National Microfinance Bank (NMB) – What you must know

National Microfinance Bank (NMB) was licensed by the Central Bank of Nigeria (CBN) with the responsibility to render financial services and non-financial services to low-income individuals across the country. Most Small and medium-sized enterprises (SMEs) depends solely on Microfinance Banks, which has assisted others in time past.

National Microfinance BankThere are lots of registered Microfianace Banks in Nigeria, but in course of this post we’ll be looking at the National Microfinance Bank (NMB).

NMB is being set up by the Federal Government of Nigeria to assist businesses in the country. The name was later changed from National Microfinance bank to NIRSAL Microfinance bank, where the acronym NIRSAL stands for Nigeria Incentive Risk Sharing Agricultural Lending.

Overview of The National Microfinance Bank

National Microfinance Bank currently known as NIRSAL Microfinance Bank is known for its reliable services rendered in Nigeria. It’s one of the outstanding Microfinance bank that uses a topnotch workforce as well as a standard technology to carryout it’s activities. In addition, the Government initiated bank is tasked with the following objectives;

  • Making access to funds easier for SMEs
  • Easy flow of financial inclusion.
  • Bringing about economic growth.

The bank (NMFB) received its licence from CBN as a private limited company in the year 2019. Although it was launched in the year 2011, and was fully incorporated in the year 2013.

Services offered by NMB

The National Microfinance bank known as NMFB offers lot of services, of which the basic service is loans that is being issued to SMEs, since the primary reason of its establishment was to assist businesses attain good spot in the open market/economy.

The loan given by NMFB are grouped into three(3), which are;

  1. Agric Small Medium Enterprise Scheme (AGSMEIS).

  2. Anchor Borrowers Program (ABP).

  3. Target Account.

Agric small medium enterprise scheme (AGSMEIS)

The AGSMEIS loan is specially designed by the Central Bank of Nigeria (CBN) for small scale businesses, especially those that are into agriculture. Those going for the AGSMEIS loan are entitled to receive up to ten million naira (N10,000,000) with 5% interest rate.


Industries that are eligible to receive this loan are;

  • ICT, publishing industry, and Media.
  • Event planning/management, Hospitality, and Catering.
  • Art, Fashion, Textile, Entertainment, Creative, and Beauty.
  • Automobile, Manufacturing, Agriculture and allied processing.

Anchor borrowers program (ABP)

The Anchor borrowers’ program is an initiative of Central Bank of Nigeria with the singular aim of connecting small farmers who can provide agricultural produce to companies who are into production, that needs the agricultural commodities for processing final products. With the help of the ABP loan, both sides can easily get connected without having issues like transportation, storage, etc.

Target Account

The Target account which is also known as Nirsal microfinance bank access target (NAT) account is a saving scheme and not actually a loan scheme. It is being designed to motivate MSMEs that has a target to save towards achieving that target. It could be that their pressing need is to buy equipments, goods, land for the business etc, of which the money saved can be used to achieve it once the target savings is met.

With five hundred naira (N500) to one thousand naira (N1,000), one can start up with NAT account. For those that will be withdrawing while saving, there is an extent one can withdrew depending on the initial agreement.

How to check loan status

To confirm if a loan applied for has being approved or declined, the applicant is expected to login to which is the bank’s official webpage. Then follow the following instructions;

  • From the page that will open after clicking the above link, you are to click on the service applied for.
  • Enter the button inscribed as ‘track application’, after which you are to use your details to
  • login.

Once the page is fully loaded on the screen, the status will be displayed.

How to contact the Bank

There is always need to have the emergency contacts of any company you are dealing with. The National Microfinance bank is not an exception, hence we have given the contacts below;

Address: House one (1), Plot 103/104, Monrovia Street, Wuse 2, Abuja.


Phone Number: +234 704 180 0003

There is also a button that with the inscription ‘Contact our support team’ in the webpage. Once clicked on, you can type your message and get a feedback from their agent/support team.

Conclusively, the National Microfinance bank was created to assist SMEs financially in the entire country, and from records thousands of businesses had benefitted from the bank’s loan.

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