COVID-19 TCF: Jingles of Alerts grace applicants, massive Approval follows| Keep checking your Status

Just as earlier hinted how joy would define the year 2021 for many applicants of the COVID-19 Targetted Credit Facility Loan, many applicants who were approved late 2020 have started singing songs of praises.

The disbursement was hampered by technical defficulties which have been rectified as many of the backlogged disbursement would be cleared as payment continues, a source at NMFB disclosed.

Approval follows immediately for many applicants who have been waiting to benefit from the laudible initiative of the Federal Government. 

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.

Kindly note that you may not get an approval SMS due to certain 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 pop-up select Bank Name and Enter Account Number, you had made 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 -the NFMB sends application to CBN, CBN reviews and approves, gives order to NMFM 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.