Last Updated on June 30, 2021 by Ope Quadri
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.
More details on how to check if your loan application was approved or rejected can be found at https://infomediang.com/check-your-loan-application-status-with-nirsal
If you are one of 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
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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 a withdrawal.
If you receive funds in Nirsal account number which is not your commercial bank account number, follow this guide on account setup.
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.
Please sir/ma, I want to know why I have not been credited, since 9/10/2020 the loan was approved, I mean nmbf covid19 household loan.
Hello Azih,
Kindly check the status of your application. Check one of our articles on how to check the status of your loan application.
Please sir/ma, I want to know why I have not been credited, since 13/11/2020 the loan was approved, I mean nmbf covid19 household loan.
Pls sir I’m unable to transfer the loan money to another bank so how will I do it with the app
Please Dear Ma/Sir,
I tried using the Nfmb mobile app to transfer part of my approved loan to my bank account 2 months ago which was successful and the rest about 325,000 still hanging in the Nfmb account, as l can no longer login into the mobile app.
I have visited the branch in Ikeja to regularize my account and also filling a form to get paid in my bank account and still yet haven’t been credited and still yet l was given the repayment slip which starts commencing this year November.
l was only been blamed and that is my fault for using the mobile Nfmb app in doing a transfer. And the last time I heard from them they were saying that their system is on upgrade and they have been restricted to do transfer for now.
Hello Gabriel,
Report at their office again. If you are suspecting a foul play. Contact your EDI and file a complaint to the CBN immediately.
We’d like to follow up on this. Kindly send your full story and experience to infomediang19 (at) gmail dot com
Please sir,my nmfb covid19 household loan was approved and my account created.I got it activated and my pin set up.This morning I received a debit alert on my phone but never received a credit alert, check the app and saw my balances reading “-250,000” in the savings account and “1,946” in the current account.please what do I do?
Sir,my covid-19 sme loan as be approved since December and up till now my account has not been credited why
Hello Aliyu,
You need to follow up on the loan by checking its status with your BVN on the NMFB portal.
Please, Would the loan be sent to our normal bank accounts or the NFMB account?
NFMB account, you can then transfer it to your ‘normal’ account
sir,I was applied covid19 loan since April when I check with my bvn it tell me ,your has not approve please check back later ,we are aplied with my friends already got their loan,sir what is the problem ,the loan or amount I was seek is 3,000,000,000.
Please apply for another one. There are more than five CBN loans
How do I transfer my already disbursed loan from my Nirsal account to my commercial bank account.
Hey Alabi,
Follow the guide here.
I tired login but keep getting an error message”time out error” only to be told later that my account has been block for multiple login attempts. That I should visit customer care. What is the way forward?
My Nirsal Mobile app is saying that my profile is inactive what should i do to access the app.
I made a mistake on my bank name while filling out the approval form. Pls sir, I can I correct it to access my cash. Because it’s showing the amount been approved. Thanks.
Hey Theophilus, visit a nearby NMFB to resolve the issue. They have branches in all state capitals across Nigeria.
Pls, how can I retrieve my account details with NMFB.
I have been to their branch in my area but said their systems are yet to be configured.
I was been successfully approved with the Covid-19 loan (HOUSEHOLD) since 23/10/2020 and the account number was created for me by (NMFB) but yet i have not receive the funds.
Hello sir, my nmfb account profile is not active due to exceeded transaction attemp,
Plse how do i reactiveted my profile
My account is Inactive due to exeeded transaction attempt. How do I go about it??
Contact NMFB branch office in your state. More details are available at https://infomediang.com/nirsal-microfinance-bank-branches-nigeria
Hi! I received a text from Nirsal mfb, telling me to resolve an issue with my bank. That the transaction of the covid-19 household TCF that was made to my preferred account failed. But i don’t really have any issues with my bank account, My account is OK. and a normal savings account. Or could it be that they don’t credit people with HERITAGE BANK ACCOUNT? I need a help from here please
Hello good afternoon sir
I received a text from nirsal telling me your
Account has been created successfully but didn’t received a credit alert into my bank account, what is the problem can i keep waiting
Hello Bello,
Download the NMFB App, use the details sent to you to access the app, change your password. If you’re having an issue accessing your credit facility, visit Nirsal Micro finance bank in your state.
Hello sir I received a message that NMFB has successfully created an account for me then I downloaded the app for registration and change the password but I’m yet to receive any credit alert plz what is the next thing to do?
You’d be alerted if you are credited. Alternatively, contact NMFB branch in your state for more details.
Hello dear,
Please below is part of the information sent to me since February 17th but till i haven’t done anything about it because i don’t know what to do.
Please kindly from this information direct me properly on what to do.
Thank you!
We refer to your application for an SME Loan facility under the COVID-19 Targeted Credit Facility Intervention Scheme and are pleased to inform you that the Management of NIRSAL Microfinance Bank Ltd (hereinafter referred to as ‘the bank’) has approved the sum of ₦702,525.00, subject to the following terms and conditions:
Frank congratulations, proceed to NMFB branch in your state. The usually use NIPOST , you’ll be directed on how to setup NMFB account where your loan would be deposited. From there you can transfer to your regular bank account.
Take action NOW
I applied for the covid 19TCF loan and it has been approved,
I got a message from NMFB that I have issue with my bank which I’ve resolved what’s the next thing please as I’ve not been credited.
Send a complaint to them
Please how do I changed my account number with NMFB,
Cox the one I gave is a small account.. Its can’t contains much
Upgrade your account , that’s all.
Hello. Please i want to inquire how long it takes to get credited. The loan was approved for my wife on February 18th we got to know two weeks ago and we went to nirsal at nipost Ikeja the manager gave a form we filled the form inputting her gtb account to receive the money, we also open an account with them which was ready same day.
It is two weeks now still no money. The manager said the money came to the Ikeja branch but it has been returned to zenith bank Abuja so the form my wife filled and signed is an authorization for her gtb to be credited.
The manager said it is not in nirsal hand again it is zenith in Abuja that will send the money. They gave use the repayment plan which will start soon. Please does is there anything we need to do or who to contact in Abuja. Your assistance is very appreciated.
Hey Mr Osas,
Your NMFB account should be credited first and activated, then you make a transfer to your bank account. That’s the normal process. It seems something is missing in your story
Hello sir, my NIMFB account profile is not active due to exceeded transaction attempt. I have attempted to transfer the Fund from NIMFB wallet to my personal account, but the transaction is not going at all.
Plse how do reactivete my profile?
Hey Isah, please visit NMFB branch office.
Please sir my NMFB account profile is not active due to exceeded transaction attempt I have attempted to transfer the fund from my NMFB wallet to my personal account , but the transaction is not going at all please how do I reactivate my profile
Hello Maryann, please visit NMFB branch office in your state to resolve the issue. You can the offices here: https://infomediang.com/nirsal-microfinance-bank-branches-nigeria/
Sir I have applied for CoviD 19 loan in the first batch my application was approved on 26/11/2020 and I accepted the offer but yet to receive my fund in my personal account.
I visited the NIRSAL microfinance bank and complained about it I was told to go and upgrade my account and I did since December, an account was created for me which contains the balance of N475,500, I asked the fund to be transferred to me, but told me to go and wait that’s the process is automatic. Kindly please check.
Was NMFB account created for you? Were you able to login to NMFB Mobile App? Please, send another complaint to NIRSAL MFB on Twitter @NirsalMFB or on Facebook at facebook.com/NirsalMFinanceBank/ or on Instagram at instagram.com/nirsalmfb/
Please I made a mistake in my bank name for NMFB, can it be corrected
It can be corrected
How do I retrieve my account number?
It was sent to me early this year, but I lost it along with my phone.
Please sir,I want to know if the 2nd batch of the covid19 loan application payment has been approved.
Thank you
Yes
Good day sir/ma.
1. Money was paid into nmfb account. How can I transfer it to my bank account.
2. My nmfb account is showing inactive profile when I tried to login. What can I do
Hey Samuel, go to the nearest NMFB branch in your state. Your account will be activated for you, from there you can make transfers
I have Received my load how can I transfer it to my acct number?
Activate your NMFB account, go to a nearby branch of the NMFB to get this done.
i received a text from Nirsal telling me that my account has been created successfully but i didn’t not received creadit alart into my bank account what should i do now
Hey! Is it possible one can benefits from nyif and covid-19 loan please?
Please, I received TCF disbursed transfer with a balance of 10,000. How do I transfer that to my commercial bank?
Please I could not get any branch and I need my account number to be able to login and pay
Hello Tomisin, check the list of NMFB branches on this post: https://infomediang.com/nirsal-microfinance-bank-branches-nigeria
Can some get nyif loan and vivid 19 loan at the same time and also when your account has been created in Nirsal mfb, what does it mean
My Account has been created successfully with nmfb, when will I be credited?
I want to apply but don’t know how
I’m having problems in transferring the loan money to another account with the NIRSAL app. There questions is rselect ur beneficiary which I did and the next is a number like 0.00 I put my acc number there and the third is remark so what will I do and write in that remaregard pls sir I need ur attention.
My covid19 loan have been approved since June I also received message that my account is created successful I download d app check the account but is 00 in trying to recheck the account my account has been blocked due to multiple login and when am going to get alert ppls