NMFB CBN COVID-19 Loan without Collateral; How to Check your NMFB Household/Individual/SME Loan Status


No doubt, the Coronavirus pandemic has led to unprecedented disruptions to global supply chains, a sharp drop in global crude prices, and discord in global stock and financial markets. Led to worldwide cancelation of sports, religious, and entertaining events. Condemned the world to a mammoth lockdown. On the 27th of February 2020, Nigeria recorded her first case of Coronavirus disease in Nigeria through an Italian citizen.

Since this, the Federal Ministry of Health and the Federal Government have been on their toes in a bid to curb the disease nationwide. The Federal Government of Nigeria recently announced an important NMFB (nmfb.com.ng) CBN COVID-19 loan without collateral to aid businesses and households impacted by the deadly pandemic. This will be handled by NIRSAL Microfinance Bank as NMFB Loan Application.

As outlined by CBN, the objectives of this CBN COVID-19 loan without collateral fund are clear and transparent. This article will also look at how to check a running NMFB Household loan.

nmfb cbn loan application  without collateral fund circular
Credit: cbn.gov.ng

The Two Major CBN COVID-19 Loans without Collateral – nmfb.com.ng Application Form

50 billion Naira CBN COVID-19 Loan without Collateral Fund – MSMEs and Households

This new intervention is targeted at micro, small and medium scale enterprises (MSMEs) as well as households and individuals whose livelihoods have been adversely impacted by the Coronavirus disease. This call was made by the Federal Government after incessant cries by small and medium-scale businesses for help. The right to disburse this fund is exclusive to the NIRSAL Microfinance Bank, Nigeria. However, beneficiaries of the said funds are not restricted to only clients of this microfinance bank. All citizens have access to this special intervention fund. You can visit the NIRSAL Microfinance Bank website here: https://NMFB.COM.NG/COVID-19-SUPPORT/  for more comprehensive details on how to access this fund easily.

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A 100-Billion Naira CBN COVID-19 Loan without Collateral Fund – Healthcare Related Businesses

Several healthcare businesses find it extremely hard to cope with the insatiable demands of this period. Demands for supplies of functioning breathing and other life-support equipments have sky-rocketed in the past few weeks. This intervention fund is targeted at such businesses in Nigeria and other qualified sectors in line with the updated CBN guidelines. To qualify for this intervention fund, the interested healthcare outfit must be duly registered with the appropriate authorities. They must also be in active service. More information on this intervention fund can be found on the motherbank’s website:  www.cbn.gov.ng.

The CBN COVID-19 Funds Objectives, Eligibility, and Features

  1.  Cushioning the adverse effects of COVID-19  on households and MSMEs.
  2.  Support households and MSMEs whose economic activities have been significantly disrupted by the Coronavirus pandemic.
  3. Stimulate credit to MSMEs  to expand their productive capacity through equipment upgrade and research development

Eligible participants of the CBN COVID-19 Fund must fulfill the following;

  1. Verifiable evidence of adversely affected livelihood.
  2. Verifiable evidence of adversely affected business.
  3. Enterprises with sellable plans to take advantage of opportunities arising from the deadly pandemic.

This CBN COVID-19 Fund will cover activities only under the following schemes:

  1.  Agricultural value chain activities
  2.  Hospitality accommodation and food services
  3.  Health pharmaceuticals and medical suppliers
  4.  Airline service providers
  5.  Manufacturing activities
  6.  Mainstream trading activities
  7.  Any other revenue/income-generating activity.

Funding limits for the CBN COVID19 Loan without Collateral Fund:

  1. For SMEs, the funding amount shall be determined based on the activity cash flow and Industry size of the beneficiary. Maximum possible funding shall be 25 million Naira only.
  1. For households, 3 million Naira only.
  1. Working capital shall be a maximum of 25% of the average of the previous three years performance. Where the Enterprise is not up to three years in operation, 35% of the previous year turnover will suffice. 

Interest rates and scheme tenor for the CBN COVID19 Loan:

A flat interest rate of the intervention shall be 5% per annum while the loan tenor shall be three years maximum.

How to Check NMFB SME or Household/Individual Loan Status

Here are the steps that you need to take to check your NMFB loan status:

  • First thing to do is to check your email for an official notification of approval or otherwise. If you find nothing, check here.
  • Confirm your loan category: SME or Individual/Households.
  • Authenticate your account by submitting your BVN. If your loan has been approved already, a popup will appear with the details of the already approved loan.
  • Next step: claim your loan by entering your bank account details in the correct advised format.
  • Read and accept the terms and conditions
  • Submit and hold on for the disbursement

How to Access the CBN COVID19 Loan without Collateral Fund

NMFB cbn loan application  without collateral how nmfb.com.ng

Step 1 – Submit an Application

The process is simplified. All you need to do is make sure that your claims are valid and clearly expressed, your documents too must be neatly uploaded.

For further guidelines and to register the guarantor’s details, please download the nmfb.com.ng application form below.


Step 2 – Approval

CBN reviews your application and forward the application to the CBN for final approval.

Step 3 – Disbursement

After receipt and initial review by NIRSAL Microfinance Bank, CBN reviews applications and gives final approval for disbursement to NMFB.

Who to contact:

Should you wish to access the CBN loan without collateral fund, please visit the websites advised or contact your Relationship Manager at your bank to assist you initiate your own NMFB CBN loan application. You may also visit the CBN website for basic requirements and modalities.

For more information, visit https://nmfb.com.ng/covid-19-support/

1 Comment
  1. Crhedrys says

    Very insightful

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