Barbara Bako, Abuja.
NIRSAL Microfinance Bank (NMFB) has defended its recovery of outstanding loans under the COVID-19 Targeted Credit Facility (TCF), saying the intervention was designed as a repayable loan and not a grant.
The bank’s clarification follows recent media reports and public complaints over deductions from accounts belonging to beneficiaries of the facility, with some customers raising concerns about outstanding loan balances, repayment records and access to customer support.
In a statement issued on Friday, the bank explained that the TCF was introduced by the Central Bank of Nigeria (CBN) to provide financial support to households and businesses affected by the economic impact of the COVID-19 pandemic.
It said beneficiaries accepted electronic offer letters before the disbursement of funds, which clearly outlined the terms and conditions of the facility, including repayment obligations and recovery procedures in cases of default.
On the deductions, NMFB said it operates within the applicable regulatory framework, including the Global Standing Instruction (GSI) mechanism approved by the CBN.
According to the bank, the GSI framework allows financial institutions to recover outstanding loan obligations from eligible accounts linked to borrowers’ Bank Verification Numbers (BVNs), subject to relevant regulatory guidelines.
The bank, however, acknowledged concerns raised by beneficiaries over the timing and amounts deducted, outstanding balances and access to accurate repayment information.
It urged customers who believe they have experienced incorrect deductions or discrepancies in their repayment records to contact the bank for individual account reconciliation and resolution.
NMFB assured that legitimate complaints would be investigated, adding that any discrepancies established during the reconciliation process would receive appropriate attention.
The bank also encouraged beneficiaries seeking clarification on their loan status, repayment history or outstanding obligations to use its officially designated customer service channels.
It warned customers against engaging unofficial intermediaries or individuals claiming to represent the bank in matters relating to the COVID-19 intervention facility.
The bank reaffirmed its commitment to transparency, accountability and responsible banking, saying it would continue to engage stakeholders and address customer concerns.
It added that it remained committed to promoting financial inclusion, supporting micro, small and medium-sized enterprises (MSMEs), and expanding access to finance across the country.
For enquiries, beneficiaries can contact NMFB through its customer care lines: 0901 002 6900, 0901 002 6901, 0201 330 2604, 0201 330 2605 and 0209 462 1730, or via email at info@nmfb.com.ng.
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