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NIRSAL explains why it is not disbursing N50 billion CBN loan

Lockdown around Kano, Lagos, Port Harcourt, and incidentally Kaduna and they constitute a significant part of the applicants that applied for the loans.



400,000 people benefit from NIRSAL scheme , NIRSAL pledges funding support for farmers, NIRSAL explains why it is not yet disbursing N50b CBN facility

As part of the stimulus package announced by the Central Bank of Nigeria (CBN) to help mitigate the impact of the coronavirus pandemic on the economy and businesses, the apex bank introduced an N50 billion Targeted Credit Facility (TCF) in March 2020, to support households and micro, small and medium enterprises (MSMEs) that have been affected by the pandemic.

The facility from CBN, which is to be disbursed through the NIRSAL Microfinance Bank Ltd (NMBL), had recorded about 80,000 applications as at April.

However, this program has not been without some hiccups with many applicants complaining about difficulties in assessing the facility.

During an interview with ChannelsTV, the Managing Director of NIRSAL Microfinance Bank Plc, Abubakar Kure, explained why there were difficulties in disbursing the facility to the applicants.

(READ MORE: Covid-19: CBN wants to fund research for Nigerian Made vaccines)

He disclosed that the nationwide lockdown and restrictions had been a major challenge to the smooth processing of the facility. This was also compounded by the inability of some of the applicants to secure guarantors.

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CBN Governor Godwin Emefiele

According to Kure, “You are all aware of the lockdown across the country and major cities. We have lockdown around Kano, Lagos, Port Harcourt, and incidentally Kaduna. So all these major cities constitute a significant part of the applicants who applied for COVID [loans]. We are actually thinking outside the box to see how we can reach them so that they can come and have the loans.

Currently what we do is that we are using digitalization in the form of emails. We send emails to those who have email accounts, we print their offer letters, send back to them, do the documentations and they are able to drawdown.

‘’The most important thing is about the lockdown and that’s why the credit facility was created. It also constitutes a challenge.”

Going further he said, ‘’We are improving our processes, systems, people to be able to meet up with the expectations. You are fully aware that this loan is for a short term. It’s a short term seamless package by Central Bank intended to cushion the effect on businesses and people. However, because of the lockdown and the restriction of people, there have been delays. We have also noticed the issue around guarantors.”

(READ MORE: CBN pumps funds into FOREX market through Wholesale SMIS)

The NMFB boss, while explaining, also encouraged qualified individuals to come forward and guarantee the approved applicants because they had viable businesses. He said that the ones that had been evaluated were very successful SMEs with the capacity to pay back.

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NIRSAL explains why it is not yet disbursing N50b CBN facility


On why the difficulty in disbursing the credit facility considering that it was supposed to be a short term facility to cater for businesses and households during the period of pandemic and lockdown, Mr Kure said, “This is a loan and not a grant, you are required to sign offer letters in terms of documentation that need to be signed so that it requires physical interaction between the bank i.e. NIRSAL Microfinance bank as well as the customers. So customers are unable to even come to sign the documentations and customers are even unable to get guarantors.”

However, as part of the solution to this challenge, Kure said the bank was trying to enlighten the customers about other channels of payment like mobile applications and the USSD. He said that those that we’re able to finish their documentation and sign offer letters, a fundamental aspect of the loan, could drawdown.

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On the number of applicants that had benefitted so far from the facility, the NMFB MD said, “If you go to our website, we have over 1000 applicants that are enjoying the facilities. The buildup is expected in a few days to come.”

(READ MORE: IMF approves $1 billion for Ghana to fight COVID-19)

He also disclosed that NIRSAL Microfinance bank had received N5 billion from CBN for about 5,000 applicants and they hoped to disburse about 90% of that in a few weeks to come. 

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This disbursement from the apex bank was collaborated by CBN’s Director for Development Finance, Yusuf Yila, who said that they had disbursed N5 billion for 5,000 applicants through the NMFB.

On the kind of collateral needed for small businesses, Kure said they were usually soft collaterals that ranged from guarantors to movable assets like cars, equipment, and so on, unlike large volume ticket collaterals for big businesses. He said the most important thing to consider in the approval was the cash flow and the ability to pay back the facility.

He also disclosed that the households constituted about 65% of the applications that were received.









Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. He has worked in research and marketing departments of three top commercial banks. Chike is a senior member of the Nairametrics Editorial Team. You may contact him via his email- [email protected]



  1. Franklin Chukwudi

    May 20, 2020 at 10:29 am

    Good morning sir

    I was called to come and sign the offer letter since Monday 11/05/2020 at their Abeokuta office and also account opening documents and as of today 20/05 /2020 no funds, no updates and no account number

    Best regards

    • Ismail Tijjani

      June 18, 2020 at 12:54 pm

      I want to register the site is not going Sir please can you help me to continue my business thanks.

    • Iliya kefas

      June 18, 2020 at 11:12 pm

      How can I submit my application letter

    • Anonymous

      July 22, 2020 at 11:07 pm

      Please what is the website please

  2. Olu Seun

    May 20, 2020 at 11:13 am

    NISRAL are not sincere in their dealings,reason why this country refuse to move forward.
    Imagine a country of over 200million people, only 1000 people benefited so far meaning all they care about is their own immediate family because if at the end of the day people failed to meet up their stringent policy to receive the loan,they will divert it to their family since they know what they want before loan can be granted to Nigerian.. It is well

    • Doks

      May 22, 2020 at 9:35 pm

      Nirsal microfinance are guilty of fake news. Nigerians need genuine helper during this Covid 19, not a misleading one.

    • Modebelu chinonye bibian

      November 11, 2020 at 6:00 pm

      Please sir, I made a mistake and inpute my name where I was supposed to input my bank name, please sir, is there anything I can do to correct that?. Will be waiting for your reply sir. Thank you

      • Mubarak lawal Sambo

        December 5, 2020 at 11:22 pm

        Hi bro i hv thesame misktake too hv u Find a solution to your broblem

  3. Anonymous

    May 20, 2020 at 2:07 pm

    Taraba state applicants are yet to receive invitation for interview. What’s going on?

    • Promise

      May 20, 2020 at 6:05 pm

      The custodians/ managers of the loan are not sincere about the process. I applied for the same loan but was told that they will get back to me in the next 72hrs yet no response till date after a month plus. The government should investigate those in charge if it’s really meant for Nigerians

      • Mcfrancis Nnaji

        May 22, 2020 at 2:35 pm

        We are on the same page… No response from then over a month now.

    • Apeekaa

      July 1, 2020 at 10:30 pm

      Is because FG want leave tarabans with their crises TIV and JUKUMS

  4. Henry

    May 20, 2020 at 5:35 pm

    The loan is for northerners. Don’t waste your pen and paper.

  5. Umar Mohammed

    May 20, 2020 at 9:18 pm

    We are proud of your work sir may God continue help the organization yours umar Mohammed from Maiduguri

    • Fadeyi Kayode

      June 19, 2020 at 4:01 pm

      I have receive mail for more than 3 times yet to forward my lian

  6. Minana

    May 20, 2020 at 9:31 pm

    It is well, the whole process is taking too long.Some much delay in sending reply to enable an individual know if he or she qualified.

    • Grace Joseph

      June 25, 2020 at 5:30 am

      Sir I apply they are saying maximum number of people have responded to the form

  7. Minana

    May 20, 2020 at 9:31 pm

    It is well, the whole process is taking too long.Some much delay in sending reply to enable an individual know if he or she qualified.

  8. Okeanu Chris

    May 21, 2020 at 2:45 am

    Am from Port-Hourcourt,since April i applied for this loan,i’ve been told they will call me for interview,till now i have not heard from NIRSAL.If they said 1000 applicate have benefited,who are they,what sate are they from?I’ve been in their office after applying online,when I heard nothing from them,they ask me to go & wait they will call me,till now I’ve not heard from them.


    May 21, 2020 at 8:04 am

    Why make stringent measures. That amounts to denial. Who will agree to guarantee such loans at this time. Is it not supposed to be a soft loan to help boast the economy. Our economy is already bad and you putting strict measures so that nobody will get it and you end up getting it to your people only. What a Nigeria. Who will qualify for it, defeating the very purpose of the loan

  10. Ofana Emmanuel

    May 21, 2020 at 6:46 pm

    Good day sir, i was among ur first applicant, i fill and submitted like everyone and at the end of submission i was debited 5000 naira by wema Bank later i receive a mail to refreshing my list i did finally they sent me a guarantor form i fill and submit and is up to 3 week’s now i have not had or gotten any massage from u people till now, i have even call ur customer care line a lady told me i will hear from u people soon but no response till now, thanks and God bless you sir i wait to hear from u.

    • Joy A obazee

      June 19, 2020 at 10:33 pm

      Thanks for ur wonderful job, but lam really disappointed in d whole thing l ve received offer since two weeks yet no money, pls do the needful and pls for once let’s act according to expectations, help this country to grow and promote the dreams of everyone living in it,help everyone to grow back their businesses,pls Nirsal do the needful

  11. Peter P.J Ngbeken

    May 21, 2020 at 8:35 pm

    I applied for the loan, but people around believe that is the usual Nigerian thing, that I was just wasting time.
    Up till now, no communication between the microfinance bank and I.

  12. victor

    May 22, 2020 at 9:14 am

    this loan is real but meanly for some group or tribe best known to them.

  13. Fatima Abdullahi umar

    May 22, 2020 at 1:35 pm

    I need help am serious in need for money

  14. Oshiobridge

    May 22, 2020 at 6:38 pm

    Thanks to NMFB. I received mine yesterday

    • Gideon

      June 16, 2020 at 2:27 pm

      Congratulations, please how did u do it? I have been on the waiting list not knowing if i missed any stepor not

    • Christopher

      June 26, 2020 at 2:51 pm

      Please what was the next step after accepting offer online been waiting for the next instructions

  15. Ayietim

    May 23, 2020 at 1:14 pm

    This is great. The right step in the right direction.

  16. eke joachim

    May 25, 2020 at 4:56 am

    Please ,help me ,how can i apply for the loan?

  17. Ademola

    May 27, 2020 at 11:57 pm

    @oshiobrigde, please are you saying you have been credited?

  18. Samuel Glory Adiele

    June 10, 2020 at 9:04 am

    How do I apply for this loan

  19. Nnenna adimoha

    June 12, 2020 at 11:21 pm

    Pls how do I apply for this loan

  20. Anonymous

    June 13, 2020 at 5:10 pm

    I have apply and certifed and i have submitted my account.i want to know why UBA Applicants on the loan have not be credited but Access and GTB have been credited .

  21. Yusuf saidu

    June 14, 2020 at 3:19 am

    How will applied for the cbn loans please?

  22. Anayo Nwachukwu

    June 15, 2020 at 6:03 am

    I was asked to visit their web site to fill in for my offer letter, but it keep saying “This BVN details does not exist” , I also did affidavite for my BVN but it keep saying the same thing each time I visit their site. please help, what should I do next?

    • emeka

      November 12, 2020 at 5:53 am

      i have desame problem

  23. Iliyasu lawan

    June 17, 2020 at 5:30 pm

    My God helping the organization, sir I registered since January but yet now didn’t gate the any respond neither this nor that

  24. Anonymous

    June 18, 2020 at 12:58 am

    I can get this loan of a thing

  25. Kabiru Ali Abdullahi

    June 18, 2020 at 10:53 am

    Good mmorning sir I want apply the CBN loan due to the this pandemic I lost most of my capital and now I am about to go down while I have 3 boys under me

  26. ABUBAKAR Mohammed

    June 20, 2020 at 9:24 pm

    Kaduna state

  27. Princess m.Atanu

    June 22, 2020 at 1:43 am

    Nirsal is doing a great job.
    But let them speed up there transactions.
    I also registered online expecting there call or emails. I’m very much optimistic, I keep my finger cross.
    Waiting for nirsal call.
    Registered under smse.
    Thanks for reaching me.

  28. Doris irebo

    June 24, 2020 at 2:48 pm

    I really need money but not as huge as what you people are giving for loan

  29. Umeora Chidiebere

    June 26, 2020 at 12:33 pm

    Can I still apply for the loan now.

  30. Daniel

    June 26, 2020 at 3:33 pm

    I was sent an approval message to go online and accept offer of loan which I did and haven’t heard any response it’s two weeks now please the customer care numbers are always busy is there an email or some other way one could get information on next step please

    • Adebayo Bolanle Omolara

      July 8, 2020 at 3:31 pm

      thesame thing applicable to me, I receive approval message which have done since a month ago please i need an assistance

  31. Chidinma Joy

    June 30, 2020 at 1:37 pm

    How can one apply and your office address in PORTHARCOURT. Thank you

    • okwuchi anwuli

      June 30, 2020 at 5:54 pm

      PLS sir when is the deadline for this loan. I have been trying to apply to no avail

  32. Adewunmi Adenowo

    July 4, 2020 at 2:48 pm

    Good morning, please want to know when the next batch can apply for this July because when l wanted to apply l was told that the application is closed for now, that shortly the program will start again thank

  33. Akaninyene Johnson

    July 7, 2020 at 4:47 pm

    I apply late June does it mean I was not among the chosen one, I am an undergraduate who is is trying to create impact in the society but due to covid19 my unisex shoe and bags biz’s fall and right now I need help to continue my biz thanks.


    July 27, 2020 at 5:50 pm

    I apply the loan one month ago i no see massege

  35. Yusuf umar

    October 22, 2020 at 9:56 pm

    Sir I have resived my compermation since 9 october 22 october i yate to see my alart sir what is the problem?

  36. Modebelu chinonye bibian

    November 11, 2020 at 8:41 pm

    Please sir, I made a mistake and inpute my name where I was supposed to input my bank name, please sir, is there anything I can do to correct that?. Will be waiting for your reply sir. Thank you

  37. Ruth Abidemi Adelaja

    November 30, 2020 at 4:20 pm

    Hello sir/ma, I got an loan approval few weeks now and am yet to see the alert pls what can I do.

  38. Lawali shehu

    January 16, 2021 at 11:37 am

    since November 24 update never receive anything sir

  39. F A Enamudu

    February 15, 2021 at 11:30 pm

    Dear Applicant
    You are yet to accept your Covid-19 TCF. Please do so before close of business 15/02/21 otherwise the funds will be recalled. Thank you.

    I got the above message and don’t know what I am supposed to do.

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