NIRSAL Microfinance Bank NMFB says loans provided at various intervals were strictly intervention loans tailored for diverse purposes determined by the Central Bank of a Nigeria (CBN), including the Targeted Credit Facility (TCF), popularly known as the Covid-19 loan due to its timing as an initiative aimed at mitigating the pandemic’s impact, sustain businesses, and bolster the economy.
The explanation it says is in response to recent speculations among beneficiaries, adding that the CBN intervention facilities administered by NMFB were not grants and ought to be repaid.
Halimatu Lawal Idris Omar, Head, Corporate Communications NMFB in a statement maintained the bank has consistently maintained direct communication with beneficiaries, refuting claims of intermediaries/agents representing the bank.
Acknowledging the recent challenges in loan recovery, the bank stated that it has launched a proactive Recovery Campaign via its social media platforms. Despite offering an additional year to the initial one-year moratorium, it lamented that numerous borrowers have unfortunately defaulted on repayment schedules. Hence, heightened efforts are being made to remind them, through text messages, of the repercussions of default.
Addressing concerns raised in a recent publication, the statement urged beneficiaries to identify and report individuals who purportedly acted as “agents” of the bank to the appropriate authorities. Additionally, the public is encouraged to utilize the bank’s whistleblower portal: whistleblower@nmfb.com.ng to report cases.
The statement further added that it is imperative for beneficiaries to understand that the Global Standing Instruction (GSI) represents one legal recourse for the bank in loan recovery, as authorized by the Central Bank of Nigeria. This policy empowers banks to debit accounts in other banks to settle defaults.
Beneficiaries with genuine concerns about repayment are encouraged to approach the bank for evaluation and further discussion regarding their loan status.
Halima enjoined beneficiaries is to honor their repayment commitments, as evasion is not a viable option. NIRSAL Microfinance Bank the statement noted is committed to playing a role in the country’s efforts to facilitate economic growth, using SME Loans as a major driver continuously.
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