NIRSAL Microfinance Bank (NMFB) has explained how beneficiaries of the COVID-19 Targeted Credit Facility (TCF) can challenge disputed deductions from their bank accounts, following complaints about repayment balances and access to loan records.
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In a statement issued in Abuja on Friday, the bank said customers concerned about deductions or repayment discrepancies could request individual account reconciliation. It assured borrowers that legitimate complaints would be investigated and confirmed errors addressed.
The TCF was introduced by the Central Bank of Nigeria (CBN) to support households and businesses affected by the COVID-19 pandemic. NMFB stressed that the facility was a loan, not a grant.
According to the bank, beneficiaries accepted electronic offer letters before receiving the funds. The documents outlined the loan conditions, repayment obligations and recovery arrangements in cases of default.
Addressing deductions, NMFB said it operates within applicable regulations, including the Global Standing Instruction (GSI) mechanism approved by the CBN. The mechanism allows financial institutions to recover eligible outstanding loan obligations from accounts linked to borrowers’ Bank Verification Numbers (BVNs), subject to established guidelines.
The bank acknowledged concerns about the timing and amounts deducted, outstanding balances and access to repayment information. It said borrowers could request a review to understand their loan status and resolve discrepancies.
NMFB encouraged customers seeking clarification about their repayment history or outstanding obligations to contact its authorised customer service channels. It also warned beneficiaries against unofficial agents or individuals claiming they could resolve loan matters on the bank’s behalf.
The bank reaffirmed its commitment to transparency and responsible banking, adding that it would continue addressing customer concerns and protecting the integrity of the intervention.
How to challenge deductions
Beneficiaries who believe money was wrongly deducted should contact NMFB through its officially designated customer service channels and request an individual account reconciliation.
NMFB Customer Care Lines:* 0901 002 6900* 0901 002 6901* 0201 330 2604* 0201 330 2605* 0209 462 1730Email: info@nmfb.com.ng
They should provide relevant loan and transaction details, explain the disputed deductions and retain records of their complaints for investigation. Customers should not pay intermediaries or share sensitive banking information. NMFB has not announced a general loan cancellation or automatic refund.
