COVID-19 Targetted Credit Facility: Congratulations, more approval effected

The Nirsal Microfinance Bank began the new month with the payment of backlogs of November and December approved Loans which is still on going. Be Patient.

Recall:COVID-19 Targetted Credit Facility: Disbursement continues as NMFB overturns hitches, Approval to follow

We are glad to announce that more Approvals have recently been made while many of the applicants are not aware. Do recall that due to network challanges, one may not recieve approval notification from NMFB.

There is only one secure way of constantly checking your status to know when your Loan has been approved without notification. Follow the below method:

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 accept the offer and enter your Bank Name (First Bank, Ecobank, Union Bank etc) and your account number. Avoid mistakes here. Very important!

(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.

As earlier indicated, 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.

There is much hope and one can expect an amount very close to the amount one applied for, being approved. That is, if you applied for N450,000 under the Household, expect a range within N400,000.

Congratulations! once again.