NIRSAL Microfinance Bank began operations on the 25th of March 2019 with 7 branches and about 90 employees. The Bank has grown in 3 years to 115 branches and over 800 staff nationwide and is gradually moving towards the attainment of its mandate of financial inclusion by establishing a presence in all the seven hundred and seventy-four (774) Local Government Areas of the country, while also leveraging technology for automation. NMFB has also grown in terms of profitability to over N2 billion unaudited PAT in 2021.
The Bank has been instrumental to the post-pandemic economic recovery efforts of the Central Bank of Nigeria through the disbursement of intervention loans, viz Targeted Credit Facility (Covid-19 loan), Agric Business Small and Medium Enterprises Investment Scheme loans, (AGSMEIS), the Anchor Borrowers Program (ABP) and the Nigerian Youth Investment Fund (NYIF). Since establishment, NMFB has disbursed more than N580 billion to over 900,000 beneficiaries nationwide
As at today, we are implementing a Strategy for Sustainability and Growth through ‘A Paradigm Shift’ towards diversification of its income portfolio. This has led to a greater focus on the development of e-Business and the creation of specialized products to be deployed in the recently launched On-Balance Sheet lending. Our banking channels have been enhanced. The banking application on both android and IOS operating systems is fully operational and the USSD banking system (*646#) for ease of banking in rural areas have also been launched. This positions NMFB not only for increased accessibility but also for competitive operations as a Microfinance bank to provide credit to those at the middle and lower segments of the economy who have no assets or collateral enjoy banking services.
While focusing on future goals, NMFB has zero tolerance for sharp and unethical practices as well as accessing loans with intent to defraud the Bank. To curb these, sensitization has been intensified to continuously enlighten the public on the Bank products, their features and acceptable practices. Implementation of strategies around loan repayments and recoveries to ensure NMFB is perceived not as a Government agency for distributing social funds but as a Bank with consideration for profitability and sustainability is also ongoing.