Lagos State Government recently said it had dolled out over N100 billion to Micro, Small, and Medium Enterprises. Research conducted by our team shows that the state government is massively granting loans to small business owners in the commercial city.
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Nigeria’s apex bank has barred Payment Service Banks (PSBs) in Nigeria from granting loans. It also barred the PSBs from accepting foreign currency in its latest guidelines seen by InfomediaNG. This means that the PBS can no longer grant any form of loans, advances, and guarantees, directly or indirectly, to their customers.
I applied for the SME loan on NIRSAL Micro Finance Bank (NMFB) portal in 2020, a few weeks after, all I needed was to head back to the portal to check if my application was successful. Unfortunately, hundreds of the CBN COVID-19 loan applicants don’t know that applying isn’t enough, but a constant check on the status of your loan is very important. So that you don’t miss out!
I applied for one of the available COVID-19 loans of the Central Bank of Nigeria sometime in 2020. To my surprise, my Nirsal Microfinance Bank (NMFB) account was credited. I 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.
Do you know that it isn’t compulsory to provide an NMFB account to the ongoing COVID-19 TCF loan?
However, you need to have an account with the CBN-backed microfinance bank. In this guide, we’ll tell you the requirements to open an account with Nirsal Micro Finance Bank and why you need it for the disbursement of your loan.
As one of the strongest financial institutions in Nigeria, Ecobank has a wide range of credit facility you comfortably choose from.
The bank is a subsidiary of the larger Ecobank Transnational Incorporated (ETI), one of the largest independent banking groups on the Africa continent by providing a comprehensive range of retail, corporate, wholesale, investment and transaction banking services.