Latest News on NIRSAL MFB AGSMEIS LOAN

The Agri-business, Small and Medium Enterprise Investment Scheme (AGSMEIS) is an initiative created to support the federal government effort in promoting/enhancing agricultural business and SMEs to provide sustainable economic development and employment.

It was reported that NIRSAL Microfinance Bank (NMFB) misappropriated the N5 million loan facility’s sum under the AGSMEIS

following the above report, NIRSAL Microfinance Bank (NMFB) yesterday denied allegations that it had misappropriated the sum of N5 million loan facility under the Agri-Business Small and Medium Enterprises Investment Scheme (AGSMEIS) with respect to a beneficiary.

Specifically, the bank said the accusation that an “AGSMEIS loan of N5 million was diverted by staff of NMFB is far from the truth”.

The financial institution however, reiterated its commitment to delivering services in a seamless manner for more rewarding experience for customers.

In a statement issued yesterday by Head, Corporate Communications, NMFB, Halima Idris Omar, the bank described the incident in question as a, “rare case of swap of phone numbers with similar names in 2019, when full automation had not been deployed.”

While putting the records straight, the bank stated: “The fact of the matter is that this was a rare case of swap of phone numbers with similar names in 2019, when full automation had not been deployed.

“The phone numbers of two applicants bearing the same name (Rebecca Daniel and Rebecca Zamari Daniel) exchanged places during the disbursement process.

“Incidentally, both had AGSMEIS loan approvals for different sums. Upon disbursement, the loan of N500,000.00 was approved in favor of the rightful person using her Bank Verification Number (BVN) but with a wrong phone number.”

Omar, however, pointed out that the loan had since been utilized by the said beneficiary in early 2020 while repayment had also commenced after moratorium.

“This explains why Rebecca Zamari Daniel was receiving text messages for the repayment of a N500,000 loan.

“Presently, the information mismatch has been sorted and the N5 million loan for Rebecca Zamari Daniel booked. “

The statement added that the AGSMEIS application process had now been improved by leveraging on technology to bring about efficiency following fully-automated process from start to finish.

The bank said applicants are now able to carry out a BVN validation exercise, conduct a credit bureau check and provide guarantors online, whereas online questionnaire replaces physical or telephone interview.

Essentially, the AGSMEIS loan is one of the initiatives of the federal government through the Central Bank of Nigeria (CBN) which aims to support SMEs and agri-businesses.

Omar explained that given the onerous task of administering the disbursements of loans to thousands in bulk by NMFB, “it is not out of place that we receive customer feedback, both positive, negative and even unfounded.

“One of such came in the form of an unresearched report alleging the bank misappropriated N5 million relating to an AGSMEIS loan beneficiary.”

He assured the public that the accusations were unfounded.

The NMFB has Outlined AGSMEIS Loan Challenges

NMFB Reveals AGSMEIS Loan Challenges

Nirsal stated that  whenever money is connected there are always challenges and people will always event ways to circumvent the system.

Secondly, Many of the prospective Nirsal AGSMEIS do not realize that this money is a loan, they believe is free government money to help them either startup or expand their business or share the national cake.

Adding that the Attitude to the repayment of this AGSMEIS loan by some beneficiaries is non-committal. But the Nirsal Micro Finance Bank chief executive Abdulahi Kure said if you get the loan you must pay.

How does NMFB AGSMEIS Loan work

The steps below are ways to get access to AGSMEIS loan to start and also grow your business:

1. You must get Trained: Attend important, or compulsory training with a CBN-Certified EDC.
2. Apply for the loan: Attend training which is compulsory with a CBN-Certified EDC.
3. Receiving of funds: loans are paid to the beneficiaries account. candidates who are not qualified are given feedback.
4. Get Supportive service from Business:The Entrepreneurship Development institute helps you to implement a plan on business and also provide support service to business commercially.
5. Making of sales: You can sell products and render services inorder to pay back loans and make profit.
6. Repayment of loan: When running your business keep proper records , monitor sales, and expenses in-order to make maximum profit and re pay loan.

You can now access affordable loans to start and grow your business with NMEFB, your true MSME partner An initiative for suitable employment generation and development.

Check Out Frequently Asked Questions

Here is a collection of Most Asked Questions about the AGSMEIS Scheme. If you can’t find the question you wish to get answers to, please reach us on Twitter.

How do I access the loan?
Interested applicants are to visit https://agsmeisapp.nmfb.com.ng/onboarding and create an account which will enable them start the application process, or visit any of the NMFB Certified EDIs to guide

What is the interest rate for this loan?
The interest rate is currently at five percent (5%) per annum.

Do I need collateral?
No, this loan scheme does not require a collateral.

Do I need collateral?
No, this loan scheme does not require a collateral.

Has disbursement started?
Yes we have disbursed over N95B and this is still ongoing.

Upon approval of my loan can the funds be released to me as i deem fit?
No. Your approved loan amount will be disbursed to your NMFB account. For the purchase of your equipment(s)/machineries, this will be handled by one of the NMFB’s certified Vendors while the working capital funds will be accessible through your account for withdrawal, upon meeting all terms and conditions.