NIRSAL BVN Validation : How To Verify Your BVN On NIRSAL Portal – how to apply right now
The Central Bank of Nigeria had set out a number of measures to tackle the impact of the COVID-19 pandemic
that has dealt a huge blow to individuals, businesses and the nation at large by sliding the economy into recession
which has deeply affected households, business enterprises and increased decline in revenues as lockdown measures taken to curtail the spread of coronavirus depressed the economic activity across the country.
The Central Bank of Nigeria adopted as one of it’s measures to revive the economy of the country in it’s Nigeria’s Economic Recovery and Growth Plan
to establish a fund which aims at supporting the country’s economy which is primarily targeted at households, micro and small enterprises which were deeply affected by the economic dampening impact of COVID-19.
In a bid to provide some stimulus and limit the economic damage of the pandemic under it’s economic sustainability plan,
CBN synergized with NIRSAL Microfinance Bank to provide a solution and establish programmes that will address the financial challenges of individuals and SMES affected by the COVID-19 pandemic.
The programme have already been initiated with lots of stimulus to be benefited by the beneficiaries which includes household and businesses alike,
most of these beneficiaries have already received funds which has already proven that the programme is authentic and not a hoax.
Thus this article is directed towards guiding you and providing you with the necessary information to equip you with knowledge of how to obtain the NIRSAL COVID-19 loan.
How To Process The BVN Validation
This is aimed at addressing the challenges that most participants usually encounter while validating their BVN details.
- First visit their web portal by accessing this link https://www.nmfb.com.ng
- Click on the “support” task which you can easily locate at the top right of your computer screen
- and after a new page opens you click on the feature that reads “Click here to provide your bank account”
- You then select the credit plan you applied for (Household or SMEs) and
- then input your BVN details and click on the “Validate” icon and then you’ve successfully validated your BVN to the NIRSAL portal.
If you have forgotten your BVN or misplaced it you can access it by requesting for it via USSD by simply dialing 5650# on your phone and your BVN details would be promptly displayed.
This works on all networks as soon as it’s the SIM you used during your BVN registration
Please note that the BVN validation comes after you might have first successfully completed your registration process.
For online registration process kindly visit the NIRSAL support portal https://www.nmfb.com.ng/covid-19/support/
Kindly note that the NIRSAL Microfinance Bank is the platform through which you can gain access
to the loan with an interest rate that you will pay for accessing the loan which stands at 5% but would be reverted to 9% later.
How To Go About The “BVN Does Not Exist” Response
It simply means your BVN is yet to be approved and you have to wait until it’s approved before you can access the funds.
Who Are Those Eligible For NIRSAL Loan
HOUSEHOLDS : The loan would first attend to the vulnerable households who provide glaring and convincing evidences of their livelihood that has been adversely affected.
The NIRSAL Microfinance Bank would have to assess their claims and after they have confirmed and ratified to be veracious would offer their loan after the households might have met their requirements.
Requirements For Households Registration.
- Loan application letter
- Verifiable loan application form
- Verifiable Guarantor form
- A valid means of identification which includes National Identity Card, Voter’s Card, Driver’s license or an international passport.
- Current Utility bill
- 2 recent passports
Requirements For Both SMEs And MSMEs
- Loan Application Letter
- Verifiable Application Form
- Genuine Guarantor Form
- A Valid means of identification which includes National Identity Card, Voter’s Card, Driver’s license and International Passport.
- BVN details
- Business Registration
- And a Business Plan with a detailed outline stating the negative impact of the COVID-19 pandemic on their business.
After their request is analysed and assessed, in order to determine the exact amount of loan to be granted to the beneficiaries, the factors stated below are put into consideration :
- Cash inflow
- Size of Business Unit
- Numbers of Employees
- Strength and Size of the Business
The mini SME are granted funds between 3 million and 10 million naira while the SME could access funds between 10 million and 25 million naira
and these enterprises needs to show evidences and proofs of how their business was negatively affected by the COVID-19 PANDEMIC.