How To Transfer Your Loan From Nirsal MFB To Your Bank Account

I applied for one of the available COVID-19 loans of the Central Bank of Nigeria sometimes in 2020. To my surprise, my Nirsal Microfinance Bank (NMFB) account was credited.

It was elated because it would help me to expand my business. But never did I know I would face other rounds of the hurdle. But I later figured it out.

If you are one the applicants whose Nirsal account was credited but don’t really know how to transfer the money to your bank account number, go nowhere, we’ve got the solution.

One thing you have to get clear is this…NIRSAL is different from NMFB

How NIRSAL came about

NIrsal is a non-commercial bank. It’s owned by the Nigeria’s apex bank to provide loans for businesses.

It’s part of the Nigeria government’s policy to encourage local production of what we consume at home.

To do this, SME needs to be supported financially, those with business ideas with no funds need to get started. That’s why the CBN established the NIRSAL.

NIRSAL is Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL Plc.)

To make the disbursement of loans easier for the applicants, Nirsal Microfinance Bank or NMFB was founded.

The NMFB isn’t exclusively owned by NIRSAL. Here are the owners of the Nirsal microfinance bank

• Bankers Committee has 50%,
• NIRSAL 40%,
• Nigeria Postal Service (NIPOST) has 10% shares.

That’s why you can easily find NMFB branch at any of the NIPOST offices in your state.

You can access any loan below N10,000,000 at the NMFB while anything above that would have to be directed to NIRSAL PLC.

If you receive agricultural loan, Micro loans, SME loan, and Asset financing or any kind of funds from the bank, follow the steps below to transfer your loan to GT Bank, Access Bank or other commercial banks, from where you can then make withdrawal.

If you receive funds in Nirsal account number which is not your commercial bank account number, here is how to go about it:

Step 1: Download NIRSAL MFB on Google Play Store

Step 2: Set up an account

Step 3: Visit NMFB branch closer to you (you can check their branches HERE) to get an assigned default PIN to your NIRSAL account.

Step 4: Perform KYC (Know Your Customers) to secure your account. From here you can change your PIN.

Step 5: Access your NMFB and add your account number to transfer money to.

That’s all.

How to open Nirsal account number?

Follow the process above to set up a nirsal MFB account

What is the transfer code of Nirsal Microfinance bank?

At the time of publication, there is no known USSD code for transferring money from Nirsal MFB account to another account. We’ll update this post when the bank launches one.

It does not have a registered transfer code. To access any of their services, simply log on to their homepage

How can I get back my Nirsal MFB account number?

Kindly visit the branch of the bank to resolve this issue.

I got a credit alert message from Nirsal, so what should I do?

Visit NMFB branch

Want to know my Nirsal account number

To know your Nirsal account number, kindly contact the NMFB. This is also very important, most especially when you’re ready to start repaying your loan.

Takeaways:

NIRSAL PLC isn’t the same as Nirsal Microfinance bank (NMFB)

NIRSAL Plc is a join owner of NMFB

You can transfer money from NMFB when your account has been activated

Are you still having more problem? Drop your questions below and we’ll get unto them.

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Last Updated on January 11, 2021 by Opeyemi Quadri