March 22, 2023

About 881,081 Nigerians and companies have benefited from the Nigerian Incentive-based Risk Sharing System for Agricultural (NIRSAL MFB) lending program, according to the microfinance bank arm of the Nigerian Incentive-based Risk Sharing System for Agricultural Lending (NIRSAL MFB).

For its efforts in resuscitating the Nigerian economy devastated by the COVID-19 epidemic through the supply of money to severely damaged people and companies, the firm has received several honors from over 23 groups and institutions.

The majority of the loans came from the COVID-19 intervention fund, which was established by the Federal Government to mitigate the impact of the COVID-19 epidemic on people and small enterprises, according to NIRSAL MFB.

According to data from NIRSAL MFB, the bank has disbursed N503, 273,000,000 in loans to 1,053,215 people. Individuals and families whose breadwinners lost their employment in 2020 as a result of the COVID-19 epidemic are among the recipients.

Between 2020 and December 2021, 612,321 families got loans ranging from N250,000 to N1 million, totaling N240,083,000,000; 103,185 Small and Medium Enterprises (SMEs) received loans totaling N104,023,000,000.

Households who are Non-Interest Beneficiaries (NIB) of the NIRSAL MFB loans, which number 21,027, have so far obtained N9, 091,000,000. In one year, 2,710 Small and Medium Enterprises (NIB SME) recipients received N1,057,000,000 from NIRSAL MFB, while 31,067 Agric Small Medium Enterprises Scheme (AGSMEIS) participants received N116,001,000,000 from NIRSAL MFB.

In addition, 105,244 successful Anchor Borrowers’ Programme (ABP) applicants have got loans totaling N31, 001,000,000, while 5,527 Nigeria Youth Investment Fund (NYIF) applicants have received loans totaling N1, 009,000,000.

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Public Service Bank of the Year 2021 Award to MFB Bank from the National Public Service Awards and Summits and The Most Innovative Fintech Brand from African Award 2020 from African Brand are among the awards won by NIRSAL MFB.

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