Last updated on November 29th, 2023 at 05:43 am
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.
Nirsal is an authorised money lender to provide loans to businesses to stimulate macro economic activities
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
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 USSD Code for Nirsal Microfinance bank?
You can conveniently make transfer to anyone from your NMFB account using the USSD code *646#
You can also use the same code access other NMFB services.
How can I get back my 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.
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.