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Home Business News

NIRSAL MFB to offer loans to SMEs at 5% interest rate

Fakoyejo Olalekan by Fakoyejo Olalekan
March 7, 2019
in Business News, Politics, Small Business
Breaking News, Godwin Emefiele, Senate confirms Emefiele's re-appointment for second term
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Governor of the Central Bank of Nigeria, Mr Godwin Emefiele, said NIRSAL Microfinance Bank will start offering loans to small businesses at a single digit interest rate of five per cent.

Mr Emefiele made the disclosure, Wednesday, during an inspection tour of the bank’s facilities located in Gwagwalada, Abuja. According to him, the newly-established MFB has been mandated to do everything possible to empower small businesses across Nigeria.

According to him, NIRSAL Microfinance Bank’s target is to have a total of 774 branches across the local governemnt areas in the country. So far, only five branches have been established, even as fifty new branches are being planned for the next phase.

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Other pilot phases for NIRSAL Microfinance Bank are: Ibadan, Bauchi, Kaduna, Enugu, Lokoja, and Port Harcourt, Mr Emefiele said.

Speaking further, Mr Emefiele said that the new microfinance bank, which has N5 billion worth of capital base, is expected to help the CBN actualise its 80% financial inclusion target by 2020.

As we reported, the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) unveiled the new national Microfinance Bank (MFB) earlier this year, with the intention to catering to over 400,000 Small and Medium Enterprises (SMEs) within its first two years. It is wholly-owned by the Central Bank of Nigeria.

Mr Emefiele said the loan scheme would be financed with money from the Agribuisness/Small and Medium Enterprises Investment fund. The repayment period for every loan is five years. There will be a two year moratorium.

“The biggest problem that small businesses always have is access to credit and I am happy that with the establishment of this microfinance bank, which will be in at least one local government and we are talking about the 774 locations across the country.

“We will be able to have a financial institution that will help to deepen financial inclusion to make it easy for people to access credit, particularly the small and unbanked people, because we have always said that these are the very weak.

“We will use this to improve access to credit. Interest rate for this will be at five per cent and the loan will be for a tenure of seven years with two years moratorium.”

No Collateral issue

Meanwhile, bearing in mind that some businessmen have issues with collaterals, Mr Emefiele said that NIRSAL would give out loans without using the conventional collateral requirements.

He said “We know that those who are weak in terms of those who are unable to access credit, the big issue for them is their inability to provide collateral.”


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Tags: Central Bank of NigeriaMicrofinance Bank
Fakoyejo Olalekan

Fakoyejo Olalekan

Olalekan is a certified media practitioner from the Nigerian Institute of Journalism (NIJ). In the era of media convergence, Olalekan is a valuable asset, with ability to curate and broadcast news. His zeal to write was developed out of passion to shape people’s thought and opinion; serving as a guideline for their daily lives. Contact for tips: fakoyejo.olalekan@nairametrics.com.

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Comments 29

  1. Affiong Hogan Asuquo says:
    October 3, 2019 at 11:11 am

    I have sign in n apply for the load but can not summit it since yesterday wat is d problem

    Reply
  2. EME KALU Obinna says:
    October 28, 2019 at 12:57 pm

    I need a loan how do go about it am in ph

    Reply
    • Chima kalu says:
      April 16, 2020 at 8:10 pm

      Am Chima kalu( aka) Chimex Enterprises, how do I reach your office in Owerri?

      Reply
  3. Erimi Precious says:
    November 10, 2019 at 11:24 pm

    Please how can I apply?

    Reply
  4. Jimoh Rafiu Alabi says:
    December 14, 2019 at 9:16 pm

    Comment:I try to register since 3 days ago it tells that I have already registered with you,which is not. What’s happening

    Reply
  5. Shobayo Saheed Adeshola says:
    January 5, 2020 at 5:11 pm

    Comment:
    Pls how do I apply for this loan?

    Reply
  6. ekehmagnus says:
    January 9, 2020 at 8:57 pm

    how will I apply for time
    his loan

    Reply
  7. Otoede Monday john says:
    January 13, 2020 at 2:21 pm

    I have applied for the loan last week, for my agric business (feedsmilling, poultry) for 10,000,000 ten million.

    Reply
    • Raduno Africa limited says:
      April 20, 2020 at 1:19 pm

      Please how can one apply for the loan. There is form and address. Thanks

      Reply
  8. Alamin says:
    January 21, 2020 at 9:32 pm

    We need help for this bank,

    Reply
  9. AUTA FELIX IGNATIUS says:
    February 3, 2020 at 8:58 am

    I will like to apply for a loan of 10,000,000 Naira only for an Agriculture ( Animal Farming)

    Reply
  10. Muhammad Auwal says:
    February 4, 2020 at 4:53 pm

    I am very interested in the loan isuence in other to earn a living as a graduate.

    Reply
  11. Muhammad Auwal says:
    February 4, 2020 at 4:55 pm

    This opportunity will make the youth to be self reliance in other to earn a living thank you.

    Reply
  12. abdullahi says:
    February 16, 2020 at 11:53 pm

    Comment:how do I apply the loan

    Reply
  13. Moses Okonji says:
    February 21, 2020 at 6:48 am

    My is Moses Okonji, Please how do I apply for the loan I have registered my details but don’t have access to the loan applications form. Thanks

    Reply
  14. Anonymous says:
    February 24, 2020 at 3:50 am

    The only problem that may hinder me from applying is issue of interest attached which is prohibited in islam

    Reply
  15. Anonymous says:
    February 24, 2020 at 3:52 am

    The interest charge is the main problem

    Reply
  16. Gud Yohanna Pwajok says:
    March 27, 2020 at 7:38 am

    I’am interested in the loan ,how can I access it.lam a farmer.

    Reply
    • Adedotun Odusina says:
      April 27, 2020 at 7:37 am

      I need loan for my poltry farm, yam and pepper farm in Ogun state. How do I go about aquiring the loan to boost it?

      Reply
  17. George George Ekpo says:
    March 28, 2020 at 1:12 am

    please how do i gain access to this loan .

    Reply
  18. Kabir Hassan says:
    April 1, 2020 at 7:19 pm

    How do i apply for the loan?

    Reply
  19. Assets Height International says:
    April 11, 2020 at 12:01 am

    I need directions to have my company register

    Reply
  20. Onyeka onah says:
    April 14, 2020 at 10:27 am

    How one apply

    Reply
  21. Kenneth Bawa says:
    April 19, 2020 at 4:41 pm

    Please how do I apply for this loan?

    Reply
  22. Tijjani kabir says:
    May 8, 2020 at 3:02 pm

    Mr.fakoyejo olalaken my name is Tijjani KABIR from kano state I applied for agsmeis loan I did everythings that was required I was interviewed on 12/2/2020 iam waiting for an offer to sign coincidentally and unfortunate cases of corona virus interrupted and now we were lockdown at home we don’t know what to do yet,but iam curious to know what is happening right now,pls inform everything’s you know about it.thank you.

    Reply
  23. Abbas Ibrahim says:
    May 26, 2020 at 12:21 pm

    My name is Abbas Ibrahim.I operate business (SME) i’m a trader ie i buy and sell but this days i hardly corpe due to short of financial constrain.please i need financial support for me to be able survive in my business operation and in life in general. I’m Diploma holder from Nassarawa Federal polytechnic. Need to hear from you soon

    Reply
  24. Awaji henry chizoba says:
    November 1, 2020 at 2:51 pm

    Please how do I apply for the loan

    Reply
  25. Yohanna joseph says:
    December 23, 2020 at 3:29 pm

    Please when sharing news don’t forget to provide link

    Reply
  26. Ijeh Patience Oby says:
    November 23, 2021 at 12:16 pm

    Please i have registered by opening an account with you people and my account number was sent by nirsal mfb now i try to apply for loan which is not working in the app. Pleas i need a loan which i dont know how to apply it cos is not opening in my app and i have my possible best but nothing. Please help me over it cos i need this loan to survive, i am an handicap so i need to survive and live. Thank happy to from you people

    Reply

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