Latest Update on NMFB COVID-19 Loan, AGSMEIS Loan Repayment

The Nirsal Microfinance Bank has intensified efforts to recover loans which were given to the beneficiaries of the COVID-19 Loan Scheme, AGSMEIS Loan Scheme and the Anchor Borrowers Programme. 

Recall that the Central Bank of Nigeria (CBN) vowed that anyone who has taken loan under its intervention programmes such as the COVID-19 Targetted Credit Facility Loan, the AGSMEIS Loan or the Anchor Borowers programme must pay.

Just yesterday, NMFB onboarded a team of newly recruited loan recovery agents.

The Managing Director of Nirsal Microfinance Bank, Dr. Abubakar Abdullahi Kure, in his opening remarks during the event in the Bank's Headquarter, Abuja, charged the newly recruited loan recovery Agents to stay professional, transparent and responsible as they recover outstanding debts from beneficiaries.

The method currently being applied in order to recover the COVID-19 Targetted Credit Facility Loan, AGSMEIS loans etc is Auto-Debit. The CBN has issued a Global Standing Instruction (GSI).

What the Global Standing Instruction (GSI) entails is that CBN has given the Bank authority to debit any of the loan beneficiaries using his/her Bank Verification Number (BVN).

Find out how you can derive your Monthly Loan Repayment plan here to avoid huge yearly deduction

Since all Bank Accounts owned by an individual are linked to the BVN, it simply means that as long as there is money in any Bank Account of any debtor or loan defaulter, such account can be debited to settle the loan that is due.

This has started happening already, and some beneficiaries have reported how their Bank Accounts were debited of huge amounts - as a yearly repayment plan.

That means that the only way not to pay the Loan is to stop keeping money in the Bank, if not, it will be very hard for one to say he/she would not pay the Loan.

"Every single person who had taken loans, even for farming is going to pay. We have their Bank’s Verification Number (BVN). In fact, we started what we call the Global Standing Instruction (GSI), and will continue to pull their accounts in the banks that they lend to, or whichever way, the bank that they have an account. Anytime we see any fund from a loan defaulter, we will recover the money from the account," the CBN Director of Development Finance Department, Dr Yusuf Yila said.