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NIRSAL MFB Mgt Cautions Public On Loan Fraudsters’ Patronage

Worried by the increasing wave of dubious activities of criminals posing as its staff and agents, the management of NIRSAL Microfinance Bank (NMfB) on Monday advised the public to be wary of patronizing such dubious agents for any credit or loan.

The MFB management’s warning was sequel to news reports which indicated that unsuspecting members of the public were losing money in their efforts to secure COVID-19 targeted credit facility or the AGSMEIS loans.

While assuring that security alert has been put in place to rein in those perpetrating the crime and solicited public support to curb these financial crimes, the MfB’s authorities maintained that funds disbursed on behalf of the Central Bank of Nigeria (CBN) was not a grant but a loan which all beneficiaries are expected to repay with interest.

The NIRSAL MfB ‘s management, in a statement titled ‘Fraud Alert’, clarified: “The attention of the MANAGEMENT OF NIRSAL MICROFINANCE BANK has been drawn to some unethical practices being perpetrated by individuals disguising as its staff or agents, demanding and receiving money from unsuspecting members of the public purportedly to secure COVID-19 Targeted Credit Facility or the AGSMEIS Loan.

“Members of the public are hereby cautioned against falling prey to such people because the COVID-19 Targeted Credit Facility being disbursed by NMFB on behalf of the Central Bank of Nigeria is a LOAN not a GRANT and beneficiaries MUST pay back with interest.

“We also wish to inform the general public who may have been scammed by these unscrupulous people to lodge a complaint on our Whistleblowing portal by sending us an email on WHISTLEBLOWER AT (

“If you are in any doubt, please contact us on 09010020656 or visit”, it added.

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