The Management of NIRSAL Microfinance Bank has described as false, allegations on social media that about 100,000 loan applicants under the Agribusiness/Small and Medium Enterprise Investment Scheme (AGSMEIS) of the Central Bank of Nigeria, have been denied approval.

The bank in a statement described the allegations as unfounded, saying this negates the core values of the bank which has zero tolerance for any form of unethical practice or unprofessional conduct.

The bank also Expresed surprise at the u towards insinuations saying, “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 with the criteria set out for lending”.

It said it has disbursed the sum of N121.57 billion to 32,617 beneficiaries under its AGSMEIS Loan scheme which is contributed by a certain percentage from all commercial bank.

It further said N318.17 billion has also been disbursed to 679,422 beneficiaries, comprising 572,189 households and 107,233 Small and Medium Scale Enterprises (SMEs)”.

The NIRSAL Microfinance Bank also urged 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 N3million threshold at no cost to them.

We implore applicants to report any observed anomalies or form of solicitation from individuals or enterprise via whistleblower@nmfb.com.ng or call 07041800003 or 094621730 or contact the nearest NIRSAL Microfinance Bank.