COVID-19 Targetted Credit Facility: Hope restored as Approval continues, massive disbursement to follow

Ecstasy returned on the faces of the applicants of the COVID-19 Targetted Credit Facility as Approval has continued to grace the expections of the applicants of the laudable Federal Government Scheme since weekend.

Technical glitches however stalled disbursement lately as backlogs of yet-to-be disbursed loans cued on the desk of Nirsal Microfinance Bank.

The Nirsal Microfinance Bank has in view of that called for patience as they work hard to efficiently sort the backlogs and pay the affected beneficiaries in batches and be cleared in no distant time.

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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.

While approval has continued, do note that an applicant may not get an approval SMS due to certain technical reasons.

Waiting for approval, you can check your status always as follows:

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 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 and hope is high.

Note that Approval is done in batches and not a sole decision of the Nirsal Microfinance Bank -the NFMB sends application to CBN, CBN reviews and approves, gives order to NMFB to disburse the fund. According to CBN, the loan approval/disbursements is based on the activity, cash flow, and industry size of the beneficiaries. Just be patient.