The Nirsal Microfinance Bank has debunked claims that it shut out applicants of the Agribusiness/Small and Medium Enterprise Investment Scheme popularly known as AGSMEIS Loan Scheme by conniving with Entrepreneurship Development Institutes to extort money from the applicants.
The allegation is connected to a recent massive declination of loan applications from thousands of applicants which the bank clarified through Text messages sent to the applicants and updated on the AGSMEIS Loan Application Portal https://agsmeisapp.nmfb.com.ng.
In a Statement tittled "NIRSAL microfinance bank refutes claims of shutting out 100,000 loan applicants in Anambra state", captured in The Punch and The Vanguard, the NMFB on Sunday described the allegation as "malicious" noting that it has since inception disbursed N101bn to 26,274 farmers under the AGSMEIS Loan Scheme.
The bank also quashed claims that it conspired with some Entrepreneurship Development Institutes (EDIs) to extort money from loan applicants with the promise to grant them approvals for their loan applications.
NMFB states, “This accusation is not only spurious but unfounded as NMFB frowns at any form of unethical practice or unprofessional conduct which contravenes our policy and core values.
“Till date, NIRSAL Microfinance Bank has disbursed the sum of N101billion to 26,274 AGSMEIS applicants across the six geo-political zones in the country with emphasis on even spread.
“We are therefore surprised with the narrative that applicants from the South East are marginalized under this scheme. This statement is malicious.
“Our process is not only transparent but also ensures that successful applicants are Nigerians who are well experienced in their line of business and have met with the criteria set out for lending.
“NIRSAL Microfinance Bank has repeatedly warned applicants, through various social media platforms, that the AGSMEIS loan application process is individual-based, after the completion of a N10,000-cost training exercise by NMFB-accredited Entrepreneurial Development Institutions, (EDIs).
“The business plan, which is also automatically generated on the portal, has two options – a free application and another that cost N5,000. Applicants have the liberty to use any of the two business plan options. No EDI has the right to charge extra cost.
“We implore applicants to report any observed anomalies or form of solicitation from individuals or enterprise.
NMFB urged applicants, who were recently sent a decline application message due to their inability to meet the bank's current risk assessment criteria, to re-apply with a business plan tailored to the new maximum Loan cap of N3m at no cost to them.
“We wish to use this medium to inform the applicants who were recently sent a decline application message due to their inability to meet our set current risk assessment criteria that they can re-apply with a business plan tailored to the new maximum of N3million threshold at no cost to them.
“Once again, we remind all Nigerians that the AGSMEIS loan is not a grant but a loan," NMFB added.
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