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Access to Easy and Affordable Loans for Small Businesses in Nigeria gets a Boost

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NIRSAL National Microfinance Bank NIRSAL National Microfinance Bank NIRSAL National Microfinance Bank

Lack of access to credit is a major hurdle and setback for Micro, Small and Medium Enterprises in Nigeria. And that is precisely what NIRSAL National Microfinance Bank is set to reverse. Find out how!

The Bankers’ Committee established the Agri-Business, Small and Medium Enterprise Investment Scheme (AGSMEIS) initiative in 2017.

The AGSMEIS Scheme supports government’s initiatives for the promotion of agro-businesses, micro, small and medium enterprises (MSMEs) as vehicles for sustainable economic development and job creation in Nigeria.

To accomplish this objective, these target groups must have easy access to affordable loans. Lack of access to credit is a major hurdle and setback for Micro, Small and Medium Enterprises in Nigeria.

And that is precisely what NIRSAL National Microfinance Bank is set to reverse. NIRSAL is licensed by the Central Bank of Nigeria (CBN) to operate as a National Microfinance Bank, with branches in all the 774 Local Government Areas in Nigeria.

As an interventionist Microfinance Bank, NIRSAL will disburse loans at an annual interest rate of 5%, and with no collateral requirement - except for large loans. Under the AGSMEIS Scheme, the loan amount obtainable was capped at ₦10 million.

Available Products and Services include Micro-savings, Micro-loans, Agricultural Finance, Small and Medium Enterprises Loans, Group Loans, Lease Finance, Consumer Finance and School Finance.

There are various Savings and Current account types amongst which are the NIRSAL MICROFINANCE BANK Quick Access Corporate Savings/Current Accounts for both Individuals (persons or partnerships) and Corporate Bodies (Limited Liability Companies, Registered Businesses, and NGOs).

Now you no longer have any excuse for not starting that dream business or project of yours. Contact Aba Chamber of Commerce, Industry, Mines and Agriculture (ACCIMA) secretariat for further guidelines.

To know more about NIRSAL, visit their website at https://www.nmfb.com.ng/index.html

 

© Jay Onwukwe

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