NISRAL loan

NIRSAL Microfinance Bank, has called for the repayment of the Central Bank of Nigeria’s (CBN) Targeted Credit Facility (TCF) COVID-19 loans it gave to entrepreneurs to help cushion the effects of the pandemic.

The MFB made the call via its Twitter handle on Monday, amid reports of mass default in the loan repayment.

“NMFB loan repayment: We have played our part, it is your turn now to pay back the loan,” the tweet said the

The CBN, had through NIRSAL, disbursed N50 billion Targeted Credit Facility (TCF) in March 2020 to support households and micro, small and medium enterprises (MSMEs) that have been affected by the pandemic.

Overall, NIRSAL disbursed loans valued at over N503 billion to over 881,000 Nigerians and businesses to cushion the effects of Covid-19.

Some of the beneficiaries included individuals and families whose bread winners lost their jobs in 2020 as a result of the pandemic.

They were made up of 612,321 households that received loans ranging from N250,000 to N1 million totaling N240. 083 billion.

Also, 103,185 Small and Medium Enterprises received loans valued at N104. 023 billion between 2020 and December 2021

Households that are Non-Interest Beneficiaries (NIB) of the NIRSAL MFB loans numbering 21,027 also secured facilities amounting to N9.091 billion.

Small and Medium Enterprises under the Non-Interest scheme (NIB SME) numbering 2,710 accessed N1.057 billion while 31,067 Agric Small Medium Enterprises Scheme (AGSMEIS) beneficiaries have accessed N116. 001 billion from NIRSAL MFB in one year.

Also, 105,244 Anchor Borrowers’ Programme (ABP) successful applicants received loans amounting to N31. 001bn while 5,527 Nigeria Youth Investment Fund (NYIF) got N1.009 billion loans

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