APPLY NIRSAL LOAN

What is NIRSAL Microfinance Bank?

The NIRSAL Microfinance Bank is a financial institution licensed by the Central Bank of Nigeria (CBN) in Nigeria. The Company commenced operations as a National Microfinance Bank and is owned 50% by the Bankers Committee, 40% by the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) and 10% NIPOST.

What is AGSMEIS?

Agric, Small and medium enterprise scheme (AGSMEIS) is an initiative of the CBN through the NIRSAL Microfinance Bank which seeks to empower Agri-businesses/Small and Medium Enterprises with the resources to thrive at an affordable rate.

This initiative mandates all Deposit Money Banks (DMBs) to set aside 5% of their annual profit after tax (PAT) to fund the scheme and currently the fund has disbursed about N25b to SMEs

Who is eligible for AGSMEIS?

MSMEs in the following sectors are eligible:

>Agricultural businesses
>Education
>Health
>Services (Hospitality, Restaurants, Catering, Services, etc),
>ICT
>Manufacturing/Production
>Mining
>Creative Industry (Fashion, Design, Crafts, Entertainment, etc)
>Other businesses as determined by CBN



What are the features of AGSMEIS?
           Interest Rate: 9%
          Tenor: 7 years
          Moratorium: Maximum of 18 months on Principal and 6 months on Interest

What are the steps to apply for the loan?

Start application on  and select your preferred CBN certified Entrepreneurship Development Institute (EDI).
Attend training at selected EDI and obtain certificate of attendance. EDI uploads your information on portal and you get notified of progress
Submit your business plan.
The applications will then be sent to CBN for processing. Applicants will be called for an interview regarding his/her business.
Loans are paid into the account of beneficiaries. Unqualified candidates are given feedback.

What are the requirements of AGSMEIS loan?
Duly completed application form
Certificate of training from a CBN certified Enterprise Development Institution
Letter of Introduction from any of the following: Clergy, Traditional Ruler, Senior Civil Servant etc

How long before I receive funds?

This loan scheme is designed to be easily accessible. The entire process is automated. From application submission to disbursement should take about eight(8) weeks.

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