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How to access AGSMEIS/Anchor Borrowers Program loan through Nirsal MFB

How to access AGSMEIS/Anchor Borrowers Program loan through Nirsal MFB

Nirsal MFB – Are you aware that a number of businesses fail for lack of adequate funding at the right time? Only if you know how drag footed a business could go in event there isn’t adequate financing to champion its course.

That said, to fulfill the objective of Microfinance bank in Nigeria Nirsal MFB works hand-in-hand with The Central Bank of Nigeria despite being an approved institution by the apex body to provide funding for requisite businesses and SMEs.

In this context, the word “Nirsal Microfinance bank” may sound as a new institution, far from that, make bold to understand that its’s a national Microfinance bank that has been providing funding for businesses across the country.

About Nirsal MFB

Nirsal Microfinance bank is a leading Nigerian financial institution licensed by the Central Bank of Nigeria, incorporated as a Private Limited Company in 2019 and commenced operations following the grant of license by the Central Bank of Nigeria to operate as a National Microfinance bank.

The bank ownership goes thus: 75% by bankers committee, 15% by NIRSAL and 10% NIPOST.

Read also: How to access VFD Bank loan in simple steps

The next question you may wish to ask is, “What products does the bank offer to its customers?”

Nirsal offers a number of products that through track records have proved to be of immense advantage to businesses and individuals who access them over the years.

These products include but not limited to:

  • Agric Small Medium Enterprises Scheme (AGSMEIS)
  • Anchor Borrowers Program (ABP) and

#1 Agric Small Medium Enterprises Scheme (AGSMEIS)

In a wide perspective, AGSMEIS is a product that seek to meet the federal government’s initiative to support measures adopted for promoting agricultural businesses and small/medium enterprises.

Which has been incorporated as viable vehicles for sustainable economic growth and development, which ultimately provides employment for teaming Nigerian populace.

Eligibility status to obtain AGSMEIS loan

To access this loan, you should operate within “Creative & Arts industries” which falls under

  • Fashion, beauty
  • Apparel & Textile
  • Arts and Entertainment

Industrial and manufacturing, which falls under:

  • Agriculture and allied processing
  • Automobiles

Information and communication technology, which falls under:

  • Telecommunication
  • Media and publishing

Hospitality industry, which falls under;

  • Catering and event management

How to access AGSMEIS loan

This loan has been streamlined in a way that you will need to get formal training by a CBN Certified Entrepreneurship Development Institute (EDI).

Read also: How to start and run a successful Microfinance bank in Nigeria

This institution will guide you through the loan process and ensure you have complete documentation for accessing the AGSMEIS loan.

Interest rate: 90% annually

Collateral: The loan does not require collateral to access

Duration to receive loan: The loan is designed to be easily accessible, the entire process is automated already, which ensures that from application submission to disbursement takes around 6 -8 weeks.

Over N28Billion naira has been disbursed so far and disbursement is still going on.

#2. Anchor Borrowers Program (ABP)

The Anchor Borrowers Program is a brain child of the Central Bank of Nigeria for agricultural sector.

This is a loan targeted at Small Holder Farmers who produce identified commodities in Nigeria.

It’s usually applicable that the farmers will aggregate themselves in group which could be cooperatives in a number of 5 and 20 as the case may be for ease of implementation.

Additionally, businesses can as well apply for this loan since it’s not strictly meant for farmers alone.

The following agro products usually benefit from this program;

  • Cereals
  • Root and tuber
  • Tree crops
  • Legumes
  • Livestock etc.

Conclusion

The Anchor Borrowers Program is streamlined to create a linkage economically between the SHF and the large scale processors of great repute, with an eye to improving output which significantly improves capacity utilization.

Interest rate: 9% per annum.

To apply for any of these loans with Nirsal MFB, kindly follow this link.

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