NIRSAL MICRO FINANCE BANK
NON-INTEREST AGRI-BUSINESS, SMALL AND MEDIUM ENTERPRISE INVESTMENT SCHEME (AGSMEIS-NI) The Non-Interest Agri-Business, Small and Medium Enterprise Investment Scheme (AGSMEIS-NI) is a federal government intervention funding scheme through CBN that is intended to promote agricultural businesses to spur economic development and employment generation in the country. The non-interest product is an alternative of the existing AGSMEIS program that is based on Islamic principles of financial transactions using products such as murabahah and ijarah. It is a term financing specifically introduced for financing of equipment, raw materials and working capital.
The financing limit is N10,000,000.00 for a tenor of up to 7 years (depending on the nature/gestation period of the project). Applicants may in addition enjoy a moratorium of 6 months for mark-up and 18 months for the principal (a moratorium is a grace period of granted to the customer by the Bank to postpone the payment).
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The NIRSAL Application is now OPEN!!!
Objectives of the Scheme
Access
Improve access to finance for youth and youth-owned enterprises, for national development
Employment
Generate much-needed employment opportunities to curb youth restiveness.
Training
Boost the managerial capacity of the youth and develop their potential to become the future large corporate organizations.
The financing limit is N2,500,000.00 for a tenure of 3 years with 6 months moratorium (a moratorium is a grace period of granted to the customer by the Bank to postpone the payment).
Who is Eligible?
Individuals / Non-registered Businesses
- Individual within the age bracket of 18 to 35 years
- Has a valid BVN and means of ID
- Provision of Business plan Summary or Completed Questionnaire
- Entrepreneurship Training Certification from FMYSD Entrepreneurship Development Institutes (EDIs)
Registered Businesses
- Formal business enterprises (Youth owned enterprises), duly registered with the Corporate Affairs Commission (CAC)
- Business plan Summary or Completed Questionnaire
- Valid Bank Verification Number (BVNs) of Directors
- Provision of Tax Identification Number (TIN)
- Entrepreneurship Training Certification from FMYSD EDIs
How it works
Step 1
Get Trained
Applicants to attend a compulsory entrepreneurship training with an approved Federal Ministry of Youth & Sports Development (FMYSD) EDIs
Step 2
Apply for Loan
Successfully trained prospective applicants proceed to NIRSAL Microfinance Bank (NMFB) portal to apply for the loan.
Step 3
Submit an Application
Eligible applicants submit applications successfully on NMFB’s portal.
Step 4
Approval
NMFB conducts loan assessment in line with Risk Assessment Criteria and programme guideline, make appropriate decision and forward recommended applications to CBN for final approval
Step 5
Disbursement
CBN reviews applications and gives final approval for disbursement to NMFB