The Nirsal Microfinance Bank (NMFB) is a leading financial institution in Nigeria when it has to do with loans. NMFB is a part of Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), a non banking firm that facilitate the flow of finance to Nigeria agricultural sector.
The major objective of NIRSAL is to redefine business dealings in the Agricultural sector, as well as all activities concerning the sector in Nigeria. This can be easily achieved by NIRSAL through its repricing strategy, sharing, and measuring of credit risk in the sector.
NIRSAL Microfinance Bank (NMFB) Loan
NMFB has special loan packages for their customers, especially those in need of loans. These loan packages includes;
One of the loan package of NIRSAL microfinance bank is the AGSMEIS loan scheme. Here they offer up to N10million to small and medium enterprises. Businesses that can easily access AGSMEIS loan are;
- Industrial and Manufacturing such as automobile, agriculture & allied Processing, etc.
- Creative and art industries such as fashion, entertainment, etc.
- Information & Communication Technology such as media, publishing etc.
- Hospitality e.g event planning, catering, etc.
The AGSMEIS loan does not necessarily demands collateral, but usually goes with 9% interest rate per annum.
This loan scheme is being provided by Nirsal Microfinance Bank, in collaboration with the Central Bank of Nigeria. This loan scheme was designed to link companies that are into processing with farmers (basically small-scale farmers) who are into production of essential agricultural commodities in Nigeria. To access this loan interested applicants should visit any NMFB office, and request for the application form.
3. Access Target Account
Another special package offered by Nirsal Microfinance Bank is Access Target Account. It is actually a saving scheme, and not a loan scheme per say.
Through this package, individuals, micro, small, and medium-scale enterprises are given the opportunity to develop a healthy saving culture to meet up pressing needs, demands and targets.
The saving scheme runs for a particular duration of time, by which the project or purpose can be achieved. In Access Target Account, NMFB accept savings for the following purposes;
- Rent payment.
- Commodity or goods purchase.
- Purchase of equipments.
Anyone running this package can make withdrawals during the saving period, but has a limited withdrawal to make depending on the terms (pre-agreed conditions) reached at the beginning.
One can start with an opening balance of a thousand naira (N1,000) or five hundred naira (N500).
How to Apply for Nirsal Loan Package
To apply for Nirsal Loan, there are some necessary credentials that applicants need to make available, such as;
- Letter of employment.
- Staff Identity Card.
- Valid means of Identification (i.e National Identity Card, Voter’s card, or Driver’s Licence).
- Pay slip.
- Statement of account from bank (Last 6 months).
- Any utility bill.
- Two recent passport photograph.
- A signed guarantor’s form.
- Review Nirsal Loan