NIRSAL Microfinance Bank has acknowledged concerns raised by beneficiaries of the COVID-19 Targeted Credit Facility over account deductions, outstanding loan balances, and repayment records. The bank, in a statement issued in Abuja, reaffirmed its commitment to transparency and customer engagement. It explained that the facility was introduced by the Central Bank of Nigeria to provide financial support to households and businesses affected by the pandemic. The intervention was a loan facility, not a grant, with beneficiaries accepting electronic offer letters outlining terms and conditions.
The bank operates within the applicable regulatory framework, including the Global Standing Instruction mechanism approved by the CBN. This allows financial institutions to recover outstanding loan obligations from eligible accounts linked to borrowers' Bank Verification Numbers. However, concerns have been raised over the timing and amounts of deductions, as well as discrepancies in repayment records and outstanding balances.
NIRSAL Microfinance Bank urged beneficiaries who suspect errors or have questions about their loan status to contact the bank for individual account reconciliation and possible resolution. The bank encourages customers to use its officially designated customer service channels for clarification and assistance. It warned against engaging unofficial intermediaries or individuals claiming to represent the bank in matters relating to the intervention facility.
According to the bank, beneficiaries accepted electronic offer letters before accessing the facility. These documents outlined the terms and conditions of the loans, including repayment obligations and recovery procedures in cases of default. The bank stressed that it would continue to engage stakeholders, investigate legitimate complaints, and provide necessary support to customers.
NIRSAL Microfinance Bank reiterates its commitment to protecting the integrity of the COVID-19 intervention programme while ensuring responsible banking practices. The bank is working to address the concerns raised by beneficiaries and provide support to those affected. It has assured affected customers that their concerns would receive appropriate attention.
The COVID-19 Targeted Credit Facility was introduced to provide financial support to households and businesses affected by the pandemic. The facility was designed to help alleviate the economic impact of the pandemic on Nigerians. The bank's efforts aim to ensure that beneficiaries are aware of their loan obligations and are able to access support when needed.
The bank's commitment to transparency and customer engagement is aimed at ensuring that beneficiaries are informed and able to access support. Key points include:
Key points
- NIRSAL Microfinance Bank operates within the applicable regulatory framework.
- Beneficiaries accepted electronic offer letters outlining loan terms and conditions.
- The bank encourages customers to use official customer service channels for assistance.
