The Bankers’ Committee established the Agri-Business, Small and Medium Enterprise Investment Scheme (AGSMEIS) initiative in 2017.
The AGSMEIS Scheme supports government’s initiatives for the promotion of agro-businesses, micro, small and medium enterprises (MSMEs) as vehicles for sustainable economic development and job creation in Nigeria.
To accomplish this objective, these target groups must have easy access to affordable loans. Lack of access to credit is a major hurdle and setback for Micro, Small and Medium Enterprises in Nigeria.
And that is precisely what NIRSAL National Microfinance Bank is set to reverse. NIRSAL is licensed by the Central Bank of Nigeria (CBN) to operate as a National Microfinance Bank, with branches in all the 774 Local Government Areas in Nigeria.
NIRSAL Plc. (Nigeria Incentive-based Risk Sharing System for Agricultural Lending), is a non-bank financial institution, wholly owned and incorporated by the CBN. It is established to de-risk agricultural finance and facilitate agri-business across the entire agricultural and commodities value chains.
As an interventionist Microfinance Bank, NIRSAL will disburse loans at an annual interest rate of 5%, and with no collateral requirement - except for large loans. Under the AGSMEIS Scheme, the loan amount obtainable was capped at ₦10 million.
Related: Small Business Loan Approval - What do Banks Want?
Available Products and Services include Micro-savings, Micro-loans, Agricultural Finance, Small and Medium Enterprises Loans, Group Loans, Lease Finance, Consumer Finance and School Finance.
There are various Savings and Current account types amongst which are the NIRSAL MICROFINANCE BANK Quick Access Corporate Savings/Current Accounts for both Individuals (persons or partnerships) and Corporate Bodies (Limited Liability Companies, Registered Businesses, and NGOs).
Now you no longer have any excuse for not starting that dream business or project of yours. If you're in Aba or Umuahia, visit Aba or Umuahia main Post Office; or contact Aba Chamber of Commerce, Industry, Mines and Agriculture (ACCIMA) secretariat for further guidelines. Outside Aba, please visit your City Chamber of Commerce.
Check out: The Businessman's Guide to LOANS From The Bank of Industry - By an Insider!
Related: Small Business Loan Approval - What Banks Want to Know About Your Business?
You may also be interested in:
How to Apply, Qualify and Get the Central Bank of Nigeria Small Business Loans
To know more about NIRSAL Bank, visit their website at https://www.nmfb.com.ng
To activate your Loan Application visit: https://www.nmfb.com.ng/
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