2021 FG – NISRAL Non-Intrest Credit Facilities For Households and Businesses

The Central Bank of Nigeria (CBN) has introduced a 50 Billion Naira Non-Interest Targeted Credit Facility (TCF) is a stimulus package to support household and Micro, Small, and Medium Enterprise (MSMEs) affected by the COVID-19 pandemic.

The Non-Interest Targeted Credit Facility (TCF) is a stimulus package to support household and Micro, Small, and Medium Enterprise (MSMEs) affected by the COVID-19 pandemic. It is a non-interest term facility targeted at small businesses for the financing of key assets for their businesses.

The financing limit is N2,500,000.00 for a tenure of 3 years with 6 months moratorium (a moratorium is a grace period of granted to the customer by the Bank to postpone the payment).

Summary

  • Host: FG | CBN | NISRAL
  • Category: Non-Interest Credit Facilities 
  • Eligible Country: Nigeria
  • Reward: 500,000 – 10,000, 000 Naira
  • Deadline: Not Specified 

Details

Our Non-Interest Facilities to Households will assist you in the process of building a businesses or expanding an existing business, and maintaining your lifestyle.

NON-INTEREST TARGETED CREDIT FACILITY (TCF-NI)

The Non-Interest Targeted Credit Facility (TCF) is a stimulus package to support household and Micro, Small, and Medium Enterprise (MSMEs) affected by the COVID-19 pandemic. It is a non-interest term facility targeted at small businesses for the financing of key assets for their businesses.

The financing limit is N2,500,000.00 for a tenure of 3 years with 6 months moratorium (a moratorium is a grace period of granted to the customer by the Bank to postpone the payment).

Facility Type: Term Credit Facility (Household)
Maximum Facility Amount: Household: N500,000.00
Profit margin: 9%
Maximum Payment Period: 36 months
Global Standing Instruction: In case you default, payments will be recovered from your accounts. Note that you must accept this as part of the offer letter.

NON-INTEREST AGRI-BUSINESS, SMALL AND MEDIUM ENTERPRISE INVESTMENT SCHEME (AGSMEIS-NI)

The Non-Interest Agri-Business, Small and Medium Enterprise Investment Scheme (AGSMEIS-NI) is a federal government intervention funding scheme through CBN that is intended to promote agricultural businesses to spur economic development and employment generation in the country.

The non-interest product is an alternative of the existing AGSMEIS program that is based on Islamic principles of financial transactions using products such as murabahah and ijarah. It is a term financing specifically introduced for financing of equipment, raw materials and working capital.

The financing limit is N10,000,000.00 for a tenor of up to 7 years (depending on the nature/gestation period of the project). Applicants may in addition enjoy a moratorium of 6 months for mark-up and 18 months for the principal (a moratorium is a grace period of granted to the customer by the Bank to postpone the payment).

Facility Type: Term Credit Facility (SME)
Maximum Facility Amount: SME: N2,500,000.00
Profit margin: 9%
Maximum Payment Period: 36 months
Global Standing Instruction: In case you default, payments will be recovered from your accounts. Note that you must accept this as part of the offer letter.

Method of Application

Interested applicants should use the link below to apply.

Application Process: The process of the application will take place in three distinct phases:Phase 1: Application for Financing
Apply for the TCF-NI facility by providing relevant personal information and the business to be finance.

  • Phase 2: Acceptance of Offer and other Agreements
    You will be notified when your application is approved and required to do the following:
    Generate the Offer Letter and accept it

    • Generate the Undertaking to Buy Agreement and accept it
    • Input the details of the items to be financed. This must conform with the approved amount as shown on your offer letter.
    • You will finally attach invoices for all the items to be financed.
  • Phase 3: Taking delivery and Execution of Murabahah Agreement
    Upon fulfillment of Phase 2, wait for the disbursement of funds to the proposed vendor. The funds will be used to purchase equipment and raw materials from the vendor. Either NMFB or you as its agent will then be assigned to take delivery of the assets. After taking delivery, you will be required to execute the murabahah agreement on the final stage of the contract.

SME Application Process:

  • The process of the application will take place in three distinct phases:
  • Phase 1: Application for Financing
    Apply for the TCF-NI facility by providing relevant personal information and the business to be financed.
  • Phase 2: Acceptance of Offer and other Agreements
    You will be notified when your application is approved and required to do the following:

    • Generate the Offer Letter and accept it
    • Generate the Undertaking to Buy Agreement and accept it
    • Input the details of the items to be financed. This must conform with the approved amount as shown on your offer letter.
  • You will finally attach invoices for all the items to be financed.
  • Phase 3: Taking delivery and Execution of Murabahah Agreement
    Upon fulfillment of Phase 2, wait for the disbursement of funds to the proposed vendor. The funds will be used to purchase equipment and raw materials from the vendor. Either NMFB or you as its agent will then be assigned to take delivery of the assets. After taking delivery, you will be required to execute the Murabaha agreement on the final stage of the contract.

 

Deadline: Not Specified

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