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Beneficiaries of the COVID-19 loan scheme accuse NIRSAL Microfinance Bank of making unexplained deductions from their bank accounts.
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Several complainants allege the bank withdrew lump sums far exceeding their approved loan amounts.
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Victims demand accountability and transparency, claiming the bank failed to provide repayment schedules or responses to inquiries.
Several customers of NIRSAL Microfinance Bank (NMFB) have accused the institution of making unauthorised deductions from their accounts, allegedly as part of loan recoveries tied to the Central Bank of Nigeria’s COVID-19 stimulus scheme.
The loan scheme, introduced in 2020 to cushion the economic impact of the pandemic, provided small businesses with soft loans through NIRSAL. However, many beneficiaries now claim that the bank has been making large, unexplained withdrawals without notice or clear repayment breakdowns.
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One beneficiary, Mr. Inyali Peter, alleged on X (formerly Twitter) that he borrowed ₦370,000 but had over ₦874,000 deducted from his accounts since 2024.
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“How can nearly ₦1 million be deducted for a ₦400,000 loan with a single-digit interest rate?” he questioned, accusing the bank of insensitivity and lack of transparency.
Another complainant, Mr. Michael Uche, claimed NIRSAL continued debiting his accounts despite clearing his loan balance.
“You have been deducting money from my account for repayment without updating my statement. Despite calls and emails, there’s been no response,” he posted.
