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Home Financial Literacy MSME

N50 billion COVID-19 loan: How to repay your CBN/NIRSAL loan

Beneficiaries are expected to visit any NIRSAL MFB branches to obtain a repayment form.

Abiola Odutola by Abiola Odutola
February 16, 2022
in MSME
400,000 people benefit from NIRSAL scheme , NIRSAL pledges funding support for farmers, NIRSAL explains why it is not yet disbursing N50b CBN facility

NIRSAL Managing Director, Aliyu Abdulhameed

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Following the announcement it made last week calling for the refund of loans obtained by Nigerians, NIRSAL Microfinance Bank has disclosed the loan repayment guidelines.

While some Nigerians believe that the repayment announcement came sooner than expected, the financial institution is bent on the refund move, as it is reaching out to the beneficiaries via its social media handles.

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The repayment guideline was announced by NIRSAL via its Instagram page.

According to the disclosure, the beneficiaries are expected to visit any NIRSAL MFB branches to obtain a repayment form, as its officials will provide further guidance.

Read: N50 billion COVID-19 loan: NIRSAL calls for repayment

Steps to loan repayment

  • Visit any nearby NIRSAL MOB branches to obtain a repayment loan form
  • Ensure your loan account is always funded
  • Ensure that your account number has been previously shared in your mobile number
  • View your offer letter on www.covid19.nmfb.com.ng

How some beneficiaries reacted to the call for loan repayment

Following NIRSAL’s tweet requesting for the repayment of the loans, Twitter users have expressed mixed feelings, an indication that the financial institution may have a problem getting back most of the loans, according to Nairametrics.

A Twitter user, Abdulrasheed Ibrahim with the handle, @Abdulra19898072 made some claims that are hard to verify but his comment had the most interactions. He said, “@cenbank  I don’t think many people have the means of paying, coz those that want to do business were not the ones given the loan, rather, some of your staff collected % from individual and randomly disbursing to those that will buy iPhones.”

Read: How to know if your NIRSAL COVID-19 loan is approved

Daniel Duke with handle @DanielDuke TOT took a more economical view of the situation saying, “Don’t worry, they are expecting repayments from the Grants that would be disbursed shortly. It’s a way to mop up excess cash that will be pumped into circulation through the  Grant payments. CBN’s plan to reduce inflation.”

Some lamented that they have not fully recovered from the pandemic. Stanleyoke with handle @OkerekeStanley3 “Covid-19 variance is still here with Us, the Economy is worst every day. There is no improvement and you are here talking about repayment. Can you please go to the market and check the prices of Food?”

Some Twitter users however took hilarious positions as regards the repayment of the loans. A user with the handle, @alkanetonline said, “I need another loan to repay the previous loan.” Another user joined him in lamenting that she has no idea where she’s going to get the money to pay back the loan.

Related

Tags: LoansNIRSAL Microfinance Bank

Comments 11

  1. Muhammadt Salisu says:
    February 16, 2022 at 10:57 am

    All important

    Reply
  2. IBRAHIM TITUS says:
    February 20, 2022 at 2:52 pm

    Pharmacy selling of drugs and food story

    Reply
  3. Hauwa says:
    March 19, 2022 at 7:19 am

    We have applied the vendor golden pyramid from Kano State called us since September last year that is 2021 but we have not received the loan please Nirsal help us check the menace vendors are doing he gave us his contact all efforts to contact him prove abortive the office address he gave us was scam. They are just playing with our intelligence till date he is no where to be found please help us MD Nirsal.

    Reply
  4. Gambo madwal says:
    March 21, 2022 at 2:28 am

    How can reply covid-19 loan

    Reply
  5. Mustapha Modu mustapha says:
    April 6, 2022 at 11:31 pm

    My is mustapha modu am seller of food and drink

    Reply
  6. Muhammad usman says:
    April 17, 2022 at 3:11 pm

    How can reply loan

    Reply
  7. Muhammad usman says:
    April 17, 2022 at 3:13 pm

    My is muhammad usman i sell robber and phone

    Reply
  8. Muhammad usman says:
    April 17, 2022 at 3:14 pm

    How can reply covid-19 loan

    Reply
  9. abdullahiyahuza says:
    April 25, 2022 at 3:44 am

    ilike it

    Reply
  10. abdullahiyahuza says:
    April 25, 2022 at 3:46 am

    helf my business

    Reply
  11. Umaru says:
    April 30, 2022 at 2:42 pm

    umarusuman45@gmail.com come in advance so I can

    Reply

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