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NIRSAL Loans and how to Apply

By Oluchukwu Ikemefuna

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NIRSAL Microfinance Bank is your trusted partner in financial empowerment and economic development as they are the driving force behind the NIRSAL loan.


As a leading microfinance bank in Nigeria, they are dedicated to driving positive change by providing accessible and inclusive NIRSAL loans to individuals and small and medium enterprises (SMEs) across the country.

Their mission is clear: to spur economic development and foster employment generation.

They do so by offering tailored loan products, expert guidance, and support to entrepreneurs and businesses of all sizes.

In this article we will explore the NIRSAL loan application process, types of NIRSAL loans and the requirements.

NIRSAL Microfinance Bank

The NIRSAL Microfinance Bank is a national Micro-finance bank that provides funding for individuals and SME. They do so through the Central Bank of Nigeria in order to spur economic development and employment generation in Nigeria.

Apart from the duties that come with having a national license, NIRSAL Microfinance Bank serves mainly as an intervention bank. They act as a channel for the Central Bank of Nigeria to lend special funds to eligible Nigerian individuals.

The Bankers Committee owns 75% of the bank, followed by NIRSAL at 15% and NIPOST at 10%.


The Nirsal Microfinance Bank offers different loan types that enable individuals to build businesses, maintain lifestyles and grow existing businesses. Here are the loan types that are currently available from the Nirsal loan portal.

Nirsal offers different types of loan to its customers for different purposes. There is the Amazon loan for women and women-owned businesses; there’s the On Balance Sheet Lending Facility for individuals and SMEs; and there’s also the Agric Small Medium Enterprise Scheme (AGSMEIS) for agri-businesses and SMEs. 

NFMB Amazon Loan

This Nirsal loan, called the Amazon Loan, is specifically intended for women and groups of women who come together in a group of 5-10 to form a business.

Furthermore, the intent of the loan is to ease women’s access to loans from formal financial institutions. NFMB do so by removing obstacles such as interest rates and collateral requirements.

Additionally, the loan is intended for self-employed people, micro-to small-scale business owners, craftsmen, traders, and farmers who practice subsistence farming and trading.

Overall, it is also intended for women who wish to purchase consumer goods like refrigerators, computers, generators, and other items.

Features of the NFMB Amazon Loan

There are many great features attached to the NFMB Amazon loan. Some of the features of this Nirsal loan include: 

  • First, interest rates that are discounted.
  • Then, a maximum loan amount of N1,000,000
  • Additionally, members of a group can provide cross guarantees to secure the loan.

How to Apply for the NFMB Amazon Loan

 You can access the Amazon loan by visiting this link here or by going to any Nirsal Micro-finance Bank closest to you.

On-Balance Sheet Lending (OBSL)

The On-Balance Sheet Lending Facility is an internal loan managed by NMFB. CBN intervention funds are not part of it and funds from NMFB depositors are used to support the OBSL facilities.

Who can apply for this loan?

The OBSL facility is not for every category of individuals seeking loans. The following categories of individuals or SMEs can apply for this loan facility:

  • First of all, those who can demonstrate a reliable source of monthly income (such as a minimum of six months of paid work)
  • Then, people and companies involved in the agricultural value chain
  • Also, small to medium-sized businesses with a solid financial history
  • Additionally, people and company owners in need of consumer goods such as appliances for the home
  • Finally, petty dealers with legitimate companies

Requirements for the OBSL

This nirsal loan covers both the personal and business needs of credit seekers. The minimum loan amount for the OBSL is N50,000 and the maximum depends on the credit seeker’s financial capacity. 

Also, to get approval for this particular loan, an applicant applying for a personal loan will have to provide personal details.

They include your name, contact information, home address, BVN, and financial information such as your payslip.

Then, for a business loan, an applicant has to provide business name, business address, and proof of business.

Types of On-Balance Sheet Lending (OBSL) Loans Available

There are 5 types of OBSL loans available via the Nirsal Microfinance Bank Portal. They are designed for individuals, petty traders, NFMB customers and the bank’s customers who are involved in agricultural activities, among others.

Here are the 5 different loan types:

Salary Advance Loan( NFMB SALAD)

The Salary Advance Loan, also known as NFMB SALAD, is for individuals who have a confirmed monthly source of income.

Also, the customer’s monthly payback of the loan cannot surpass 33.3% of his or her net monthly earnings for a maximum period of ninety days.

Petty Cash Now-Now Loan (NMFB Petty Cash Now-Now)

The NMFB Petty Cash Now-Now is a micro Nirsal loan intended to support craftsmen, kiosk operators, and small traders in operating their day-to-day businesses.

Also, for a maximum of 365 days, this loan will enable this group of NMFB customers to satisfy their working capital requirements.

Consumer Asset Finance Loan( NMFB CAFF)

The Consumer Asset Finance Loan, also known as the NMFB CAFF Eligible NMFB assists clients (salaried and company owners) to buy tangible assets (household goods and electronic devices) from the Nirsal Bank’s approved vendors.

Then, depending on the monthly principal and interest payments, the loan can be repaid over a maximum of 24 months.

Small and Medium Enterprise Loan( NMFB SME) 

The target market of the Nirsal Bank SME loan are customers of the Bank who are already involved in trading suitable products.

They include food and drink, electronics, related products, computers, phones, and accessories, spare parts, and building materials.

Also, the loan is intended to cover gaps in the customer’s working capital requirements for a maximum of 365 days.

Agricultural Finance Loan( NMFB AFF)

The target market for the NMFB AFF are customers engaged in specific agricultural operations.

These include crop farming, animal husbandry, fish farming, processing farm products, renting out farm machinery, etc.

Additionally, the facility offers customers who repay their debts on time the chance to take advantage of the Interest Drawback Program (IDP) of the CBN Agriculture Credit Guarantee Scheme Fund’s (ACGSF). 

Overall, this allows customers to receive a refund of interest paid on commercial loans from NMFB at a rate that is periodically set by the Fund.

How to Apply for the OBSL 

The Nirsal Microfinance bank has made the OBSL loan application process seamless for credit seekers. Here are the steps to getting your OBSL loan approved:

Sign up and submit an online application.

The sign up process is straightforward and seamless. You can use your laptop, tablet, or smartphone to open the application portal and start the process.

After opening the application portal, register online, provide your personal details, and verify your BVN.

Next, you choose the nearest branch of NIRSAL Microfinance Bank and fill out the online application.

Finally, to finish the application procedure, visit the branch of your choice.

Evaluation and Approval

If all requirements are satisfied, your loan application will be granted after being evaluated in accordance with the Bank’s Risk Acceptance Criteria.


After your loan has been approved, and you have acknowledged acceptance of the loan offer, which contains the terms and conditions of the loan, the authorized sum will be credited to your NIRSAL Microfinance Bank account.

Monitoring and Repayment

In order for you to abide by the loan’s terms and conditions, the loan will be closely monitored by bank officials.

Also, the repayment of the loan will begin precisely thirty days after the date of distribution. 

Non-interest AGSMEIS

According to NIRSAL, the Non-interest Agri-business Small Medium Investment Scheme (AGSMEIS-NI) for NIRSAL MFB customers is an initiative to support the Federal Government’s efforts and policy measures for the promotion of agricultural businesses and small/medium enterprises (SMEs) as vehicles for sustainable economic development and employment generation.  

This is a loan type where SME businesses can borrow up to ₦3,000,000 with a maximum repayment period of 36 months and a 5% interest rate per annum.

If an individual cannot pay back the loan within the stipulated repayment time, then the money will be removed from their account. This will be agreed to, when one signs the NIRSAL loan offer letter.

AGSMEIS Loan Application Process

The process of the application takes place in six distinct phases:

The first step in the application process is to attend a mandatory training organized by a NIRSAL MFB certified Entrepreneurship Development Institute (EDI).

After the training, you can proceed to create an account by going to the website here, then click on ‘Apply now’ as an applicant, providing your personal information and type of business to be financed, and then select a NIRSAL MFB certified Entrepreneurship Development Institute (EDI).

The next step is feedback from NIRSAL, where the loan is approved for qualified candidates.

Then, the Entrepreneurship Development Institute offers commercial business support services and helps you carry out your business plan.

The next step is the full business set-up where you sell products and services to pay back loans and make a profit.

The last step is the repayment step, where you manage your business, maintain accurate records, and keep an eye on sales and costs in order to optimize profit and pay back the loan

NIRSAL Loan Repayment Portal

You can access the NIRSAL MFB loan repayment portal via their official website to view your loan repayment schedule. 

All you have to do to access the portal is click on ‘Help Center’ from the home page, then click on ‘Loan Repayment Portal’.

Next, you insert your BVN or account number, then click on the recaptcha to indicate that you are not a robot and lastly, click on ‘submit’.

NIRSAL Bank Contact Details

NIRSAL Microfinance Bank is a national bank that currently has a network of 115 branches that spans all 36 states in Nigeria.

If you have inquiries or need to lodge a complaint concerning your loan, you can do so via their complaint form here or visit any of their branch closest to you. You can find a NIRSAL bank branch close to you here.

You can also visit the NIRSAL MFB headquarter located at House 1, Plots 103 /104, Monrovia Street, Wuse 2, Abuja. 

Another way you can contact NIRSAL MFB is via their mail- info@nmfb.com.ng, their contact numbers  +2349010026900, +2349010026905, +2349010026907, +2347044538853, +2347181536141, or their social media pages such as Twitter/X, Facebook, Instagram, and Whatsapp.


In conclusion, NIRSAL Microfinance Bank is committed to making a meaningful impact on the economy of Nigeria.

Then, through their customized loan solutions and dedicated support, they empower individuals and SMEs to realize their dreams, create employment opportunities, and contribute to the nation’s development.

If you found this piece useful, kindly drop a nice comment.

Also, visit and follow us on Facebook @SiliconAfriTech, Instagram, @SiliconafricaTech Twitter @siliconafritech for access to other useful contents 


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