained in The Nation https://thenationonlineng.net/cbn-doubles-credit-for-households-to-n300b, disclosed that more than 316,869 MSME owners have benefitted from the program.

More approval and disbursement have continued after the report by the apex bank as many beneficiaries express their gratitudes through their Social groups on daily bases.

The Nirsal Microfinance Bank has in an update encouraged applicants of the program who have not benefitted to exercise some patience as the processes of approval and disbursement are on going.

Approval however can be executed without a text notification which may occur due to network challanges.

To check if your Loan has been approved any time, follow this guideline:

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 safe. That's the official website of Nirsal Microfinance Bank.

4. A response will be displayed. 

(A) If it pop-up select Bank Name and Enter Account Number, you had obviously made a mistake during your loan acceptance. You entered your Account Name instead of Bank Name. Just do as required and resubmit. 

(B) 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.

(C) If it says 'Your loan has not been approved, check back later, kindly check back later as they said.

(D) 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. Note that Approval is done in batches and not a sole decision of the Nirsal Microfinance Bank. Just be patient.

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.