COVID-19: NIRSAL MFB disburses N503bn loans for households, Entrepreneurs

December 15, 2021

1.1 min readCategories: News

NIRSAL Micro Finance Bank (NIRSAL MfB) has disbursed loans valued at over N503.3 billion to over 881,000 Nigerians and businesses.

Data from the institution indicated that most of the facilities were granted under the COVID-19 Intervention Fund released by the federal government to cushion the effect of the COVID-19 pandemic on households and small businesses.

Some of the beneficiaries included individuals and families whose bread winners lost their jobs in 2020 as a result of the COVID-19 pandemic.

They were made up of 612,321 households that received loans ranging from N250,000 to N1 million totalling N240.1billion.

Similarly, about 103,185 Small and Medium Enterprises (SMEs) received loans valued at N104 billion between 2020 and December 2021.

Households that are Non-Interest Beneficiaries (NIB) of the NIRSAL MfB loans numbering 21,027 have so far secured facilities amounting to N9.091 billion.

Many groups and agencies have in the course of 2021 given NIRSAL MfB awards for making these loans available to Nigerians.

They include: Public Service Bank of the Year 2021 Award to NIRSAL MFB from the National Public Service Awards and Summits

Speaking on the awards, Managing Director/ Chief Executive Officer of NIRSAL MFB Mr Abubakar Abdullahi Kure said “NMFB makes sure that all the six- geopolitical zones are beneficiaries to promote financial inclusion”. In disbursing the loans, Kure noted that “women are also highly considered”.

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