The NIRSAL Microfinance Bank (NIRSAL-MFB) has teamed up with the Nigerian Financial Intelligence Unit (NFIU) to recover N450.9 billion outstanding loans issued to farmers through the Central Bank of Nigeria (CBN) Anchor Borrowers’ Programme (ABP).
A NIRSAL-MFB source, who made this known to The Nation at the weekend, explained that the collaboration was to ensure that all those still indebted paid up.
He explained that “N1.12 trillion was disbursed to 563 anchors,” of which about N670.4 billion” has been repaid.
The NFIU, according to the source, is providing ‘intelligence’ to NIRSAL-MFB to ensure the balance of N450.9 billion was recovered.
His words: “NIRSAL Microfinance Bank and NFIU collaboration is targeted at recovering loans taken by anchor borrower beneficiaries who are defaulting in repayment. This collaboration indicates a more aggressive approach to recovering outstanding loans.
‘’We are determined to recover the N450 billion balance from beneficiaries reluctant to pay back. This shows that the government is committed to recouping these funds.”
The source added the use of Global Standing Instructions (GSI) made many beneficiaries who hitherto were foot-dragging to begin payment.
