The Agribusiness Small and Medium Enterprise Investment Scheme (AGSMEIS) is an initiative created to support the federal government effort in promoting/enhancing agricultural business and SMEs to provide sustainable economic development and employment.

It was reported that NIRSAL Microfinance Bank (NMFB) misappropriated the N5 million loan facility’s sum under the AGSMEIS.


READ ALSO: What You Need to Know About The Use of Rabbit Urine As Organic Fertilizer And Pesticide

Learn More

NIRSAL Microfinance Bank (NMFB) yesterday denied the allegations that it had misappropriated the sum of N5 million loan facility under the Scheme AGSMEIS with respect to a beneficiary.


Specifically, the bank said the accusation that an “AGSMEIS loan of N5 million was diverted by staff of NMFB is far from the truth”.

READ ALSO: AFAN Raises Alarm over Threatening Climate Change, as the Food Crisis Looms

The financial institution however, reiterated its commitment to delivering services in a seamless manner for more rewarding experience for customers.

According to a statement issued yesterday by Head, Corporate Communications, NMFB, Halima Idris Omar, the bank described the incident in question as a, “rare case of swap of phone numbers with similar names in 2019, when full automation had not been deployed.”

“The fact of the matter is that this was a rare case of swap of phone numbers with similar names in 2019, when full automation had not been deployed.

“The phone numbers of two applicants bearing the same name (Rebecca Daniel and Rebecca Zamari Daniel) exchanged places during the disbursement process.

“Incidentally, both had AGSMEIS loan approvals for different sums. Upon disbursement, the loan of N500, 000.00 was approved in favor of the rightful person using her Bank Verification Number (BVN) but with a wrong phone number.”

Omar, however, pointed out that the loan had since been utilized by the said beneficiary in early 2020 while repayment had also commenced after moratorium.

“This explains why Rebecca Zamari Daniel was receiving text messages for the repayment of a N500,000 loan. Presently, the information mismatch has been sorted and the N5 million loan for Rebecca Zamari Daniel booked. “

The statement added that the AGSMEIS application process had now been improved by leveraging on technology to bring about efficiency following fully-automated process from start to finish.

The bank said applicants are now able to carry out a BVN validation exercise, conduct a credit bureau check and provide guarantors online, whereas online questionnaire replaces physical or telephone interview.

Essentially, the AGSMEIS loan is one of the initiatives of the federal government through the Central Bank of Nigeria (CBN) which aims to support SMEs and agri-businesses.

Omar explained that given the onerous task of administering the disbursements of loans to thousands in bulk by NMFB, “it is not out of place that we receive customer feedback, both positive, negative and even unfounded.

“One of such came in the form of an unresearched report alleging the bank misappropriated N5 million relating to an AGSMEIS loan beneficiary.”

Click here to join World Farmers Centre Whatsapp group to get and read more articles like this and interact with other farmers

To Sponsor or Advertise through a News Post, contact Ola on 07082418202


We do everything possible to supply quality information for farmers day in, day out and we are committed to keep doing this. Your kind donation will help our continuous research efforts.


Please enter your comment!
Please enter your name here