Nirsal microfinance bank is a national MFB that provides its users with credit facilities that have little interest rates.
The purpose of this bank is to provide support and assistance to agric entrepreneurs and small and medium scale entrepreneurs with loans and saving facilities that would boost their businesses and saving goals.
But ultimately, its goals are to give people who don’t have any access to basic financial tools to be able to grow and improve and grow. In the end, it finances livelihood, housing improvements, small businesses and healthcare.
Services provided by Nirsal Microfinance Bank
Apart from providing credit facilities, Nirsal MFB has created programs that are specifically geared towards helping SMEs. The programs include;
1. Agric Small Medium Enterprise Scheme(AGSMEIS)
This program allows farmers loans of up to 10million naira with an interest of 9% per annum.
Services like this provide ASMEs with the opportunity to properly use the funds granted them, to build, grow and expand their business without having the banks always breathing down their necks or having to pay really high interest.
2. Anchor Borrowed Program.
In Nirsal Mfb, there is a linkage program between companies in the processing of produce and Small Holder farmers.
So instead of farmers looking for who to partner with when they harvested their goods, through the ABP, farmers can easily be linked up with owners of processing facilities.
Saving them from eating labour and capital resources.
3. NAT (Nirsal Microfinance Bank Access Target Account)
Borrowing of funds and capital is not all Nirsal MFB is good for. The bank provides an active saving service that pushes savers to reach their saving goals.
It is good for MSMEs who find it hard to save for the machinery and equipment that they need, buying new goods for their business and so on.
Here users can save regularly.
Though the above seems to extensively talk about those who already have businesses in agriculture and SMEs, Nirsal MFB has a program specially created for the youths in Nigeria.
The Nigerian Youth Investment Fund (NYIF), is dedicated fully to investing its resources in the innovative ideas, skills and talents that the Nigerian Youths possess.
This program turns youths with potential into wealth creators, entrepreneurs and employers of labour.
The program provides access to finance for youths with such talents and skills and youth-owned businesses that would aid national development and growth.
It also provides employment opportunities for youth to reduce the number of inactive youth in society.
Nirsal MFB’s NYIF equips the youth with quality training on managerial roles that would lead them to be well qualified organizational engines
Nirsal MFB wished to empower the youth of at least 50,000 by creating jobs for them between the years id 2020 and 2023.
How to use USSD Codes
Because of technological advancements in mobile technology a lot of things have become easier to use. Banking is now on the go through mobile apps, web pages and ussd codes.
Finding the USSD codes of any bank is quite easy. They can be found on the bank’s website, in adverts, newspapers, billboards, and even radio shows.
Once found, once found a user can simply key in the numbers and characters on their phones and follow the short steps to sign up, create a password and so on.
Nirsal Microfinance Bank Short Codes
Although a lot of banks have included USSD codes as a major part of their management and access system, not all banks have gotten to that level yet.
Nirsal bank is one of those banks. Though they provide many other services, Nirsal Microfinance bank as of now, does not have any registered code(s) for transfer or other services.
But to access the services provided by the Microfinance bank. Simply log into their website and get started.
Conclusion
Banks are always looking for more creative and innovative ways to remain on top in the market as well as dominate every other competitor.
USSD codes are a way to do this. Using shortcodes that are easy to remember, allows a user to make that transfer or pay those bills even when there is no data service.
Apart from that, users who can’t afford smartphones or business people especially those in main markets that don’t like carrying big phones or smartphones for safety reasons, usually go for non-smartphones. And this is great because USSD codes work on kind of phones
Transactions are swift and seamless using USSD codes.
