NIRSAL Micro Finance Bank (NIRSAL MFB), has disbursed N503,273,000,000 as loans to about 1,053,215,837 Nigerian businesses as beneficiaries.
Some of the beneficiaries include individuals and families whose breadwinners lost their jobs in 2020 as a result of the Coronavirus (COVID-19) pandemic.
Figures from NIRSAL MFB show that 612,321 households received loans ranging from N250,000 to N1 million totalling N240,083,000,000, while 103,185 Small and Medium Enterprises (SMEs) between 2020 and December 2021 received loans valued at N104,023,000,000.
Also, households that are Non-Interest Beneficiaries (NIB) of the NIRSAL MFB loans numbering 21,027 have so far secured facilities amounting to N9,091,000,000.
Small and Medium Enterprises under the Non-Interest scheme (NIB SME) numbering 2,710 have accessed N1,057,000,000, while 31,067 Agric Small Medium Enterprises Scheme (AGSMEIS) beneficiaries have accessed N116,001,000,000 from NIRSAL MFB in one year.
In the same vein, 105,244 Anchor Borrowers’ Programme (ABP) successful applicants have received loans amounting to N31,001,000,000 while 5,527 Nigeria Youth Investment Fund (NYIF) have also drawn down N1,009,000,000 loans.
Most of these loans are from the COVID-19 intervention fund released by the Federal Government to cushion the effect of the COVID-19 pandemic on households and small businesses.
At the last Monetary Policy Committee (MPC) meeting in Abuja, Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele said the Committee was impressed with the Targeted Credit Facility (TCF) “for its contribution to alleviating poverty at the grassroots”.
The Committee, he said “thus urged the CBN to continue its support through the TCF to ensure that more people benefit from this programme”.
Moved by the impressive records of NIRSAL MFB, many groups doled out Awards to the Agency in recognition of its enormous contributions to alleviating poverty in the country.
In 2021 alone 23 groups have showered awards on NIRSAL MFB in recognition of the MicroFinance Bank’s efforts to provide liquidity for seriously impacted households and businesses.
Some of the 23 awards to NIRSAL MFB were given for making these loans available to Nigerians. They include: “Public Service Bank of the Year 2021 Award to NIRSAL MFB from the National Public Service Awards and Summits; The Most Innovative Fintech Brands from African Award 2020 from African Brand”.
Others are: Awards of Excellence given to NIRSAL MFB by Rotary International and Nigerian Army Officers Wives Association of Nigeria (NAOWA), while the Outstanding Performance toward Economic Development award was delivered by the Sokoto Chamber of Commerce Industry and Mine.
Ohanaeze Ndigbo Youth Wing Association gave NIRSAL MFB, the Award of Excellence and Youth Empowerment. National Youth Service Corps (NYSC) and Ahmadu Bello University Zaria gave the bank Awards of Excellence.
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