You need ₦500,000 to buy fertilizer or expand your farm, but your bank says no because you don't have land documents. Or maybe you're a trader needing working capital but commercial banks want too many papers you don't have. NIRSAL Microfinance Bank helps people like you get loans from ₦50,000 to ₦10 million without the strict requirements regular banks demand.
NIRSAL Microfinance Bank works with the Central Bank of Nigeria to give loans to farmers, small business owners, and traders who usually can't borrow from big banks. While regular banks charge 25-35% interest, NIRSAL offers loans at just 9% for farmers and business people. This guide shows you exactly how to get a NIRSAL loan in 2026, what documents you need, how much you can borrow, and how long it takes to get your money.
NIRSAL Microfinance Bank is a special bank created by the Central Bank of Nigeria to help regular Nigerians get loans when big banks won't lend to them. The bank is owned by Nigerian banks (75%), NIRSAL (15%), and Nigerian Postal Service (10%). They have 115 branches in every state across Nigeria, making it easy for you to find one close to you.
Why NIRSAL Matters for You:
Big commercial banks reject 7 out of every 10 small business owners who ask for loans. They say you don't have the right collateral (land or property papers), your credit score is too low, or your business is too risky. NIRSAL Microfinance Bank was created specifically for people like you - farmers, market traders, craftsmen, and small business owners who need money but don't own land or big property.
How NIRSAL Is Different from Regular Banks:
NIRSAL charges only 9% interest on farming and business loans while regular banks charge 25-35%. The bank gives loans from as little as ₦50,000 (good for petty traders) up to ₦10 million (for bigger farms or businesses). Women can get loans without any collateral when they apply together in groups of 5-10. And for farmers, NIRSAL gives you 18 months to start repaying, so you can harvest and sell your crops before paying anything back.
The NMFB Amazon Loan specifically supports female entrepreneurs and women-owned businesses addressing gender barriers limiting women's access to credit. This loan requires no collateral when women apply in groups of 5-10 members operating similar businesses within the same geographic location.
Who Qualifies:
Loan Details:
Application Process: Form groups of 5-10 women in same business sector, same location. All members apply collectively. Visit nearest NMFB branch or apply through the Amazon loan portal on NIRSAL's website.
OBSL represents NIRSAL's internal lending program funded from depositor funds rather than CBN intervention resources. These loans serve individuals and SMEs demonstrating reliable income sources requiring working capital, equipment purchases, or consumer goods financing.
Who Qualifies:
OBSL Loan Categories:
a) Salary Advance Loan (NMFB SALAD)
b) Petty Cash Now-Now Loan
c) Consumer Asset Finance Loan (NMFB CAFF)
Loan Details:
AGSMEIS is a special government program that gives farmers and small business owners cheap loans to grow their businesses. This is Nigeria's best loan deal - only 9% interest per year when regular banks charge 25-35%. If you're a farmer or own a small business, this is the loan you want.
Who Can Get This Loan:
What Makes This Loan Special:
How the 18-Month Break Works:
Let's say you borrow ₦5 million in January to plant cassava. You don't pay anything for 18 months (until June next year). This gives you time to:
After 18 months, you pay back about ₦133,000 every month for the next 42 months (3.5 years). By this time, your farm is making money so you can afford the payments.
What You Must Do:
Before you get this loan, you must attend free business training for 1-2 weeks at a training center approved by NIRSAL. They will teach you how to run your farm or business better, keep records, and manage the loan money. After training, you apply online or at any NIRSAL branch.
Non-Interest Option: If you don't want to pay interest (for religious or personal reasons), there's a non-interest version of this same loan. You borrow up to ₦10 million and pay it back in 3 years with no interest at all.
TCF is a CBN stimulus package supporting households and MSMEs affected by COVID-19 pandemic or requiring non-interest financing options. This facility provides interest-free loans enabling business recovery and household stability.
Who Qualifies:
Loan Details:
Application: Apply through nibloans.nmfb.com.ng selecting Non-Interest Facility option. Provide evidence of pandemic impact or business opportunity justifying loan request.
1. Bank Verification Number (BVN)Your 11-digit BVN is mandatory for all NIRSAL loan applications enabling identity verification and credit history checks. Dial *565*0# from your registered phone number to retrieve your BVN if forgotten.
2. Valid IdentificationAcceptable ID includes National Identity Number (NIN), International Passport, Voter's Card, or Driver's License. ID must show clear photograph and personal details matching BVN records.
3. Proof of AddressRecent utility bill (electricity, water bill dated within 3 months), rent receipt, or tenancy agreement confirming residential address. Document must show applicant's name and current address.
4. Proof of IncomeSalary earners provide employment letter and 6-month bank statements showing salary deposits. Business owners provide business bank statements, sales records, or financial statements proving income generation capacity.
5. NIRSAL Microfinance Bank AccountWhile not always mandatory, having an NMFB account significantly speeds approval and ensures smooth loan disbursement. Open account by visiting any NMFB branch with valid ID, passport photographs, utility bill, and ₦2,000-₦5,000 initial deposit.
1. Business Registration CertificateCertificate of Incorporation from Corporate Affairs Commission (CAC) proving legal business registration. Sole proprietorships provide business name registration certificate.
2. Comprehensive Business PlanDetailed plan outlining business description, market analysis, financial projections, management structure, loan usage breakdown, and repayment capacity demonstration. NIRSAL provides templates and guidance.
3. Financial StatementsExisting businesses submit profit and loss statements, balance sheets, and cash flow statements for previous 1-2 years. Startups provide projected financials with realistic assumptions.
4. Tax Identification Number (TIN)Federal Inland Revenue Service (FIRS) TIN certificate showing business tax compliance.
1. Group Formation DocumentsList of 5-10 female members including full names, phone numbers, addresses, BVN, and business details. All members must operate same business sector within same geographic area.
2. Individual Member RequirementsEach group member provides valid ID, passport photographs, proof of address, and BVN. Group collectively guarantees each member's loan creating mutual accountability.
3. Business EvidencePhotographs of business premises, inventory, or operations proving active business engagement. Group members should demonstrate established businesses operating minimum 6 months.
Mandatory Entrepreneurship Training:AGSMEIS applicants must complete business training from NMFB-certified Entrepreneurship Development Institute (EDI). Training covers business planning, financial management, record-keeping, and marketing. Certificate of completion required before loan disbursement.
How to Register: After preliminary application approval, NIRSAL assigns you to certified EDI. Attend training sessions (typically 1-2 weeks intensive or weekend classes). Certificate validates your readiness to manage borrowed funds effectively.
Identify which NIRSAL loan matches your needs based on purpose, amount, and eligibility:
Review eligibility requirements for chosen loan type ensuring you meet basic qualifications before starting application.
Collect all necessary documentation based on loan type selected:
Ensure all documents are current, clear, and match information across different records preventing delays from inconsistencies.
Online Application (Recommended):
Visit appropriate NIRSAL application portal based on loan type:
Online Application Process:
Branch Application:
Locate nearest NMFB branch using branch locator on nmfb.com.ng. Visit branch with all required documents. Request loan application form from customer service. Complete form accurately and submit with supporting documents. Branch officer will guide you through process, answer questions, and initiate application.
After submitting online application, visit your selected NIRSAL branch within 5-7 days for verification. Bring original documents (not photocopies) for officer inspection. Branch staff will:
This verification prevents fraud, confirms application accuracy, and allows officers to assess your credibility beyond paper documentation.
If applying for AGSMEIS loan, NIRSAL assigns you to certified Entrepreneurship Development Institute (EDI) after preliminary approval. Training typically runs 1-2 weeks covering:
Attend all sessions, participate actively, and complete assessments. Training is mandatory and free but requires time commitment. Certificate of completion is prerequisite for loan approval and disbursement.
NIRSAL's risk assessment team evaluates your application against bank's Risk Acceptance Criteria considering:
Appraisal Timeline:
NIRSAL contacts you via phone, email, or SMS regarding approval decision. Approved applications receive loan offer letter specifying amount, interest rate, repayment schedule, and terms and conditions. Review offer carefully before acceptance.
Upon receiving approval notification, visit your selected NMFB branch to:
Never sign loan agreement without fully understanding:
After signing agreement, NIRSAL disburses approved amount to your NMFB account within 2-5 business days. If you don't have NMFB account, the bank opens one during loan acceptance process ensuring smooth disbursement.
Disbursement Confirmation:
First Repayment: Repayment starts 30 days after disbursement date (except AGSMEIS and TCF with moratorium periods). NIRSAL sends repayment reminders via SMS before due dates.
Monitor your loan status and make timely repayments through:
Maintaining Good Credit:
Successful loan repayment qualifies you for higher loan amounts at better terms in future applications. NIRSAL rewards good borrowers with faster approval, reduced documentation, and preferential interest rates.
| Loan Type | Interest Rate | Loan Amount | Repayment Period | Moratorium |
|---|---|---|---|---|
| AGSMEIS | 9% per annum | Up to ₦10,000,000 | Up to 7 years | 18 months |
| AGSMEIS (Non-Interest) | 0% (non-interest) | Up to ₦10,000,000 | Up to 36 months | None specified |
| TCF (Non-Interest) | 0% (non-interest) | ₦1M (household), ₦2.5M (SME) | 3 years | 6 months |
| Amazon Loan | Competitive (lower than banks) | Up to ₦1,000,000 | Flexible | None |
| OBSL (Salary Advance) | Varies by tenor | ₦50,000+ | Maximum 90 days | None |
| OBSL (Petty Cash) | Varies by tenor | ₦50,000+ | Maximum 365 days | None |
| OBSL (General) | Varies by tenor | ₦50,000+ | Subject to capacity | None |
Note: Interest rates for OBSL and Amazon loans vary based on loan amount, repayment period, and borrower's credit profile. Contact NIRSAL directly for specific rate quotes for your situation.
Example 1: AGSMEIS Loan
Example 2: Non-Interest TCF (SME)
Example 3: Amazon Loan (Estimated)
Calculating Your Total Loan Cost:
Use this formula for simple interest loans:Total Interest = (Principal × Rate × Time)Total Repayment = Principal + Total Interest
For precise calculations specific to your loan amount and chosen product, request amortization schedule from NIRSAL showing exact monthly payments, interest breakdown, and total cost before accepting loan offer.
1. Direct Debit (Recommended)Authorize NIRSAL to automatically deduct monthly payment from your NMFB account on due date. Eliminates late payment risk ensuring consistent repayment history.
2. Online BankingLog into ibank.nmfb.com.ng, navigate to loans section, select your loan, and make payment using funds in your account or transfer from another bank.
3. Branch DepositsVisit any NMFB branch nationwide and deposit repayment cash or cheque specifying your loan account number.
4. Bank TransfersTransfer repayment amount from any Nigerian bank to your NMFB loan account using account number provided in loan agreement.
5. Mobile AppDownload NIRSAL MFB mobile app, register, link loan account, and make payments directly through app interface.
Many applicants inflate income figures, provide false addresses, or misrepresent business operations believing exaggeration improves approval chances. NIRSAL verifies all information through BVN checks, bank statement analysis, and physical verification. Dishonesty results in automatic rejection and potential blacklisting from future applications.
How to Avoid: Provide truthful, accurate information matching official documents. If your actual income seems insufficient, apply for smaller loan amount you can realistically repay rather than exaggerating qualifications.
Borrowers often request maximum available amount (₦10 million AGSMEIS) without calculating whether monthly repayment fits within income. A ₦5 million loan at 9% over 5 years requires ₦133,000 monthly payment. If your monthly profit is ₦200,000, this leaves only ₦67,000 for operating expenses, salaries, and personal needs creating default risk.
How to Avoid: Calculate maximum affordable monthly payment (typically 30-40% of monthly net income). Work backward determining total loan amount this payment supports over chosen repayment period. Borrow based on repayment capacity, not maximum available limit.
Applicants select AGSMEIS requiring extensive documentation and training when simpler OBSL loan suits their needs. Others choose short-term Salary Advance loans for long-term business capital needs creating repayment pressure. Women apply individually when Amazon Loan group application offers better terms.
How to Avoid: Carefully review all loan types comparing requirements, interest rates, repayment periods, and intended purposes. Match loan type to your specific situation considering time urgency, documentation availability, and purpose. Consult NMFB officers if uncertain which product fits best.
AGSMEIS applicants skip training sessions or send representatives believing certificate acquisition is formality. Training is mandatory and valuable providing skills directly improving business success. Skipping sessions delays approval or causes rejection.
How to Avoid: If applying for AGSMEIS, allocate time for complete training attendance before applying. Schedule application during periods when you can dedicate 1-2 weeks to training without business disruption. Take training seriously as it improves your ability to effectively utilize and repay borrowed funds.
Borrowers sign agreements without understanding penalties, restrictions, or conditions. Later they discover early repayment fees, mandatory insurance charges, or restrictive covenants limiting business decisions during loan period.
How to Avoid: Read entire loan agreement before signing. Ask officers to explain any unclear clauses. Pay special attention to interest calculation method, penalty charges, default consequences, and early repayment conditions. Never sign under pressure; request time to review agreement if needed.
Borrowers obtain business loans then use funds for personal expenses, family obligations, or unrelated purchases. This misappropriation prevents business growth required to generate repayment capacity creating financial distress.
How to Avoid: Use borrowed funds strictly for stated purpose in your application. If you obtained working capital loan, purchase inventory or materials. If you borrowed equipment loan, acquire specified equipment. Resist temptation to divert funds regardless of pressing personal needs. Separate business and personal finances completely.
When facing repayment difficulties, borrowers avoid NIRSAL calls, ignore reminder messages, and fail to visit branches hoping problems resolve themselves. This creates adversarial relationship and eliminates opportunities for loan restructuring or hardship assistance.
How to Avoid: Communicate proactively with NIRSAL at first sign of repayment challenges. Banks prefer working with cooperative borrowers than chasing defaulters. NMFB may offer payment holidays, loan restructuring, or extended repayment periods for borrowers demonstrating good faith and communication.
Scammers posing as NIRSAL agents promise guaranteed approval for upfront fees. They collect documents, "application fees," or "processing charges" then disappear. NIRSAL never charges application fees and doesn't use agents for loan processing.
How to Avoid: Apply only through official channels: nmfb.com.ng website, verified portals (obsl-nmfb.com.ng, nibloans.nmfb.com.ng), or physical NMFB branches. Never pay anyone claiming to facilitate approval. NIRSAL loan application is free. Verify any suspicious communications by calling official NIRSAL contacts: +2349010026900, +2349010026905.
If you're a farmer or small business owner, NIRSAL Microfinance Bank is your best chance to get affordable loans when regular banks say no. The 9% interest on AGSMEIS loans is Nigeria's cheapest business financing, and the 18-month grace period means you don't start paying back until your crops are harvested and sold. Smart farmers use this time to plant, grow, and sell their produce before the first payment is due, avoiding the cash problems that destroy businesses during planting season when money goes out but nothing comes in yet.
What is NIRSAL Microfinance Bank?
NIRSAL Microfinance Bank is Nigeria's national microfinance institution owned by Bankers Committee (75%), NIRSAL (15%), and NIPOST (10%). It operates 115 branches across 36 states administering Central Bank of Nigeria intervention loans and internal lending facilities supporting individuals, SMEs, and agricultural businesses at interest rates from 0-9% versus 25-35% commercial bank charges.
How do I apply for a NIRSAL loan?
Apply online through obsl-nmfb.com.ng (OBSL loans), nibloans.nmfb.com.ng (non-interest facilities), or nmfb.com.ng/amazon (Amazon loan), or visit any NMFB branch. Complete application form, upload required documents (BVN, valid ID, proof of address, income proof, business documents), select nearest branch for verification, and submit. Visit selected branch within 5-7 days for physical verification.
What are NIRSAL loan interest rates?
AGSMEIS charges 9% per annum (Nigeria's cheapest business loan). Non-interest TCF and AGSMEIS-NI charge 0%. OBSL loans charge varying rates based on tenor and loan type. Amazon Loan offers competitive rates lower than commercial banks. Contact NIRSAL directly for specific rate quotes based on your loan amount and chosen product.
How long does NIRSAL loan approval take?
OBSL loans: 7-10 business days. Amazon Loan: 10-14 business days. AGSMEIS: 14-21 business days (includes mandatory training). Non-Interest TCF: 10-14 business days. Timeline starts from complete application submission with all required documents. Incomplete applications experience delays.
Can I get a NIRSAL loan without collateral?
Yes. Amazon Loan requires no collateral (group guarantee substitutes). AGSMEIS accepts alternative collateral arrangements including business assets, inventory, or group guarantees rather than demanding property titles. Non-interest TCF reduces collateral requirements. OBSL loans evaluate income capacity and may accept flexible collateral depending on amount.
What is the maximum amount I can borrow from NIRSAL?
Maximum loan amounts vary by product: AGSMEIS up to ₦10,000,000, Non-interest TCF ₦2,500,000 (SME) or ₦1,000,000 (household), Amazon Loan ₦1,000,000, OBSL minimum ₦50,000 with maximum based on financial capacity assessment. Your actual approved amount depends on income, repayment capacity, credit history, and business viability.
How do I check my NIRSAL loan status?
Visit ibank.nmfb.com.ng and register using your loan repayment account number to track loan status, view repayment schedule, check outstanding balance, and see payment history. Alternatively, visit any NMFB branch with valid ID requesting loan account statement, or call NIRSAL customer service at +2349010026900.
What happens if I can't repay my NIRSAL loan?
Contact NIRSAL immediately when facing repayment difficulties. The bank may offer payment holidays, loan restructuring, or extended repayment periods for cooperative borrowers demonstrating good faith. Defaulting triggers penalties, negative credit reporting to credit bureaus, potential legal action, and blacklisting from future loans. Proactive communication enables solutions preventing severe consequences.
Is NIRSAL loan a grant or must I repay?
NIRSAL provides loans, not grants. All borrowed amounts must be repaid with interest (except non-interest facilities charging 0% but still requiring principal repayment). Repayment starts 30 days after disbursement for most loans. AGSMEIS and TCF offer moratorium periods (6-18 months) before repayment begins but full amount plus applicable interest is ultimately repayable.
Getting a NIRSAL Microfinance Bank loan can transform your business or farm when traditional banks have shut their doors. The key is understanding which loan fits your situation, gathering the right documents before you start, and being patient with the 2-3 week approval process. Whether you're a woman trader joining four friends for an Amazon Loan, a farmer needing ₦5 million for equipment at 9% interest, or a salary earner needing quick cash, NIRSAL offers options that regular banks don't provide to people like you. Don't let lack of collateral or perfect paperwork stop you from applying. Start by visiting nmfb.com.ng or your nearest NIRSAL branch today and take the first step toward the funding that could change your business forever.
This guide provides educational information about NIRSAL Microfinance Bank loans and does not constitute financial advice. Loan products, interest rates, requirements, and terms change periodically. Verify current details directly with NIRSAL Microfinance Bank before applying.