COVID-19 Targeted Credit Facility Loan Approval and Disbursement

The Nirsal Microfinance Bank has advised applicants of the COVID-19 Targetted Credit Facility Loan Scheme ahead of continuation of the loan approval and disbursement to eligible beneficiaries.

Taking to its official Social Handle, Friday, the Bank stated:

"Dear Applicant, If you have applied for NMFB (COVID-19) Loan, you may not have recieved your loan because you are a Tier 1 account holder."

"Kindly visit your Bank to upgrade from Tier 1 to Tier 3 Bank Account"

"Ensure that the Name on your application matches the name on your Bank Account to avoid mismatch during payment."

NMFB further advised applicants to desist from posting their account details on the comment section of their social media pages, to prevent the activities of fraudsters who always lay for unsuspecting victims in the social spaces.

General Guide for Checking COVID-19 TCF Loan Approval Status

1. Open https://covid19.nmfb.com.ng

2. When it loads, select the type of Loan you applied for. Either SME or Household or use https://covid19.nmfb.com.ng/HomeLoans (for Household), https://covid19.nmfb.com.ng/SmeLoan (SME).

3. Enter your BVN.

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. Ensure to 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.

The COVID-19 Targeted Credit Facility Loan Scheme which was initiated by the Federal Government to cushion the effect of COVID-19 Pandemic on Micro, Small and Medium Enterprises (MSMEs) in Nigeria recieved thousands of applications in 2020 and 2021 whereby over 548,345 beneficiaries have recieved loan amount ranging from N250,000 to N3Million in either of its Household or SME categories.