In line with the CBN’s decision to extend a non-interest window to businesses and households that have been impacted negatively by the Covid 19 pandemic, NIRSAL Microfinance Bank’s portal is now live for applicants who are eligible under this scheme to apply.
The Non-Interest Agri-Business, Small and Medium Enterprise Investment Scheme (AGSMEIS-NI) is a federal government intervention funding scheme through CBN that is intended to promote agricultural businesses to spur economic development and employment generation in the country.
The non-interest product is an alternative of the existing AGSMEIS program that is based on Islamic principles of financial transactions using products such as murabahah and ijarah. It is a term financing specifically introduced for financing of equipment, raw materials and working capital.
The financing limit is N10,000,000.00 for a tenor of up to 7 years (depending on the nature/gestation period of the project). Applicants may in addition enjoy a moratorium of 6 months for mark-up and 18 months for the principal (a moratorium is a grace period of granted to the customer by the Bank to postpone the payment).
How to Apply
Interested Applicants should apply via https://nibloans.nmfb.com.ng/agsmeisnoninterestlending
For further enquiries, contact 09010026900.