₦50,000 – ₦250,000,000: NIRSAL MFB introduces Salary Advance, Loans for Entrepreneurs / Businesses
Traders and salary earners can now access Nirsal Microfinance Bank Limited (NIRSAL MFB) loans following the introduction of two new products, namely, Salary Advance and SME Loan by the bank.
The management of the bank said the new products were part of its On-Balance Sheet Lending portfolio, for easy access to credit facilities by Micro, Small and Medium Enterprises that required affordable credit facilities to boost their businesses, and salary earners to cater for immediate/pressing needs.
Before now NIRSAL MFB’s SME loans were essentially for operators engaged in production, rather than trading.
With the new products, micro businesses and SMEs engaged in trading activities with daily sales can now access the bank’s facilities.
According to the management, “The loan sum accessible to this set of customers ranges from N50,000 to N250million, subject to a satisfactory turnover that covers the expected facility amount.
“This product is also open to petty traders in organized markets who have existing businesses and require credit facilities ranging from N50,000 to N300,000 to augment their business capital.
“The petty trader does not necessarily need to have account history with NMFB or any other bank to access the facility.
“‘The Salary Advance’ is for individuals in paid employment whose salaries have been consistent for 3 months, prior to making an application to the bank.”
The management said that staff of corporate organizations whose salary accounts were domiciled with NMFB could, easily, access the Salary Advance facility.
It described the interest rate for the products as very competitive with a streamlined documentation process for access to any of the above facilities from the Bank.
NMFB explained that the products were different from the government intervention products administered by the Bank.
Consequently, it said that applications for loan facilities within the On-Balance Sheet Lending portfolio would be appraised in line with the Risk Acceptance Criteria of the Bank.
It added that a loan product for the agriculture sector, covering farmers and all businesses in the agricultural value chain, would be launched within the year.
“Successful applicants of this product will, also, enjoy the benefits of the Federal Government Agricultural Credit Guarantee Scheme Fund (ACGSF), as well as the Interest Drawback Programme for farmers and businesses in the agricultural value chain.”
Source: Vanguard News
More Posts
🇶🇦 Qatar Post Study Work Visa: Everything You Need to Know in 2025
Qatar is quickly emerging as a top education and career destination for international students. With world-class universities, growing economic opportunities, and major events like the FIFA World Cup behind it, the country continues to attract ...Continue Reading🇩🇪 DAAD-EPOS 2026: Fully Funded MEG Programme at University of Freiburg
Are you a young professional from a developing country looking to pursue a fully funded master’s degree in Germany? The DAAD-EPOS Scholarship is now open for international applicants to join the MSc in Environmental Governance (MEG Programme) at the ...Continue Reading🇨🇭 Top 5 Paying Destination Countries for Skill Shortage Workers – May 2025
Imagine having the world at your fingertips, where your expertise unlocks access to high-paying opportunities in some of the most desirable destinations. As global economies rebound and innovate post-pandemic, nations are actively competing to ...Continue Reading🇬🇧 New eVisa ID Rules for the Life in the UK Test – What You Need to Know in 2025
Are you planning to take the Life in the UK Test or any other UK citizenship exam? A new update from the UK Home Office could affect your test day — especially if you hold an eVisa. Here’s what’s changed, what you need to bring, and how to avoid ...Continue Reading🇦🇺 Move to Regional Australia in 2025: Easiest Work Visas to Apply For
Australia’s regional areas are becoming increasingly attractive for skilled migrants looking to live, work, and eventually settle. With government incentives, faster visa processing, and strong pathways to permanent residency, regional Australia ...Continue Reading🇬🇧 UK Home Office Updates SELT English Test Requirements for Visa and Citizenship – April 2025
If you’re applying for a UK visa or citizenship in 2025, there’s important news you need to know. Starting April 2025, the UK Home Office has expanded its list of approved Secure English Language Tests (SELT), making it easier for ...Continue Reading🇯🇵 Japanese Government MEXT Scholarships 2026 for Research Students – Fully Funded to Japan
Are you ready to take your postgraduate education to the next level? The Government of Japan, through its Ministry of Education, Culture, Sports, Science and Technology (MEXT), is now accepting applications for the 2026 MEXT Scholarship for Research ...Continue Reading🇦🇪 United Arab Emirates (UAE) In-Demand Jobs List Updated – May 2025
Are you ready to advance your career in the UAE, one of the most vibrant economies in the Middle East? The Ministry of Human Resources and Emiratisation (MOHRE) has unveiled the updated In-Demand Jobs List for May 2025, providing clarity and focus ...Continue Reading🇬🇧 NHS Jobs Under the UK Skilled Worker Visa Program – April 2025
Are you ready to take your career to the next level while securing a stable and rewarding future? The UK’s National Health Service (NHS) is offering a golden opportunity for skilled workers worldwide through the UK’s Skilled Worker Visa program in ...Continue Reading🇦🇺 Fruit Picking Jobs in Australia With Visa Sponsorship (April 2025)
The Fruits Picker Jobs in Australia are Popular Jobs in Australia Like Farm Worker Jobs in Australia. (Farmworker Jobs are also famous in Australia). Alot of Workers are Needed for Fruit Picking Jobs in Australia. Because Australia’s agriculture ...Continue Reading🇺🇸 The #1 Rule for U.S. Visa Interviews in 2025: Adhere or Risk a Lifetime Ban
Planning to attend a U.S. visa interview in 2025? Here’s a critical update you shouldn’t ignore. The U.S. Department of State has issued a clear and serious reminder: honesty is non-negotiable during your visa interview. In a recent official post, ...Continue Reading🇩🇪 Fully Funded DAAD Leadership for Africa (LfA) Master’s Scholarship in Germany – 2026 Intake
Are you a high-achieving graduate from Cameroon, Senegal, or Togo—or a refugee with legal status in one of these countries? Here’s your chance to study for free in Germany. The 2026 DAAD Leadership for Africa (LfA) scholarship programme is now ...Continue Reading🇨🇭 New 2025 Visa Rules: Required Documents for Swiss National Visa
Planning to relocate to Switzerland for more than 90 days—whether for work, studies, or family reunification? Then it’s crucial to make sure your visa documents are 100% in order. As of April 7, 2025, the Swiss government has updated its visa ...Continue Reading🇺🇸 Accepted Invitation Letter Formats + Sample for U.S. Visitor Visa in 2025
Is an Invitation Letter Needed for a U.S. B1/B2 Visa in 2025? Everything You Should Know Planning a trip to the United States in 2025 on a B1/B2 visitor visa—whether for tourism, family visits, or business? While an invitation letter is not a ...Continue Reading🇳🇱 Farm Worker Jobs in the Netherlands with Visa Sponsorship April 2025
Farm Worker Jobs in the Netherlands with Visa Sponsorship – 2025 Guide Are you dreaming of working abroad while immersing yourself in a new culture? The Netherlands could be your perfect destination. Known for its tulips, windmills, dairy products, ...Continue Reading
Latest Job Vacancies
-
Dangote Group Full Time Open Lagos, Ogun, Edo & Kogi | Nigeria Posted 5 hours ago
-
LifeBank Full Time Open Abuja, Lagos, Oyo, Kano & Edo | Nigeria Posted 7 hours ago
-
International Institute of Tropical Agriculture (IITA) Full Time Open Oyo | Nigeria Posted 9 hours ago
-
MTN Nigeria Full Time Open Lagos | Nigeria Posted 1 day ago
-
Stanbic IBTC Bank Full Time Open Lagos & Kaduna | Nigeria Posted 2 days ago
-
Alfred and Victoria Associates Full Time Open Lagos & Ogun | Nigeria Posted 3 days ago
-
MoMo Payment Service Bank Full Time Open Lagos | Nigeria Posted 3 days ago
-
PZ Cussons Nigeria Plc Full Time Open Lagos, Rivers, Enugu, Oyo, Ondo, Sokot & Borno | Nigeria Posted 4 days ago
-
May & Baker Nigeria Plc Full Time Open Lagos & Ogun | Nigeria Posted 4 days ago
-
First Bank of Nigeria Limited Full Time Open Lagos | Nigeria Posted 4 days ago
Read Also:
Discover more from Careerical eConsult
Subscribe to get the latest posts sent to your email.