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

Last Updated on February 12, 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 withdrawal.

If you receive funds in Nirsal account number which is not your commercial bank account number, here is how to go about it:

Step 1: Download NIRSAL MFB on Google Play Store

Step 2: Set up an account

Step 3: Visit NMFB branch closer to you to get an assigned default PIN to your NIRSAL account.

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.

That’s all.

How to open Nirsal account number?

Follow the process above to set up a nirsal MFB account

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.

15 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.

  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.

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