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.
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.”
I have sign in n apply for the load but can not summit it since yesterday wat is d problem
I need a loan how do go about it am in ph
Am Chima kalu( aka) Chimex Enterprises, how do I reach your office in Owerri?
Please how can I apply?
Comment:I try to register since 3 days ago it tells that I have already registered with you,which is not. What’s happening
Comment:
Pls how do I apply for this loan?
how will I apply for time
his loan
I have applied for the loan last week, for my agric business (feedsmilling, poultry) for 10,000,000 ten million.
Please how can one apply for the loan. There is form and address. Thanks
We need help for this bank,
I will like to apply for a loan of 10,000,000 Naira only for an Agriculture ( Animal Farming)
I am very interested in the loan isuence in other to earn a living as a graduate.
This opportunity will make the youth to be self reliance in other to earn a living thank you.
Comment:how do I apply the loan
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
The only problem that may hinder me from applying is issue of interest attached which is prohibited in islam
The interest charge is the main problem
I’am interested in the loan ,how can I access it.lam a farmer.
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?
please how do i gain access to this loan .
How do i apply for the loan?
I need directions to have my company register
How one apply
Please how do I apply for this loan?
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.
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
Please how do I apply for the loan
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