The management of NIRSAL Microfinance Bank has denied some claims by certain individuals on social media that applied for loans, under the Agribusiness/Small and Medium Enterprise Investment Scheme (AGSMEIS) of the Central Bank of Nigeria that the Bank conspired with some EDIs to extort money from applicants with the promise to grant them approvals for their loan requests.
In a statement, the bank said, “This accusation is not only spurious but unfounded as NMFB frowns at any form of unethical practice or unprofessional conduct which contravenes our policy and core values.
“Till date, NIRSAL Microfinance Bank has disbursed the sum of N101 billion to 26,274 AGSMEIS applicants across the six geo-political zones in the country with emphasis on even spread. We are therefore surprised with the narrative that applicants from the South East are marginalized under this scheme. This statement is malicious. 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.”
According to the statement, NIRSAL Microfinance Bank has repeatedly warned applicants, through various social media platforms, that the AGSMEIS loan application process is individual-based, after the completion of a N10,000-cost training exercise by NMFB-accredited Entrepreneurial Development Institutions, (EDIs).
