NIRSAL Microfinance Bank- Everything you Need Know and How to get Loan

Have you been looking to know everything about the NIRSAL Microfinance Bank and how to actually apply and get a loan from the Bank? then this article is for you as we will be explaining everything you need to know about the Bank and the loan procedures.

Before we proceed to what NIRSAL Microfinance Bank is and how to actually apply and get a loan from the bank, I would want you to take note that the official website for NIRSAL is https://nmfb.com.ng/

The website portal is where the application of loans and partnership can be done but before then lets us look at what NIRSAL is, especially for people who don’t know about the platform.

What is NIRSAL Microfinance Bank

NIRSAL Microfinance Bank is a Nigerian financial institution that has been licensed by the Central Bank of Nigeria (CBN) to carry out financial services such as giving loans, etc.

However, NIRSAL is incorporated with a Private Limited Company since 2019.

The company started operating after they were given license to operate as a National Microfinance Bank by the CBN in 2019.

NIRSAL is owned on a percentage base with the Banker Committee, NIRSAL, and NIPOST which are 75%, 15%, and 10% respectively.

Read also: Central Bank Recurriment form for 2020/2021.

Services offered by the bank

1. AGRIC SMALL MEDIUM ENTERPRISE SCHEME (AGSMEIS):-
2. ANCHOR BORROWERS’ PROGRAM(ABP)
3. NIRSAL MICROFINANCE BANK ACCESS TARGET ACCOUNT (NAT)

However, the Nigeria Youth Investment Funds which is funded by the Central Bank of Nigeria and initiated by the Federal Government of Nigeria can be accessed through the NIRSAL Microfinance Bank portal which is mention above.

How to access the N3 million Youth Investment Funds through the NIRSAL Microfinance Bank portal

However, they are a few requirements you would have to meet before applying for the Youth Investment Fund which is listed below.

For an individual

• You must be a youth, which means that your age gap should be between 18 to 35 years.
• You must have a valid means of identification
• You must undergo training an obtain a certificate from the Entrepreneurship Training Certification from FMYSD Entrepreneurship Development Institutes (EDIs)

As a business.

• The Business must be owned by youth between the age gap mentioned above.
• Then business must be registered with the Cooperate Affairs Commission
• Business must have a Tax Identification Number (TIN)
• The business owner must undergo training and obtain a certificate from FMYSD EDIs.

If you are qualified either as an individual or a business based on the above mention requirements, then follow the steps below to access the funds.

1. Click on this link https://nmfb.com.ng/ to go to the official website of NIRSAL
2. Click on the NYIF button at the top right corner of the page
3. Scroll down and click on apply
4. Fill in the required details and upload the required documents
5. Be checking your emails to stay updated.

Aside from the Nigeria Youth Investment Funds, there are other loans you can get from the Microfinance Bank, and the procedure to get these loans are listed below.

How to apply for a Loan

1. Click on this link https://nmfb.com.ng/
2. Scroll down and click on APPLY NOW
3. Create an account the login to the newly created account.
4. Follow the procedures on the page carefully to apply for any loan

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