How to open account with Nirsal Microfinance Bank Online

Nirsal Microfinance Bank provides specialized loans for farmers, youths and entrepreneurs. These loans are usually used to better the lives of a community or a startup. This is a leading Nigerian financial institution working under the rules and regulations of the Nigerian Money-lending laws.

50% of the bank is owned by the bankers committee, 40% by Nirsal Microfinance Bank and 10% by NIPOST. Therefore, you can easily obtain a loan from this financial institution by meeting the requirements to open an account with this CBN-backed microfinance bank. Then, the individual is allowed a loan without collateral with a short application form.

What Nirsal Microfinance Bank has to offer

Nirsal Microfinance Bank has many reasons to open an account with them. They allow account holders to access the COVID – 19 disbursement funds provided in collaboration with the government. This microfinance bank is also one of the few microfinance banks present in rural areas where individuals are mostly farmers and lack access to cash for their business.

However, these individuals manage to gather small amounts of money from loan lenders with very high-interest rates and dwindling financial inclusion rates, but Nirsal Microfinance Bank website offers loans from ₦1,000,000 to ₦100,000,000 with a low-interest rate of 9% and a repayment period of 1 – 5 years depending on the amount collected.

Account Requirements

To create an account with Nirsal Microfinance Bank and get access to the large loans and low-interest rates, there are some things required of you. You could go to a physical Nirsal Microfinance Bank branch at a NIPOST office in Nigeria or use the mobile application from play store. Open the downloaded app, select login, and then create an account. Here are the requirements to obtain an account:

  • You must be at least 18 years old
  • A clear passport photograph
  • A means of identification
  • Public Utility bill
  • Completed account opening form

When the loan is disbursed into your account, you can safely transfer it to a conventional bank account.

How to open account with Nirsal Microfinance Bank Online

Once you have all the requirements for a Nirsal Microfinance Bank account, you can follow these steps to open an account online:

  • Go to the Google play store
  • Search for Nirsal Microfinance Bank
  • Download the Nirsal MFB app
  • Launch the app
  • Login with your account details
  • Visit any physical branch for an application form, code, and verification of details
  • Register your account.

You will have access to Nirsal Microfinance bank loans once this process is finished. You will have access to Nirsal Microfinance bank loans once this procedure is finished. Some of these loans include the Petty trader loan. 

The Petty trader market loan is an organized market loan for traders that run businesses producing ₦50,000 to ₦300,000 to boost their capital.

The Salary Advance is only available to people employed for at least three months and whose earnings have remained steady for a while. 

How to Apply for a Nirsal Microfinance Bank Loan

The Nirsal Microfinance bank loan is more complicated than most online loans in Nigeria. You must be careful not to make any mistakes while registering on the Microfinance bank portal. Choose the non-interest loan and click the apply button to start your loan application. Be careful not to give fake information and grant them permission to check your background and verify your eligibility for loans on the platform.

If you pass the initial screening stage, they will get in touch with you to discuss more details about your financial needs.

Reviews about Nirsal Microfinance Bank

There are not many positive reviews for the Nirsal Microfinance Bank, with some users saying they promote policies they do not uphold, but they do give access to ₦3,000,000 loans at 9% per annum for the Agric, small, and medium enterprise scheme. They also offer other loans that help business owners and professional individuals. 

The loan can be deposited in your account within 24 hours once your application has been approved. However, it might involve extra paperwork apart from setting up your Nirsal Microfinance Bank account.

Nirsal Microfinance Bank is a fully operational Nigerian lender backed by the Central Bank of Nigeria and following the Lagos state money lending laws of Nigeria. This makes them reliable for getting a loan, and their terms suit your needs and capacity.