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.
In one of our guides, we told you that NIRSAL Microfinance Bank is a leading national micro-financial institution licensed by Nigeria’s apex bank.
75% of the shareholding of the bank belongs to the Bankers Committee, NIRSAL owns 15% by NIRSAL while NIPOST owns 10%
This post is a response to the question raised by one of our readers:
If someone applied for a household loan must he provide microfinance bank account details?
Answer: You don’t need to provide an NMFB account to get your TCF Loan. However, we advise you have an account with the bank to enjoy the full benefits of lots of services provided by the bank.
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This is how to open Nirsal MFB account: Visit NMFB branch in your state, their branches are mostly located at NIPOST offices spread across Nigeria
- One recent clear passport photograph
- Means of Identification (Driver’s License, International Passport,
National Identity Card or Voter’s Card)
- Public Utility Receipt dated within the last three months (PHCN bill, water rate bill, tenement rate, rent receipt, telephone bill)
- Account opening form duly completed
Step 1: Download NIRSAL MFB App on Google Play Store
Step 2: Login with your account details
Step 3: Visit NMFB branch closest to you and use the default PIN given to you during account setup
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.
When your TCF loan is disbursed into your account, you can safely make a transfer to your conventional bank account.
If you have any issues using the app, ask the branch for a guide.