NMFB Explain Delay in 2021 COVID-19 Loan Disbursement
The management of Nirsal Microfinance Bank (NMFB) has drawn the attention of the general public on the actual cause of the delay in disbursement of 2021 COVID-19 Loan to applicants.According to a post on their official Instagram page on Friday, 13th August, 2021, the main reason behind the delay was due to system upgrade for the purpose of improving the processing cycle time for the volumes of loans disbursed to thousands of Nigerians on a weekly basis.
Recall that around March 2020, in a bid to help household owners and Small and Medium Enterprises (SMEs) in Nigeria overcome the adverse effects caused by the Corona virus, the Central Bank of Nigeria (CBN), through NIRSAL Microfinance Bank (NMFB), introduced a N50 billion (US$ 138 million) Targeted Credit Facility (TCF) as a stimulus package to support households and MSMEs affected by the pandemic.
This facility provides termed loans with categorised maximum limits to households and MSMEs who can verify they have suffered adversely from the crisis, who must repay these loans over a period of 36 months that's 3 years.
Also this year, CBN reopened its portal for Micro Small and Medium Enterprises (SMEs) and households affected by COVID-19 to access up to N25 million.
NMFB explaining further on the reasons behind the loan disbursement delay, assured all applicants who successfully accepted their loan offers to receive value in their designated bank accounts as soon as they are through with the system upgrade.
They also reminded all Nigerians that funds disbursed through NMFB are loans, not Grants.
Read their publication below:
