COVID-19 Targetted Credit Facility Loan Approval and Disbursement Continues, 11 January, 2021

Applicants of the COVID-19 Targetted Credit Facility have continued to smile as the ecstasy of approval and disbursement hovers the media spaces once again following the roll out of a new batch of approved applicants and disbursement currently on going.

This has been confirmed by some of the numerous applicants who have been captured in this recent batch and confirms more hope for the applicants waiting for approved or the loan disbursement.

Waiting for approval or Disbursement?, you can check your status always as follows:

1. Open Here

2. When it loads, select the type of Loan you applied for. Either SME or Household

3. Enter your BVN. Do not worry, the website is safe. That’s the official website of Nirsal Microfinance Bank.

4. A response will be displayed.

(A) If it pop-up select Bank Name and Enter Account Number, you had made obviously made a mistake during your loan acceptance. You entered your Account Name instead of Bank Name. Just do as required and resubmit.

(B) If it says your Loan has been approved, it will load your details asking you to accept your Loan offer. Proceed to complete the process and enter bank name and your account number. Avoid mistakes here.

(C) If it says ‘Your loan has not been approved, check back later, kindly check back later as they said.

(D) If it however displays “BVN does not exist”, do not panic. Just keep checking back from time to time as approval is on going and hope is high.

Note that Approval is done in batches and not a sole decision of the Nirsal Microfinance Bank -the NFMB sends application to CBN, CBN reviews and approves, gives order to NMFM to disburse the fund. According to CBN, the loan approval/disbursements is based on the activity, cash flow, and industry size of the beneficiaries. Just be patient.