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Large Scale Corruption Hits COVID-19 Loan As Applicants Complain of Unathorised Debits From Their NMFB Accounts

Last updated on January 5th, 2022 at 12:06 pm


It is not a good time for some applicants of the CBN-backed covid-19 as they continue to receive unauthorised debit alerts from Nirsal Microfinance Bank (NMFB).

Please I need help I applied for Nirsal covid-19 loan they credited me and debited me at once leaving 1,946  on the account I don’t understand please reply me

NMFB is specifically designed to disburse the post-pandemic loan to households and small business owners across Nigeria.

Also known as COVID-19 Targeted Credit Facility (TCF), the disbursement of the loan to support the vulnerable has been marred with corruption allegedly being perpetrated by the officials of the bank.


Justice Kalama:

I was credited 437k, after few hours they debit me again in nmfb account leaving only 2000k in my account, please how can I get my money back.

To properly coordinate the disbursement of the funds for successful applicants, Beneficiary Information Management System(BIMS) portal was created for interested individuals to submit their applications online.

While applicants were admonished to check the status of their applicant with their Bank Verification portal of, a full guide is available at:

How it works:

Applicants submitted an interest and when they were successful, they received offers from NMFB, which they accepted.

“Dear Applicant. You are yet to accept your Covid-19 TCF. Please do so before close of business 15/02/21 otherwise the funds will be recalled. Thank you”

After that, they’d proceed to set up an account with NMFB where the loans were disbursed.

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From there, they are to initiate the transfer to their regular bank account where they can cash out.

Unfortunately, some of those who accepted the offer have complained that an unauthorised debits have taken place in their NMFB which they are yet to activate.

They say they received such debit alerts immediately their Nirsal Microfinance bank accounts were credited.


I have been debited 703,750 from my NMFB account without any credit alert leaving 10000, how can I go about this

Udo says::

My NMFB account was credited a few days ago, as I was making arrangement on how to withdraw it, I received a debit alert. What’s happening, please, I need help


I got an alert of N713,000 on the nmfb account and I was Immediately debited of N703,000 leaving N10000 in the account. What could be the cause and how can I access and transfer the rest of the  funds in the nmfb to my bank account?

Soji writes:

I was credited into my nirsal mfb account, some minutes they debited me just leaving 1 plus in the account. Please help, and can I transfer the money to my main account

Another applicant who emailed InfomediaNG complained that he approached a branch of the NMFB in his state after he received a credit alert of close to N800, 000.

“I was told to come back. Unfortunately a few hours after leaving their office, I got a debit alert which I didn’t initiate”

David Jonathan:

Dear Sir,
Your institution haven’t credited my bank account for the SME loan of #750,000 that you sent me a confirmation letter dated 18th of April 2021.please endeavour to help me to fulfill my business map and repayment graph.
Thanks for your fidelity.

Another applicant Kalu writes:

My loan was approved and I was credited on the NMFB account, I was still looking for a way to have access to the money, and I received a debit alert, I tried to check my commercial account to know if the money was transferred to my account and it was not there. I currently do not know the next thing to do.

You can find the ordeals of the supposed beneficiaries of the TCF at:

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The ideas behind TCF Loan

Although hundreds of Nigerians have testified that they received and were able to use the funds to support their businesses, the underground corruption is enormous.

Nigeria’s apex bank introduced the stimulus package to support households and Micro, Small, and Medium Enterprises (MSMEs) affected by the COVID-19 pandemic.

It’s one of the economic recovery plans of the Federal Government of Nigeria, but some officials of the TCF are saboteurs to the noble course of the government,

In one of our reports on June 17, 2021, tones of corruption allegations were mounted on the doorsteps of the officials of Agri-Business Small and Medium Enterprise Investment Scheme (AGSMEIS), another government-backed financing which is loan is being disbursed by the NMFB, which the bank dissociated itself from.

Who will help the helpless SMEs owners and young Nigerians who are in need of funds to support their entrepreneurial skills?

They are crying out for help.

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2 thoughts on “Large Scale Corruption Hits COVID-19 Loan As Applicants Complain of Unathorised Debits From Their NMFB Accounts”

  1. Olumba Ejike Princewill

    I accepted the covid-19 loan offer letter that was sent to me since May 2021 and was approved but till this moment being 27th September 2021 I’ve not gotten any credit in my bank account.
    I have complained more than 7times at NIRSAL head office in wuse 2 Abuja but nothing has been done.
    Please kindly look into my matter.

    Olumba Ejike Princewill

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