NewsOnline Nigeria reports that the Central Bank of Nigeria (CBN) recently announced the addition of NGN 50 billion (USD 120 million) to its Targeted Credit Facility, a stimulus program for micro-, small and medium-sized enterprises (MSMEs) as well as households affected by the pandemic.
This online news platform gathered that the funding will be disbursed through NIRSAL Microfinance Bank, which is minority-owned by CBN’s Nigerian Incentive-based Risk Sharing System for Agricultural Lending (NIRSAL). Each retail loan will carry an annual interest rate of 9 percent, with a term of up to one year. The maximum loan size is NGN 25 million (USD 61,000) for MSMEs and NGN 3 million (USD 7,300) for households. The government previously allocated NGN 2.3 trillion (USD 6 billion) to pandemic relief efforts, including microfinance and other programs.
NIRSAL Microfinance Bank was launched in 2019 and has lent NGN 309 billion (USD 811 million) to 540,000 household and business customers as of 2021. Its products include a savings account that requires NGN 1,000 (USD 2.60) to open and a loan program for agriculture that charges 5 percent per year and offers loan sizes up to NGN 10 million (USD 26,000).
The Following are the necessary records and qualifications you should have before you can get to a Nirsal Loan.
To apply for the loan, visit any NIRSAK Office close to you, preferably where your business is located with a copy of the following;
1.Your letter of business
2.Your compensation slip
3.Your staff ID card
4.A half year proclamation of your ledger
5.Other legitimate methods for ID like your National ID, Drivers’ permit, etc
6.A service bill
7.2 visa photos
8.An underwriter structure