NIRSAL Microfinance Bank has debunked claims by people who applied for loans under the Agribusiness Small & Medium Enterprises Scheme of the Central Bank of Nigeria that the bank conspired with some Entrepreneurial Development Institutions to extort money from applicants with the promise to grant them approvals for their loan requests.
According to a statement by management of the bank, the accusation is not only spurious but unfounded as NMFB frowns at any form of unethical practices or unprofessional conduct which contravenes its policy and core values.
It said, “NMFB 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 EDIs. The business plan, which is also automatically generated on the portal, has two options – a free application and another that cost N5,000.
“Applicants have the liberty to use any of the two business plan options. No EDI has the right to charge extra cost. We implore applicants to report any observed anomalies or form of solicitation via email@example.com or call 07041800003 or 094621730 or contact the nearest NIRSAL Microfinance Bank.
“We wish to use this medium to inform the applicants who were recently sent a decline application message due to their inability to meet our set current risk assessment criteria that they can re-apply with a business plan tailored to the new maximum of N3m threshold at no cost to them.”
The bank explained that the AGSMEIS was not a grant but a loan.