From Uche Usim, Abuja
NIRSAL Microfinance Bank (NMFB) on Sunday refuted claims that it shut out 100,000 applicants seeking a slice of the Agribusiness/Small and Medium Enterprise Investment Scheme (AGSMEIS) loan provided by the Central Bank of Nigeria (CBN) to support private sector players.
It further debunked a plethora of social media allegations bordering largely on conspiring with some Entrepreneurial Development Institutions (EDIs) to extort money from applicants with the promise to grant them approvals for their loan requests.
NMFB in a statement described the allegations as spurious and unfounded, stressing that its management totally frowns at any form of unethical practice or unprofessional conduct which contravenes its policy and core values.
It added that till date, N101 billion has been successfully disbursed 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 cost.
“We implore applicants to report any observed anomalies or form of solicitation from individuals or enterprise via [email protected] or contact the nearest NIRSAL Microfinance Bank”, the statement noted.
The company further informed the applicants who were recently sent a decline application message due to their inability to meet the set current risk assessment criteria to 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 a loan and not a grant”, the statement added.