ABUJA, NIGERIA – NIRSAL Microfinance Bank (NMFB) has clarified its repayment and recovery process under the COVID-19 Targeted Credit Facility (TCF), assuring beneficiaries of its commitment to transparency, accountability and prompt resolution of complaints.

The Bank gave the clarification in a statement issued in Abuja on Friday, November 13, 2026, following recent media reports and public concerns over deductions from beneficiaries’ accounts, outstanding loan balances, repayment records and access to customer support.

It explained that the TCF was introduced by the Central Bank of Nigeria (CBN) as an intervention loan to support households and businesses affected by the economic impact of the COVID-19 pandemic, stressing that the facility was not a grant.

According to the Bank, all beneficiaries were required to accept electronic offer letters before disbursement, which outlined the terms and conditions of the facility, including repayment obligations and recovery procedures in cases of default.

On the recovery process, NMFB said it operates within the applicable regulatory framework, including the Global Standing Instruction (GSI) mechanism approved by the CBN, which allows financial institutions to recover outstanding loan obligations from eligible accounts linked to a borrower’s Bank Verification Number (BVN), subject to relevant guidelines.

The Bank acknowledged concerns raised by some beneficiaries over the timing and amounts of deductions, outstanding balances and access to repayment information, noting that it recognises the need for customers to have accurate information about their loan accounts.

It maintained that the deductions are intended to settle outstanding contractual obligations, urging beneficiaries who notice discrepancies in their repayment records, deductions or outstanding balances to contact the Bank for individual account reconciliation and resolution.

NMFB assured customers that legitimate complaints would be investigated and any discrepancies established during the reconciliation process would receive the necessary attention.

The Bank also encouraged beneficiaries seeking clarification on their loan status, repayment history or outstanding obligations to contact it through its officially designated customer service channels. It cautioned against relying on unofficial intermediaries or individuals claiming to represent the Bank in matters relating to the intervention facility.

Reaffirming its commitment to financial inclusion and support for micro, small and medium-sized enterprises (MSMEs), NMFB said it would continue to engage stakeholders and address customer concerns in a transparent and professional manner while protecting the integrity of the intervention programme.

Beneficiaries seeking clarification or assistance can reach NIRSAL Microfinance Bank through the following channels:

Customer Care Lines:

– 0901 002 6900

– 0901 002 6901

– 0201 330 2604

– 0201 330 2605

– 0209 462 1730

Email: info@nmfb.com.ng

Official Social Media Handles:

– Facebook: NIRSAL Microfinance Bank

– X: @NirsalMFB

– Instagram: @NIRSALMFB

– LinkedIn: NIRSAL Microfinance Bank

Website: www.nmfb.com.ng

Branch Locations: www.nmfb.com.ng/find-us