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NIRSAL Microfinance Bank is giving out Loans without collateral


The Nigeria Incentive-Based Risk Sharing system for Agricultural Lending (NIRSAL) Microfinance Bank has an ongoing low interest rate credit scheme called AGSMEIS.

What is AGSMEIS?

The Agri-Business/Small and Medium Enterprise Investment Scheme is an initiative to support the Federal Government's efforts and policy measures for the promotion of agricultural businesses and small/medium enterprises (SMEs) as vehicles for sustainable economic development and employment generation


A) Eligible industries

1)Creative & Art industries

2)Fashion, Beauty

3)Apparel & Textile

4)Arts & Entertainment

5)Industrial & Manufacturing

6)Agriculture & Allied Processing

7)Automobiles

8)Information & Communication Technology

9)Telecommunication

10)Media & Publishing

11)Hospitality

12)Catering & Event Management


B) How Does It Work?

Step 1: Get Trained

Attend a compulsory training with a CBN certified Entrepreneurship Development Center (EDC).


Step 2: Apply For Loan

The Entrepreneurship Development Institute (EDI) guides and assists you in getting all necessary documents required to secure the loan


Step 3: Receive Funds

Loans are paid into the account of beneficiaries. Unqualified candidates are given feedback

Step 4 Get Business Support Services

The Entrepreneurship Development Institute assists you to implement business plan and provide business support services commercially

Step 5 Make Sales

Sell products and services to pay back loan and make profit.

Step 6:  Repay Loan

Run your business, keep proper records, monitor sales and expenses to maximize profit and pay back the loan.


C) What is the interest rate?

The interest rate is nine percent (9%) per annum.

D) Do I require a loan?

No, this loan scheme does not require a collateral.

E) How long will it take?

This loan scheme is designed to be easily accessible. The entire process is automatted. From application submittion to disbursement takes six(6) to eight(8) weeks.

F) Has disbursement started?

According to Nirsal Microfinance Bank, over N25B has been dispersed already and more will still be dispersed as it is still an ongoing process.

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