NIRSAL MfB denies extortion claims

NIRSAL Microfinance Bank has refuted some claims that the Bank conspired with some Entrepreneurial Development Institutions, (EDIs) to extort money from applicants with the promise to grant them approvals for their loan requests.

Certain individuals who applied for loans, under the Agribusiness/Small and Medium Enterprise Investment Scheme (AGSMEIS) of the Central Bank of Nigeria, had taken to social media, making this allegation.

“This accusation is not only spurious but unfounded as NMFB frowns at any form of unethical practice or unprofessional conduct which contravenes our policy and core values.

“Till date, NIRSAL Microfinance Bank has disbursed the sum of N101billion to 26,274 AGSMEIS applicants across the six geo-political zones in the country with emphasis on even spread.

“We are therefore surprised with the narrative that applicants from the South-East are marginalized under this scheme.

“This statement is malicious. Our process is not only transparent but also ensures that successful applicants are Nigerians who are well experienced in their line of business and have met the criteria set out for lending.

“NIRSAL Microfinance Bank has repeatedly warned applicants, through various social media platforms, that the AGSMEIS loan application process is individual-based, after the completion of a N10,000-cost training exercise by NMFB-accredited Entrepreneurial Development Institutions, (EDIs).

“The business plan, which is also automatically generated on the portal, has two options – a free application and another that cost N5,000.

“Applicants have the liberty to use any of the two business plan options. No EDI has the right to charge extra costs.

“We implore applicants to report any observed anomalies or form of solicitation from individuals or enterprise via whistleblower@nmfb.com.ng or call 07041800003 or 094621730 or contact the nearest NIRSAL Microfinance Bank.

“We wish to use this medium to inform the applicants who were recently sent a decline application message due to their inability to meet our set current risk assessment criteria that they can re-apply with a business plan tailored to the new maximum of N3 million threshold at no cost to them.

“Once again, we remind all Nigerians that the AGSMEIS loan is not a grant but a loan,” said the NIRSAL.