NIRSAL MFB Disbursed N503bn to 881,081 Beneficiaries

James Emejo in Abuja
The Managing Director/ Chief Executive, NIRSAL Micro Finance Bank (NIRSAL MFB), Mr. Abubakar Abdullahi Kure, yesterday said over 881,081 Nigerians and businesses had secured loans valued at over N503 billion from NIRSAL Micro Finance Bank (NIRSAL MFB).

The bulk of the loans, he said, were from the COVID-19 intervention fund released by the federal government through the Central Bank of Nigeria (CBN) to cushion the effect of the pandemic on households and small businesses.

Kure, specifically said some of the beneficiaries included individuals and families whose breadwinners lost their jobs in 2020 as a result of COVID-19.

According to him, the number consisted of 612,321 households that received loans ranging from N250, 000 to N1 million valued at N240.08 billion.

He added that Small and Medium Enterprises (SMEs) received loans valued at N104.02 billion between 2020 and December 2021.

Providing further breakdown, Kure said, households that are Non-Interest Beneficiaries (NIB) of the NIRSAL MFB loans numbering 21,027 had so far secured facilities amounting to N9.09 billion while SMEs under the Non-Interest scheme (NIB SME) numbering 2,710 also accessed N1.05 billion as well as 31,067 Agric Small Medium Enterprises Scheme (AGSMEIS) beneficiaries who accessed N116 billion from the bank within a year.

Also, 105,244 Anchor Borrowers’ Programme (ABP) successful applicants also received loans amounting to about N31 billion while 5,527 Nigeria Youth Investment Fund (NYIF) had also drawn down loans worth over N1 billion.