Understanding the Amazon Loan
The Amazon Loan is a special loan scheme by NIRSAL Microfinance Bank (NMFB) designed to support female entrepreneurs in Nigeria. This loan aims to promote women-led businesses by providing them with financial assistance under flexible repayment terms.
Key Features of the Amazon Loan:
- Accessible to women only (Men are not eligible).
- No collateral required.
- Competitive interest rates.
- Group-based application process.
- Only available to women in similar business sectors and within the same geographical location.
Step-by-Step Guide to Apply for Amazon Loan from NIRSAL Microfinance Bank
Step 1: Form a Business Group
- Gather at least five women who are engaged in similar business activities.
- Ensure all members operate in the same business line (e.g., all dealing in foodstuffs, all into fashion, etc.).
- Businesses that are unrelated (e.g., one in electronics, another in foodstuffs) are not eligible.
- All members must be residing and conducting business within the same area (e.g., same town, city, or community).
Step 2: Organize Your Group as a Cooperative
- Although not compulsory, forming a cooperative society improves your chances of approval.
- The cooperative should have a clear structure and possibly a name.
- Consider registering the cooperative with relevant authorities if possible.
Step 3: Visit a NIRSAL Microfinance Bank Branch
- Once your group is formed, visit the nearest NIRSAL Microfinance Bank branch to apply.
- How to find a branch:
- Visit any post office nearby (NIRSAL branches are usually in post offices).
- OR, use this link to locate the nearest NMFB branch: https://nmfb.com.ng/find-us
Step 4: Prepare Required Documents
To apply for the Amazon Loan, ensure you and your group members have:
- Valid Means of Identification: (e.g., National ID (NIN), Voter’s Card, Driver’s License, or International Passport).
- Recent Passport Photographs (at least 2 copies).
- Business Registration Documents (if applicable, but not compulsory).
- Proof of Business Location: Recent utility bill (electricity bill, rent receipt, or water bill) showing your business location.
Step 5: Submit Your Application
- At the NIRSAL Microfinance Bank branch, request Amazon Loan forms.
- Fill in the required details accurately for each group member.
- Submit your application along with the necessary documents.
Step 6: Wait for Approval & Disbursement
- Once the application is submitted, NMFB will review your group’s eligibility.
- If approved, the loan amount will be disbursed directly to your group’s account.
- Funds must be used strictly for the business purpose stated in the application.
How to Open an Account with NIRSAL Microfinance Bank (NMFB)
To facilitate loan disbursement, you may need to open an account with NIRSAL Microfinance Bank. Follow these steps:
Step 1: Gather Required Documents
To open an account, you will need:
- A Valid ID Card (National ID (NIN), International Passport, Voter’s Card, or Driver’s License).
- Two Passport Photographs.
- A Recent Utility Bill (Electricity bill, water bill, rent receipt, etc.).
- An Initial Deposit of ₦2,000 or ₦5,000 (amount varies based on account type).
Step 2: Visit a NIRSAL Microfinance Bank Branch
- Go to the nearest NMFB office or post office where NMFB operates.
- Request an account opening form, fill it out, and submit it along with the required documents.
Step 3: Fund Your Account
- Deposit the minimum required amount to activate your account.
Step 4: Collect Your Account Details
- After processing, you’ll receive your account number, which you can use for loan disbursements and other transactions.
NIRSAL Microfinance Bank Contact Information
For further inquiries or assistance, contact NIRSAL Microfinance Bank using the details below:
Visit Their Website:
https://nmfb.com.ng
Phone Numbers of NIRSAL Bank Branches Nationwide:
- Abuja (Area 10): 09010020609
- Lagos (Ikeja): 09010020614
- Enugu: 09070095757
- Port Harcourt: 09070095761
- Kano: 09010020636
- Ibadan: 09070095762
- Jos: 09010020646
- Owerri: 09010020629
For more locations and contact details, visit: https://nmfb.com.ng/find-us
Final Tips
- Ensure all group members meet the eligibility criteria before applying.
- Be truthful in your application to avoid rejection.
- Use the loan strictly for business purposes to avoid penalties or legal action.
- Keep records of all transactions and repayments to build a good credit history.
By following these steps carefully, you and your business partners can successfully secure the Amazon Loan from NIRSAL Microfinance Bank and grow your businesses.
