How Do I Contact NIRSAL Microfinance Bank? Everything You Need to Know

How Do I Contact NIRSAL Microfinance Bank? Everything You Need to Know.

Hello, welcome to Mitrobe Academy. Are you here because you’re not able to contact NIRSAL Microfinance Bank? Then worry no more.

This article will give you every necessary information concerning how to contact NIRSAL Microfinance Bank and other related topics.

Check out the frequently asked questions from our visitors. They include;

How Do I Contact NIRSAL Microfinance Bank?
About NIRSAL Microfinance Bank
Is NIRSAL a government agency?
What is NIRSAL MFB?
How Does NIRSAL Works?
How Do I Get Loan from NIRSAL?

All frequently asked questions will be answered in this article subsequently.

You’re advised to read this article carefully to the end, so you have what you’re looking for.

Microfinance Bank

Microfinance Bank was created as a result of the incapability of informal microfinance institutions to satisfy the needs of small business operators.

Microfinance mainly direct their activities on rural communities, receiving deposits and lending within a constrained trade area instead of operating in regional or national markets

They are also certified financial institutions set up to cater for the working population in the rural areas by making available differentiated, inexpensive and reliable financial services to the low income group, in a suitable manner which would allow them to carry out and develop long-term, viable entrepreneurial actions and assemble savings for intermediation.

It is said that microfinance banking came into existence in 2005 with the introduction of the microfinance policy by the past CBN governor Professor Chukwuma Soludo.

This policy was induced by the internationally commended influence of microfinance in assisting the working population to leave the poverty level thereby resulting in substantial reduction in poverty.

Accordingly, microfinance banking was established with the anticipation that with time, it would assist in dropping poverty level in the country.

Apparently, microfinance banks are regulated by the Central Bank of Nigeria (CBN).

Features of Microfinance banks includes;

Micro borrowers

Credit risk study
Use of security
Credit authorization and monitoring
Controlling debts

Gradually increasing lending

Group lending

What is NIRSAL Microfinance Bank

From what you’ve learnt above, we have seen that NIRSAL Microfinance Bank is nothing less than what we’ve elaborated.

NIRSAL Mfb is supervised and regulated by the Central Bank of Nigeria — it doesn’t literally means the CBN owns NIRSAL mfb.

They work with NIRSAL Microfinance Bank to carry out the business of providing financial assistance such as loans, deposits, savings, etc to small business owners.

How Does NIRSAL Microfinance Bank Work?

NIRSAL which stands for Nigerian Incentive—Based Risk Sharing System for Agricultural Lending works in a suitable way.

NIRSAL Mfb thrives to fix the agriculture value chain so that banks can confidently loan to the sector.

Just as the name implies, they specifically lend money to microfinance clients whose business centers on the agricultural sector.

Surprisingly, they don’t collect collateral for loans. Cool right?

All you have to do is to apply and get examined, once you’re selected, a certain period would be allocated to you and must be complied to.

Is NIRSAL Mfb a government agency?

No. Like we’ve said before, NIRSAL is an initiative of the Central Bank of Nigeria (CBN), the Bankers Committee (BC) and the Federal Ministry of Agriculture & Rural Development (FMA&RD).

It was subsequently incorporated as a Public Limited Liability Company (PLC) and licensed as a Non-Bank Financial Institution (NBFI) with the primary mandate of facilitating the flow of loans to agribusiness value chain players and collaborating with stakeholders to fix broken agricultural value chains.