NIRSAL microfinance bank clarifies ‘misconceptions’ about intervention credit facilities

In response to recent speculations among beneficiaries, NIRSAL Microfinance Bank (NMFB) has reiterated that the Central Bank of Nigeria (CBN) intervention facilities administered by NMFB were not grants, contrary to some assertions.

It explained that the bank has consistently maintained direct communication with beneficiaries, refuting claims of intermediaries or agents representing the bank.

In a statement on Thursday, Halimatu Lawal Idris Omar, Head, Corporate Communications of NMFB, said,
“The loans provided at various intervals were strictly intervention loans tailored for diverse purposes determined by the CBN, including the Targeted Credit Facility (TCF), popularly known as the COVID-19 loan due to its timing as an initiative aimed at mitigating the pandemic’s impact, sustaining businesses, and bolstering the economy.”

Acknowledging the recent challenges in loan recovery, the bank has launched a proactive recovery campaign via its social media platforms.

“Despite offering an additional year to the initial one-year moratorium, numerous borrowers have unfortunately defaulted on repayment schedules. Hence, heightened efforts are being made to remind them, through text messages, of the repercussions of default,” Omar added.

Addressing concerns raised in a recent publication, the bank urged beneficiaries to identify and report individuals who purportedly acted as “agents” of the bank to the appropriate authorities and stressed, “Additionally, the public is encouraged to utilise our whistleblower portal at whistleblower@nmfb.com.ng to report similar cases.”.

According to the NMFB, “It is imperative for beneficiaries to understand that the Global Standing Instruction (GSI) represents one legal recourse for the bank in loan recovery, as authorised by the Central Bank of Nigeria. This policy empowers banks to debit accounts in other banks to settle defaults.”.

It urged beneficiaries with genuine concerns about repayment to approach the bank for evaluation and further discussion regarding their loan status, noting that the bank’s website hosts valuable information to facilitate smooth repayment of the loans.

“The most prudent action for beneficiaries is to honour their repayment commitments, as evasion is not a viable option.

NIRSAL Microfinance Bank reaffirms its commitment to continue playing a role in the country’s efforts to facilitate economic growth, using SME loans as a major driver.

“NIRSAL Microfinance Bank will continue to stress transparent communication to dispel any misunderstandings surrounding the intervention loans.”

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