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NIRSAL waives business plan on N50b COVID-19 facility

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NIRSAL Microfinance Bank (NMFB) has resolved that the business plans for the N50 billion Targeted Credit Facility as a stimulus package to support households and MSMEs is no longer mandatory.

Before arriving at this decision, the bank had received 80,000 applications but ran into social media storm when it was discovered that it was charging between N5,000 and N10,000 from applicants to access the bank’s business plan.

“To stem further controversy, the management of NMFB has resolved that the business plan is no longer a mandatory requirement and the third party provision of a business plan is no longer compulsory,” he said.Kure also stated that 40,000 of the applcants that had so far applied for the facility were households.

“At the start of the process, business plans, which NIRSAL received from loan applicants were highly substandard and to ensure high standard and efficient processing, an optional, automated business plan was provided by a service provider at a highly discounted fee.

 

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We

But it's still on their website?

Pls must small scale businesses are not registered so in this situation...no chance for them?

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