NIRSAL Micro Finance Bank (NMFB) is working on new set of credit facilities that will be ready later in the year to cater for Small Medium Enterprises (SMEs) and workers in the agriculture sector.
The products will complement the newly launched products to help Small and Medium Enterprise (SMEs) and alsoenable salary earners cater for pressing needs.
It would be recalled that NIRSAL have some existing facilities for the informal sector in its bid to widen its coverage of the sector.
The anticipated agriculture sector facilities will cover farmers and all businesses in the agricultural value chain, when it is launched later in the year.
Beneficiaries of these products will, also, enjoy the benefits of the Federal Government Agricultural Credit Guarantee Scheme Fund (ACGSF), as well as the Interest Drawback Programme for farmers and businesses in the agricultural value chain.
What this means is that NIRSAL MFB has finally stirred individuals and business owners to develop interest in its products, encouraging them to visit any branch closest to them for information on its various offerings.
The newly introduced products which are to complements existing products, are parts of its on-Balance Sheet Lending portfolio, and they include, the SME Loan, for micro businesses and SMEs engaged in trading activities with daily sales.
SMEs, under the new products can access between N50,000 and N250million, subject to a satisfactory turnover that covers the expected facility amount.
This product is also open to petty traders in organized markets who have existing businesses and require credit facilities ranging from N50,000 to N300,000 to augment their business capital. The petty trader does not necessarily need to have account history with NMFB or any other bank to access the facility.
Another product is the Salary Advance which is for individuals in paid employment whose salaries have been consistent for three months, prior to making an application to the Bank. Staff of corporate organizations whose salary accounts are domiciled with NMFB can, easily, access this facility.
The interest rate for these products is very competitive with a streamlined documentation process for access to any of the above facilities from the Bank, a clear distinction from the government intervention products administered by the Bank
Consequently, applications for loan facilities within the On-Balance Sheet Lending portfolio will be appraised in line with the Risk Acceptance Criteria of the Bank.
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