Nigerians have been cautioned to beware of fraudulent and unwholesome practices engaged into by fraudulent individuals whose intent is to swindle them of their hard-earned resources.

The NIRSAL Bank gave the warning in a press statement on Monday. The statement warned applicants for various COVID-19 loan facility, especially AGSMEIS Loan not to patronise fraudster who are demanding for a few to sexuresuch loans for them.

The statement said, “The attention of the Management of NIRSAL Microfinance Bank has been drawn to some unethical practices being perpetrated by individuals disguising as its staff or agents, demanding and receiving money from unsuspecting members of the public purportedly to secure COVID-19 Targeted Credit Facility or the AGSMEIS Loan.

“Members of the public are hereby cautioned against falling prey to such people because the COVID-19 Targeted Credit Facility being disbursed by NMFB on behalf of the Central Bank of Nigeria is a LOAN not a GRANT and beneficiaries MUST pay back with interest.

“We also wish to inform the general public who may have been scammed by these unscrupulous people to lodge a complaint on our Whistleblowing portal, call 09010020656 or visit

Nirsal Microfinance bank, is a subsidiary of the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending, a non-banking financial institution established in 2013 with a mandate to facilitate the free flow of affordable finance and investments to the agricultural sector.