By Tony Obiechina, Abuja
NIRSAL Microfinance Bank (NMFB) has reacted to recent media reports and public comments concerning deductions from accounts linked to beneficiaries of the COVID-19 Targeted Credit Facility (TCF), as well as concerns regarding loan balances, repayment records and access to customer support.
In a statement on Friday, the bank said it was important to provide clarification on the issues raised and reassure customers and members of the public of its commitment to transparency, accountability and responsible banking practices.
First, it is important to reiterate that the COVID-19 Targeted Credit Facility 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. The facility was not designed as a grant.
“All beneficiaries were required to accept electronic offer letters before disbursement, outlining the applicable terms and conditions, including repayment obligations and the recovery mechanism in the event of default.
Regarding the recovery process, the Bank operates within the applicable regulatory framework, including the Global Standing Instruction (GSI) mechanism approved by the Central Bank of Nigeria”, the statement stated.
Continuing, it said, “The GSI framework enables financial institutions to recover outstanding loan obligations from eligible accounts linked to a borrower’s Bank Verification Number (BVN), subject to applicable guidelines.
“The Bank acknowledges the concerns expressed by some beneficiaries regarding the timing and amounts of deductions, outstanding balances and access to repayment information. We take these concerns seriously and recognise the importance of ensuring that every customer has access to accurate information about their loan accounts.
It is important to emphasise that recoveries are intended to settle outstanding contractual obligations. Where any beneficiary has concerns about deductions made, discrepancies in repayment records or the status of an outstanding balance, such cases should be brought to the Bank’s attention for individual account reconciliation and appropriate resolution.
NIRSAL Microfinance Bank is committed to ensuring that legitimate customer complaints are investigated and that any discrepancies established through the reconciliation process receive the necessary attention”, the statement added.
The Bank said it also recognised the importance of accessible and responsive customer service. Beneficiaries who require clarification on their loan status, repayment history or outstanding obligations are encouraged to engage the Bank through its officially designated customer service channels for assistance.
Furthermore, the Bank ” wishes to caution beneficiaries against relying on unofficial intermediaries or individuals claiming to represent NMFB in relation to the COVID-19 intervention facility. Customers are encouraged to seek information and clarification directly from the Bank through its authorised communication channels.
NIRSAL Microfinance Bank remains committed to its mandate of promoting financial inclusion, supporting micro, small and medium-sized enterprises (MSMEs), and strengthening access to finance for Nigerians. The Bank will continue to engage stakeholders and address customer concerns in a transparent, professional and responsible manner.
NIRSAL Microfinance Bank remains committed to protecting the integrity of the intervention programme while ensuring that customers receive the necessary guidance and support in resolving their concerns”.
