CBN Non-Interest Loan: A Special Financing Opportunity for Nigerian Households and SMEs

The Central Bank of Nigeria, in collaboration with NIRSAL, introduced the non-interest lending facility. This loan provides a unique opportunity for eligible individuals and businesses to access financing without the constraints of conventional interest-based loans. It aims to support and empower Nigerian households, AGSMEIS, and MSMEs.

Household / SMEs—Non-Interest Targeted Credit Facility (TCF-NI)

The TCF-NI, or Non-Interest Targeted Credit Facility, offers a ray of hope for Nigerian individuals and businesses, especially the MSMEs severely impacted by the COVID-19 pandemic.

These grants are designed to support households facing financial difficulties and provide businesses with much-needed financing to recover.

AGSMEIS—Non-Interest Agri-Business, Small And Medium Enterprise Investment Scheme (AGSMEIS-NI)

The Federal Government of Nigeria has launched the Non-Interest Agri-Business, Small and Medium Enterprise Investment Scheme, known as AGSMEIS-NI, to support the agricultural industry. This program aims to provide financial assistance to small and medium-sized agricultural businesses, leading to economic expansion and employment creation. The CBN supervises the operation of the funding scheme and allocates funds to qualified companies.

AGSMEIS-NI is a pivotal project that can enhance Nigeria’s agriculture industry, promoting food security and improving the lives of farmers by offering financial aid to agricultural businesses.

The program is open to qualified candidates from all regions of the country, including women and young people. Its non-interest lending structure makes it more accessible to businesses that don’t qualify for conventional bank loans.

How To Apply For An Interest-Free Loan From CBN

Here are the steps to apply for a CBN Non-Interest Loan for Households and SMEs:

• Visit the NIRSAL microfinance website.
• Click on “Apply for Non-Interest Facility” and select the “NON-INTEREST TCF” option.
• Choose between the household facility and SME facility based on your needs, then proceed with the registration process.
• If you are a new applicant, select “New Applicant” and enter your BVN to generate some of your information automatically. Fill in the required fields with your other information.

After submitting a successful application, you will receive a notification. If your company is registered with CAC, you can choose the SME facility and provide the CAC registration details and TIN number.