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How To Transfer Your Loan From Nirsal MFB To Your Bank Account

Last Updated on May 15, 2021 by Ope Quadri

I applied for one of the available COVID-19 loans of the Central Bank of Nigeria sometimes in 2020. To my surprise, my Nirsal Microfinance Bank (NMFB) account was credited.

It 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.

If you are one 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 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.

40 thoughts on “How To Transfer Your Loan From Nirsal MFB To Your Bank Account”

  1. 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.

      1. Abdullahi Alhassan jafar

        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.

  2. 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.

    1. 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

  3. 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.

  4. 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?

  5. Egbainmo Theophilus

    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.

  6. 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.

  7. Bilyaminu Sajo Dabo

    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.

  8. Hello sir, my nmfb account profile is not active due to exceeded transaction attemp,
    Plse how do i reactiveted my profile

  9. Oge Marck Onyedika

    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

  10. 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

    1. 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.

  11. 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:

    1. 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

  12. Awodiran Stephen

    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.

      1. Please how do I changed my account number with NMFB,
        Cox the one I gave is a small account.. Its can’t contains much

  13. 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?

  14. 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.

    1. 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/

  15. How do I retrieve my account number?
    It was sent to me early this year, but I lost it along with my phone.

  16. Ndifreke Charles

    Please sir,I want to know if the 2nd batch of the covid19 loan application payment has been approved.
    Thank you

    1. Samuel Arede Gbenebro

      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

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