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NIRSAL MFB waives business plans as mandatory requirement

 

The NIRSAL Microfinance Bank (NMFB)  has resolved that business plan is nolonger mandatory requirement and third party provision is  also nolonger compulsory.

 

The NIRSAL Managing Director (MD), Mr Abubakar Kure, announced this, in Abuja, this afternoon, at a press conference, jointly addressed with the Director of Corporate Communications, of the Central Bank of Nigeria (CBN), Mr Isaac Okoroafor.

 

The NIRSAL MD said the decision to waive Business Plans,  become necessary following the controversy generated by some applicants over the Business Plans fees paid to a third party.

Mr Kure said, “In order to stem further controversy, the management of NIRSAL MFB has resolved that the Business Plan is no longer a mandatory requirement and a third party provision of a Business Plan is no longer compulsory.”

 

CBN governor, Mr Godwin Emefiele, had, recently, announced a N50 billion COVID-19 Intervention Fund as a Targeted Credit Facility, a stimulus package to support households and Micro, Small and Medium Enterprises (MSMEs) to cushion the effects of the pandemic.

CBN mandated NIRSAL MFB owned by the Bankers’ Committee (75 per cent), the CBN-funded Nigerian Incentive Risk-Sharing System for Agricultural Lending NIRSAL, 15 per cent and Nigerian Postal Service (10 per cent) , to disburse the funds. The process was already underway, with individual and corporate loan applications hitting over 80, 000, according to the MD.

However, the process got enmeshed in a controversy over the Business Plans’ fees, as complainants alleged it was a rip-off since the loan application was supposed to be free.

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