By Mariam Abeeb
NIRSAL Microfinance Bank (NMFB) has clarified the repayment process for beneficiaries of the COVID-19 Targeted Credit Facility (TCF), following public concerns over account deductions, outstanding loan balances and access to repayment records.
The bank, in a statement issued on Friday in Abuja, reaffirmed its commitment to transparency, accountability and responsible banking, while assuring customers that complaints relating to deductions and repayment discrepancies would be investigated.
It explained that the TCF was introduced by the Central Bank of Nigeria (CBN) to support households and businesses affected by the economic impact of the COVID-19 pandemic, stressing that the intervention was a loan and not a grant.
According to the bank, beneficiaries accepted electronic offer letters before disbursement, which clearly outlined the terms and conditions, including repayment obligations and recovery mechanisms in cases of default.
On the controversial deductions, 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 borrowers’ Bank Verification Numbers (BVNs), subject to established guidelines.
The bank acknowledged concerns raised by some beneficiaries over the timing and amounts deducted, outstanding balances and access to repayment information, noting that affected customers could request individual account reconciliation to resolve discrepancies.
It assured customers that legitimate complaints would be investigated and any discrepancies established during the reconciliation process would receive appropriate attention.
NMFB also encouraged beneficiaries seeking clarification on their loan status, repayment history and outstanding obligations to contact the bank through its officially designated customer service channels.
The bank cautioned customers against dealing with unofficial intermediaries or individuals claiming to represent it in matters relating to the COVID-19 intervention facility, urging them to obtain information directly through authorised communication channels.
Reaffirming its commitment to promoting financial inclusion and supporting micro, small and medium-sized enterprises (MSMEs), NMFB said it would continue to engage stakeholders and address customer concerns professionally and transparently.
It added that it remained committed to protecting the integrity of the intervention programme while ensuring beneficiaries receive the necessary guidance and support in resolving their complaints.
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