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NMFB Disowns Staff Members Who Exploit AGSMEIS Loan Applicants

Last updated on September 23rd, 2021 at 11:31 am


NIRSAL Micro Finance Bank (NMFB) has disowned members of his staff that are purportedly exploiting applicants of the Agri-Business Small and Medium Enterprise Investment Scheme (AGSMEIS).

AGSMEIS is a loan of 5% per year which is provided by the Central Bank of Nigeria (CBN) through NMFB and other commercial banks in Nigeria. It’s granted to support business owners in Nigeria.

NIRSAl said in a statement that posted on its Facebook on Thursday, June 17, 2021 that AGSMEIS loan is free for SME owners, “management wishes to reiterate to members of the public that application for the AGSMEIS loan is individual-based, whilst training which cost Ten Thousand Naira Only (N10,000.00) is carried out only by accredited Entrepreneurial Development institutions EDIs.”


But an applicant, Othaniel Nguor, alleged that he was compelled to pay to get NIRSAL MFB account

“Sir, we were told that to open an account is Two thousand naira only but as applicants were many it was turned to five thousand naira which most candidates were unable to afford. Please sir, may i have your views over this. Thanks.”

AGSMEIS Loan Business Plan Can Be Generated Online for N5,000

The business plan can also be automatically generated on the NMFB AGSMEIS Application Portal at a subsidized rate of N5,000 naira.

The loan-granting bank stated that the loan assessment process, which is compulsory for all applicants, is fully automated and free.

Also Read:  5 Types of Loan Collateral in Nigerian Banks

“As such, the bank frowns at any form of solicitation from members of staff to prospective beneficiaries as it contravenes the NMFB policy and core values.

EDIs, NMFB Officials Are Exploiting Us – Loan Applicants

But since the AGSMEIS portal opened, the application process has been bedeviled with alleged corruption by officials of the NMFB and EDIs or EDC across the country.

On the official page of NIRSAL MFB, a Nigerian who claimed to be an applicant shared how he was exploited at one of the Entrepreneurship Development Centres

Abdulrazaq Jimoh stated:

“EDI! I’m confused if they are not a FRAUDULENT Organization. I paid the sum of N15K for TRAINING, 10K for BUSINESS PLAN since November last year, only the certificate of participation issues with no business plan & l communicated with their time without number.

Remember that most applicants borrowed for the so call NIRSAL LOAN. please the concerned authority should come in for intervention”

Another applicant, Aminu Sani, claimed he was unfairly disqualified by the inefficiency of the EDC.

“You people are not fair to your customers. Despite paying for the training and business plan with our hard-earned money, not to mention the stressful process of obtaining the loan, but you still disqualify applicants over the irregularities of those EDIs you accredited.

“Please, remember that money we spent should put something on our table,but we sacrifice it to acquire the loan but end up disappointed by you guys,” Aminu said.

Another applicant said:

“Many EDC are taking advantage of people in the names of getting loans. & I hope in these critical times they have to fear God.

“We will run around to get the money they requested for application & after the registration, we will not even hear anything again.

“They will neither update us nor call to tell us the level at which all processes are reached. Even the day I went for validation & assessment they have to request money again. I think this is unfair,” Ola Bun Oyekola said.

Kufre Ebong said:

Please, I took my assessment test on the 9 of June, and it was successful, it was clearly shown ” Congratulations, You have passed the Assessment” and I took pictures as evidence. However, to my shock, the same assessment is showing FAILED permanently. I do not understand the reason behind that, hence my humbly appeal to you. please kindly resolve this issue. thank you in advance, God bless you.

Another applicant, Ehwubare Richard, complained about how he was unable to transfer from his NMFB account to his bank account.

“Nirsal Microfinance Bank My account is upgraded to tier 3 which can take any amount, yet no payment.

“More so, this said money is alright in my Nirsal account but don’t know why you people refused to transfer to my bank account. This is a loan approved since November 21”

Reacting, Musa Muhammad stated that the government created the opportunity for the people to be exploited.

“You created the opportunity for your staff to extort money from prospective beneficiaries by way of attaching too much and unnecessary red tape to the process.

“The same thing is happening in your household loan process, only those who paid bribe got approvals and eventual credit alerts.”

How to report corrupt NMFB officials

NIRSAL called on applicants to report uncultured and unprofessional behavior via whistleblower (@) or call 07041800003 or 094621730.

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  • InfomediaNG

    The Infomediang Team comprises a group of researchers, data analysts, and financial experts who closely follow government policies and spending. Our passion lies in empowering people to make informed decisions about their investments by simplifying data for easy understanding. Find us @infomedia_ng on X.

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