The Central Bank of Nigeria partnered with NIRSAL MICROFINANCE BANK (NMFB) and introduced a scheme that will assist individuals and SMEs affected by the COVID-19 pandemic outburst.
The program, which was designed in the best interest of the COVID-19 pandemic victims, has benefited many Nigerians. The purpose of the scheme was to put a smile on the faces of many businesses affected by the ugly situation.
You will learn in this post about the registration and the BVN validation process. Although the scheme was initiated with most Nigerians in mind, it’s sad that only a few Nigerians have been able to gain advantage of this idea of improving lives and businesses, because of the complexity they encountered when validating their BVN.
In this post, you are going to get all the answers to the questions asked concerning verification of BVN on NMFB.
NIRSAL Microfinance Bank is becoming one of the top financial institutions functioning in Nigeria under the license of the CBN to offer loans for various purposes including the NIRSAL COVID-19 LOAN scheme.
NIRSAL or NMFB is a subsidiary of the Nigerian Incentive-Based Risk Sharing Systems for Agricultural Lending (NIRSAL Plc). The organization, which was established in 2013, was given a directive to facilitate the free flow of affordable finance and investments to the agricultural sector.
It is a non-banking institution tasked with the intention to redefine the agribusiness sector and its activities within the nation. NIRSAL measures, re-prices, and shares agribusiness credit risks.
WHO IS ELIGIBLE FOR NIRSAL MICROFINANCE BANK (NMFB) COVID-19 LOAN
Those eligible for the NIRSAL loan include households, whom are required to provide verifiable evidence of livelihood adversely impacted by COVID-19 and agreed to allow NIRSAL Microfinance Bank (NMFB) to assess their financial records. The scheme has budgeted close to
N3, 000,000 for households alone.
Requirement for the household registration
There are requirements for the households who want to benefit from the NIRSAL COVID-19 LOAN. These are as follows:
- Loan application letter
- Verifiable application form
- Verifiable Guarantor form
- A Valid ID (national ID, driver’s license, international passport, or voter’s card)
- Current utility bill
- Two recent passport-size photographs
”BVN DOES NOT EXIST’’ WHAT DOES IT MEAN? |NIRSAL MICROFINANCE BANK (NMFB)
What this means is that the application of your loan is pending and you have not been approved. But remember you must have an existing BVN (Bank Verification Number). In case you’ve misplaced your 11-digit Bank Verification Number (BVN), there is a solution here to retrieve it. Just read on…
If you had lost your BVN, there is a way to access it via USSD code without stress and internet connection. This method works greatly for all network providers like MTN, Glo, 9-Mobile, and Airtel.
The line you will try this on should be registered with your BVN, and you must have at least
N20 and above on your active line. Then dial *565*0# on your phone to have complete access to your Bank Verification Number regardless of your Bank or the network you are using.
Another thing you should bear in mind is that before finalizing your BVN validation, make sure you have registered for the loan whether as Household or SME.
NIRSAL Microfinance Bank will be responsible for the sharing of the COVID-19 Support fund. The interest rate, which is currently 5% P.A. (all-inclusive), will revert to 9% P.A. (all-inclusive) as from 1st March 2021.
If you want to register for the scheme, kindly visit the NIRSAL support scheme portal here on: http://nmfb.com.ng/covid-19-support/.
BVN VALIDATION | STEP BY STEP GUIDE ON HOW TO VERIFY YOUR BVN
Here is step-by-step guide on how to go about validating your BVN:
- Start by visiting https://www.nmfb.com.ng/
- Look for the COVID-19 support at the top right end of your screen
- Click on support
- Scroll down the list on the new window and click on the link that says “Click Here to Provide Other Bank Account”
- Select the type of credit facility you applied for (i.e. Household or SME)
- Put in your BVN and click on the ‘validate’ icon
Yes finally, here is a note to take. Whenever the application of your loan is pending and you have not been approved, then the indication that says, “BVN Doesn’t Exist” will appear.
If you already have an existing BVN but can’t type it correctly, then you need to access it through USSD code by dialing *565*0# on the line you registered with your BVN.
This will cost you twenty naira, but it’s worth spending the money in an effort to get your BVN back. I hope you have found lasting solutions to your problems of not being able to verify your BVN. If yes, you may express some gratitude by using the comment box.