NIRSAL Microfinance Bank – online loan Nigeria
NIRSAL government-backed loans from ₦1,000,000 to ₦100,000,000 at 9% annually.
Applying does not commit you to a loan agreement.
Screenshot of https://www.nmfb.com.ng
NIRSAL Microfinance Bank – Government-Backed Loans Nigeria
NIRSAL Microfinance Bank (NMFB) is a national microfinance bank established by the Central Bank of Nigeria (CBN) in 2019, with its roots in the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending. The bank was established to de-risk agricultural lending and extend financial services to the unbanked population across Nigeria. NMFB is one of the primary channels for delivering the CBN's Targeted Credit Facility (TCF) and the Household and SME interventions.
NIRSAL Microfinance Bank offers personal loans, SME loans, and agricultural credit through its nationwide branch network. Individual loans range from ₦50,000 to ₦3,000,000 and SME loans can be significantly higher for viable businesses. Interest rates start from 9% per annum under CBN-funded intervention windows, which is highly subsidised. Applications are processed at NMFB branches with required documents including a valid ID, BVN, bank statement, business plan (for SME loans), and collateral or guarantor as applicable.
NIRSAL Microfinance Bank is licensed by the CBN and operates under strict regulatory oversight. As a government-supported institution, NMFB has been involved in high-volume disbursement programmes that have benefited hundreds of thousands of Nigerians. Availability of specific loan products may depend on active CBN intervention programmes, so check with NMFB directly for current offerings. NMFB is particularly valuable for farmers, small businesses, and households who need access to government-subsidised credit.
✓ Pros
- CBN-backed national microfinance bank
- Subsidised interest rates (9% per annum under interventions)
- Access to CBN Targeted Credit Facility
- Nationwide branch network
- Serves farmers and SMEs
✗ Cons
- Application process can be complex
- Specific programme eligibility criteria apply
- May require collateral or guarantor
- Long processing times for intervention funds
Loan example
Representative example: A personal loan of ₦300,000 over 12 months at 9% per annum (0.75% monthly). Monthly repayment approximately ₦26,181. Total amount repayable: ₦314,172. Total interest: ₦14,172.
Loan requirements
- ✓ Valid government-issued ID
- ✓ BVN
- ✓ Active bank account
- ✓ Business plan or farm plan (for commercial loans)
- ✓ 3-6 month bank statement
- ✓ Collateral or guarantor (product-dependent)
Loan features
- Personal, SME and agricultural loans
- Loans from ₦50,000 upwards
- Subsidised rates from 9% per annum
- Access to CBN intervention programmes
- Nationwide presence
- CBN licensed microfinance bank
Frequently asked questions
5 business days after submitting your application.
The minimum amount at NIRSAL Microfinance Bank is ₦1,000,000.
How to log in and sign up to NIRSAL Microfinance Bank
NIRSAL Microfinance Bank is used through its official app and website (www.nmfb.com.ng). To sign up, download the official NIRSAL Microfinance Bank app or open its website, then register with the details requested — usually your phone number and BVN — and complete the short verification. To log in, open NIRSAL Microfinance Bank and sign in with the phone number or email you registered with. Never share your login code, OTP or PIN with anyone, and only use the official NIRSAL Microfinance Bank channels.
NIRSAL Microfinance Bank customer care and contact
For help with your account, repayments or complaints, contact NIRSAL Microfinance Bank through the support options inside the official app or on www.nmfb.com.ng. NIRSAL Microfinance Bank is operated by NIRSAL Microfinance Bank Limited. Be cautious of anyone asking for an upfront "processing", "clearance" or "insurance" fee before disbursement — legitimate lenders deduct any fees from the loan, never before it. You can also compare NIRSAL Microfinance Bank with other lenders before you decide.