NIB TCF/AGSMEIS Loan: Dubious NIB Vendors To Be Delt with - NMFB warns

The Nirsal Microfinance Bank has vowed that its approved vendors for the Non-Interest Banking Window for COVID-19 Targetted Credit Facility and AGSMEIS Loan who engage in unethical practices will be handed over to Law Enforcement Agencies.

The Managing Director, Nirsal Microfinance Bank, Abubakar Abdullahi Kure made this known during a recent meeting of the Bank on the Loan Programme on Friday.

Kure who appraised the Bank's accredited vendors for Non-Interest Banking window for TCF & AGSMEIS, tabled various complaints from aggrieved beneficiaries at the event which was attended by over fifty vendors from different parts of the country.

Reading the Riot Act to the NIB Vendors while cautioning against unethical practices, Kure warned that vendors who continue to contravene the Bank's policy on unethical practices by short changing NIB beneficiaries will be severely dealt with. 

"They will be reported to law enforcement agencies, de-registered and have their names published in the national dailies", he added.

The Nirsal Microfinance Bank MD's reaction is not far from reports made by some beneficiaries of the Non-Interest Banking Window for COVID-19 Targetted Credit Facility and AGSMEIS Loan who alleged they were short charged by their vendors.

According to the beneficiaries, some of the accredited Vendors demanded that the beneficiaries take 50% of their approved loan in cash, and forget about the delivery of the agreed products the vendors were meant to supply.

The beneficiaries further alleged that some vendors deliver products which are not commensurate with the approved loan by the bank.

The Nirsal Microfinance Bank being concerned about the safety and welfare of the people had also warned applicants of CBN Intervention Loan Programmes that it does not request for money at any time in the disbursement of approved loans to the beneficiaries. 

NMFB alerted that such dubious intentions should be reported to the bank, assuring that appropriate action would be taken to guard against imposters who may wish to defraud applicants in the name of the bank.