The loan was part of the Central Bank of Nigeria’s targeted credit facilities (TCF) to cushion the effect of COVID-19.
“NMFB loan repayment: We have played our part. It is now your turn,” the bank said in a tweet.
The CBN had in March 2020, introduced the N50 billion TCF to support households and micro, small and medium-sized enterprises (MSMEs) that have been particularly hit hard by COVID-19.
The Loans were disbursed to beneficiaries by NIRSAL, an entity owned by CBN, at an interest rate of five percent with a moratorium period that lasts till February 28, 2021.
At the expiration of the moratorium, the interest rate of the facility reverts to nine percent from March 1, 2021.
On the loan tenor, the apex said working capital would be for a maximum period of one year, with no option for rollover. Term loans have a maximum tenor of not more than three years with, at least, a one-year moratorium.
Via its official Twitter handle, NIRSAL explained how the loan repayment process works.
— Nirsal Microfinance Bank (@NirsalMFB) February 9, 2022
Here are five steps to repaying your loan:
VISIT ANY NIRSAL BRANCH
You are expected to visit the nearest NIRSAL branch to obtain a loan repayment schedule.
NIRSAL noted that this process is optional.
FUND YOUR LOAN ACCOUNT
You must ensure that your loan account is always funded.
CONFIRM ACCOUNT NUMBER
Your account number has been previously sent to your mobile phone via SMS.
VIEW YOUR OFFER LETTER
You can view your offer letter on the NIRSAL website for home loans and SME loan.
CONTACT CUSTOMER CARE
You can contact customer care on 09010026900-7 for further inquiries.