COVID-19 TCF: Why your loan was rejected

There have been several complaints from the applicants of the COVID-19 Targetted Credit Facility who had wondered why their loan was approved but at thesame time "rejected" on the loan agreement form.

The reason is simple and every applicant of the loan facility should strive to avert this occurrence.

The Nirsal Microfinance Bank, after review of Loan application by the Central Bank of Nigeria (CBN), is mandated to disburse the COVID-19 Targetted Credit Facility Loan to the beneficiaries who are selected in batches. NMFB then notifies the approved beneficiaries (through text messages) to proceed to accept their loan offers which must be done within 1 week of approval. If the beneficiary due to one reason or the other fails to accept this offer within this specified period, it will automatically reverse and will be treated as "Rejected" or "Declined".

One may wonder why such decision should become formal in the Scheme. The fact is, there are thousands of Nigerians who are interested and ready to bribe their way to get this offer. It would be unkind to waste such opportunity to one who does not care have it and that's why the auto-reverse was activated which paves way for another Nigerian to grab the offer.

When your Loan is treated as "Rejected or "Declined" there is nothing possible to be done as visiting and NMFB office has not yielded any result. This is why you should make checking your loan application status a daily routine without waiting for massive approval or text notification.

How to check COVID-19 TCP application status for both old and new applicants

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 the official website of Nirsal Microfinance Bank for the COVID-19 TCF just as https://nyif.nmfb.com.ng is for Nigeria Youth Investment Fund and https://nirsalmfb.caderp.com/Account/Register for AGSMEIS Loan Scheme.

4. A response will be displayed when you enter your BVN.

(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.

Patience is the only price one has to pay to get COVID-19 Targetted Credit Facility Loan. Do not pay anyone a dime to facilitate the approval the Loan to avoid being scammed.

Application is still on going for all interested applicants using the method below:

1. Open the application portal https://nmfbloans.nmfb.com.ng/nmfbloanapplicationportal and choose a Loan Type, Household or SME. Or Household Applicants directly follow https://nmfbloans.nmfb.com.ng/covid19tcfhousehold and SME applicants follow https://nmfbloans.nmfb.com.ng/covid19tcfsme

3. Firstly, start by filling other details highlighted in green such as your Email Address, Comfirm Email Address, Marital Status, State of Origin, Region of Origin, State of Residence, Phone Number, Residential Address, then select preferred Nirsal MFB Branch. (Especial if it has told you invalid BVN when you initially tried. Just refresh the page and start with other details first).

4. Lastly, fill in your BVN and tap or click on any of the area highlighted in white. Then "please wait" for it to load your BVN information. Note that those area highlighted in white will be filled automatically through your BVN information database.