Business Insight



Top Reasons Why You Haven’t Received The NIRSAL COVID19 Loan (Even After Approval)

It’s no news again that the TCF COVID-19 loan created as an initiative between the Central Bank of Nigeria and NIRSAL microfinance to support individuals and businesses affected by the pandemic has been disbursing loans to applicants of the program.

If you completed the training and the entire application process, you should receive a text message like this:


However, if you’re yet to be receive the loan, here are some reasons why:

1. You are a tier 1 account holder. If so, you need to visit your bank to upgrade your account. You can also call the NIRSAL customer service line directly on 09010026901.

2. You made any of the following mistakes:

  • The name on your BVN does not match the account name you provided during your registration process
  • You made a typographical error with your name, email address, or phone number.

How To Avoid Getting Scammed on NIRSAL COVID-19 Loan Scheme

Scammers are on the prey for the NIRSAL loan applicants like you. So, if anyone has contacted you regarding paying money to secure the COVID19 loan or AGSMEIS loan, take the following steps to stop the, from defrauding you:

1. Call the official whistle blowing desk of NIRSAL Microfinance bank on 09010020656 immediately. You can also report the case through email at or fill out a complaint on their portal at  

2. Stop all contact with the scammer as soon as possible

3. Be mindful of fake websites. The official website of NIRSAL microfinance bank is

As an extra tip, always ensure that the safelock icon appears in front of the website, and once you click on the icon, it should display a message saying “Connection is secure”.


4. Don’t delete any trail of communication with the scammer, as this can be used as an evidence when reporting this case to NMFB.

5. Visit any NMFB branch nearest to you as soon as you can.

Can I Still Apply for the NIRSAL COVID19 Loan?

Unfortunately, no. The COVID19 TCF loan program is now closed.

Applicants were required to go through the application process directly via the bank’s online portal and were not required to fill out any other forms or provide information to any other party outside what was stipulated on the NMFB website.

Please, don’t pay anyone money to apply for the COVID19 TCF loan.

Conditions for Drawing Down on the TCF Loan

1. Indication of your acceptance of the offer letter by executing the offer and loan agreement acceptance on page.

2. Insuring the loan facility and noting the bank as first loss payee with an insurance company endorsed by the bank. The insurance premium shall be renewed annually throughout the lifespan of the facility.

3. Receipt of signed guarantor form where applicable.

4. Receipt of executed and confirmation of collateral document.

5. Clean credit bureau report.

6. Domiciliation of sales proceeds.

Update On NIRSAL COVID19 Loan Reference Number

Your TCF reference number is only useful during the registration process. However, it is required if you’re returning to the portal to finish your application. There is no need for it once you’ve completed the application.

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