Nirsal is Nigeria Micro Finance Bank (NIRSAL MFB) with a license from the Central Bank Of Nigeria (CBN) to carry out specified financial and banking services in the country. Started operation in 2019 and licensed the same year by CBN
NIRSAL is the primary intervention bank speculated for a qualified citizen to lend special funds.
The Bank is Owned 75% by the Bankers Committee, 10% by NIPOST, and 15% by NIRSAL.
NIRSAL has over 115 branches across the states of Nigeria and headquarters in Abuja.
They have a very crucial assignment to develop the country’s economy, Youth, and business by implementing appropriate loans in accordance with CBN.
Today we will be discussing Nirsal MFB Business loan, Agroloan, Nirsal Nigeria Youth Investment Fund, and also how to apply.
You can apply for any of the loans below and we wrote an article on How To Check NIRSAL Loan With BVN that you need to check out so as to know if your application is approved or not after registered
Nirsal MFB Business loan And Agroloan
This type of loan is called the Anchor Borrowers’ Program joins hands with the Central Bank Of Nigeria(CBN). This is a single-digit loan introduced by the federal government to boost the economy, especially the agricultural section of the economy
Along the same line, they bring business loans that will suit every business and ease their activities
They promise to help throughout the production process from production and processing down to marketing that will meet international standards.
The Anchor Borrowers’ Program has a clear vision to ease businesses in the economy to have access to financing, create new jobs, and encourage economic growth
Nirsal MFB also the introduction of the Salary Advance and SME Loan to help salary earners have access to loans to cater to their immediate needs and also for Micro, Small, and Medium Enterprises to increase their productivity through the SME loan
This loan has a competitive interest and you can borrow ranges from N50,000 to N250 million
Just to make the loan easily accessible for all they have petty traders loans that range from N50,000 to N300,000 to increase the productivity of their existing business. In fact, this type of loan did not require any bank history to get.
But for the salary advance loan for salary earners, applicants must have at least a 3-month constant salary paying slip.
NIRSAL makes all documents required very slim and also very competitive interest
How To Apply For The Anchor Borrowers’ Program
First Step – If you want to start processing the Anchor Borrowers Program you are to come along with EOI( Expression Of Intrest) to their bank of PFI( Paticipanting Finacial Institute)
Second Step – Once You Successfully submit the EOI you will need to bring the processor’s capacity to offtake the produce from the farmers at harvest
Third Step- Provide the list of farmers required in accordance with numbers, names and BVNs
Fourth Step – You need to provide the commodities required
Fifty– The official Choice of NIRSAL Microfinance Bank as the Participating Financial Institution (PFI) for the project etc.
Sixty – You will have to wait for appraisals after receiving all the documents required
Step seven – Fund will be requested from CBN followed by an offer letter and disbursement start
Nirsal Nigeria Youth Investment Fund
This type of loan is introduced by the Federal Ministry of Youth and Sports Development (FMYSD) and fully funded by the Central Bank Of Nigeria(CBN).
This loan was introduced to eradicate unemployment by increasing the productivity of the youth which in turn increases job opportunities.
This loan gives youths more confidence to go into business and invest more
These funds are specifically intended to invest in innovative ideas, skills & talents of the youth of the country which will easily turn into the entrepreneur
These funds are basically for innovation-oriented youths whether you have a registered business or not
Who is Eligible For This Loan?
If You are an individual with no Registered business
- You must have a business plan summary
- A valid BVN
- And you need to first register to be trained as an entrepreneur at Nisral Youth Investment Fund
And If You Have A Registered Business
- A CAC certificate
- Valid BVN
- Business Plan Summary
- Then you will complete entrepreneur training at Nisral Youth Investment Fund
The Process To Apply For Nirsal Nigeria Youth Investment Fund
- The first process is to get trained by the Nisral Youth Investment Fund Program
- Then you Apply for a loan
- After Submit an application to the NMFB’s portal
- You will Wait for approval
- When you get the loan approval message the appropriate amount will be Disburse to NMFB