Nirsal Microfinance Bank is a national microfinance banking institution with over 115 branches across the country (as claimed on their official website). Nirsal microfinance bank is known for its loan products targeted at different segments of the society.
Nirsal (also referred to as NMFB) is a subsidiary of the Nigeria Incentive Based Risk Sharing System for Agricultural Lending (NIRSAL) Plc. Nirsal Plc is a $500 million, non-bank financial institution owned by the Central Bank of Nigeria to redefine and provide agric-business related credit in Nigeria.
It is an initiative of the Central Bank of Nigeria, the Bankers’ committee, and the Federal Ministry of Agriculture & Rural Development.
Nirsal Microfinance Bank Key Objectives
Nirsal microfinance bank has as its objectives;
- driving financial inclusion
- access to cheaper and affordable funds for small holder farmers
- easy access to credit and financial services for SMEs
Nirsal Microfinance Bank Loan Products
Nirsal MFB has several loan products it says are tailored towards meeting the above objectives. Key among the products of the Nirsal Microfinance Bank are;
Nigeria Youth Investment Fund
The Nigerian Youth Investment Fund (NYIF) was set up as an initiative of the Federal Ministry of Youth and Sports Development (FMYSD) and funded by the Central Bank of Nigeria (CBN) to invest in youth ideas to build sustainable businesses that can activate enterprise and increase job opportunities in Nigeria.
The objectives of the fund are;
- Access to finance for youth and youth-owned enterprises, for national development
- Generate much-needed employment opportunities to curb youth restiveness.
- Boost the managerial capacity of the youth and develop their potential to become the future large corporate organizations.
Who is Eligible for the Nigeria Youth Investment Fund (NYIF)?
1. Individuals/Non registered Businesses
- Individual within the age bracket of 18 to 35 years
- Has a valid BVN and means of ID
- Provision of Business plan Summary or Completed Questionnaire
- Entrepreneurship Training Certification from FMYSD Entrepreneurship Development Institutes (EDIs)
2. Registered Businesses
- Formal business enterprises (Youth owned enterprises), duly registered with the Corporate Affairs Commission (CAC)
- Business plan Summary or Completed Questionnaire
- Valid Bank Verification Number (BVNs) of Directors
- Provision of Tax Identification Number (TIN)
- Entrepreneurship Training Certification from FMYSD EDIs
How it Works
Get trained: Applicants attend a compulsory entrepreneurship training with an approved Federal Ministry of Youth & Sports Development (FMYSD) EDIs
Apply for Loan/Submit Application: Successfully trained prospective applicants proceed to NIRSAL Microfinance Bank (NMFB) portal to apply for the loan
Get Approved: NMFB conducts loan assessment in line with Risk Assessment Criteria and programme guideline, make appropriate decision and forward recommended applications to CBN for final approval
Receive Disbursements: CBN reviews applications and gives final approval for disbursement to NMFB
The Agri-Business/Small and Medium Enterprise Investment Scheme (AGSMEIS)
The scheme is an initiative to support the Federal Government’s efforts and policy measures for the promotion of agricultural businesses and small/medium enterprises (SMEs) as vehicles for sustainable economic development and employment generation.
How it works
Get trained: Attend a compulsory training with a NIRSAL MFB certified Entrepreneurship Development Institute (EDI).
Apply: Create an account by clicking on ‘Apply now’ as an applicant, validate your BVN and select a NIRSAL MFB certified Entrepreneurship Development Institute (EDI).
Receive Funds: Loans are paid into the account of beneficiaries. Unqualified candidates are given feedback.
Get Business Support Services: The Entrepreneurship Development Institute assists you to implement business plan and provide business support services commercially.
Make Sales & Repay Loan: Run your business, keep proper records, monitor sales and expenses to maximize profit and pay back the loan.
Find out more about the agric-business/small & medium enterprises investment scheme.