NIRSAL MFB Excites MSMEs, Salary Earners With Financial Products
BY EDMOND ODOK – Nirsal Microfinance Bank Limited (NIRSAL MFB) says its newly launched financial packages offer cheering news for Micro, Small and Medium Enterprises (MSMEs) and Salary Earners in the country.
According to the Bank’s management, the new and exciting products are part of its On-Balance Sheet Lending portfolio aimed at promoting easy access to funds by MSMEs seeking affordable credit facilities to boost their businesses.
Also, the package presents an opportunity for salary earners to augment and boost their financial capacity in addressing immediate and pressing needs.
A statement by the NIRSAL MFB management listed the two-fold products as the ‘SME Loan’ and the ‘Salary Advance’ meant to ameliorate the current economic crunch on small businesses and most salary earners in Nigeria.
For the ‘SME Loan’ offer which is open to micro businesses and SMEs engaged in trading activities with daily sales, the statement said; “The loan sum accessible to this set of customers ranges from N50,000 to N250million, subject to a satisfactory turnover that covers the expected facility amount.”
“This product is also open to petty traders in organized markets who have existing businesses and require credit facilities ranging from N50,000 to N300,000 to augment their business capital. The petty trader does not necessarily need to have account history with NMFB or any other bank to access the facility”, the bank further explained.
On the other hand, the ‘Salary Advance’ “is for individuals in paid employment whose salaries have been consistent for three (3) months, prior to making an application to the Bank. Staff of corporate organizations whose salary accounts are domiciled with NMFB can, easily, access this facility”, the statement said
Giving further insights on its latest financial offerings, the bank stated thus; “The interest rate for these products is very competitive with a streamlined documentation process for access to any of the above facilities from the Bank.”
With an assurance that the packages are distinct from the current government intervention products being administered by the Bank, the management said; “Consequently, applications for loan facilities within the On-Balance Sheet Lending portfolio will be appraised in line with the Risk Acceptance Criteria of the Bank.”
Also hinting at its resolve to boost intervention in agriculture, the Bank management said a loan product for the sector would be launched within the year, explaining that the package is expected to cover farmers and all businesses in the agricultural value chain.
It further assured that successful applicants of this product will, also, enjoy the benefits of the Federal Government Agricultural Credit Guarantee Scheme Fund (ACGSF), as well as the Interest Drawback Programme (IDP) for farmers and businesses in the agricultural value chain.
Accordingly, individuals and business owners are encouraged to visit any NIRSAL Microfinance Bank branch closest to them for more information on the available products meant to ease their financial stress going forward.
