Latest Update For COVID-19 Targeted Credit Facility (TCF) Applicants - One or all of the following reasons may be why your application has not been approved, is still pending, or credit hanging:
1. Your bank account name is different from your BVN name. For example, your BVN name is Okeke Musa Tunde but your bank account name is simply Okeke Tunde. Both names must tally so you might want to approach your bank to rectify this difference.
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2. Your bank account type/category is tier 1 or tier 2, instead of tier 3. Tier 1 account can only receive a maximum of N100,000, tier 2 N250,000. You are advised to visit your bank immediately to upgrade your account to tier 3 with:
a. PHCN Bill
b. Means of ID (Any of National ID, Voters Card, Int'l Passport or Driver's License)
c. 2 Passport Photographs.
3. You currently have a non-performing facility (bad loan). Even 1 naira bad loan can deny you the opportunity.
4. You may have supplied incomplete or wrong BVN. Kindly dial *565*0# from your registered line to see your correct BVN
5. You may have supplied BVN that has a different name from the name supplied during the application. Please double-check.
If you have not applied for these loans and want to, kindly read NIRSAL Microfinance Bank Non-Interest Loan Portal Goes Live
Note: Before now, tier 1 and tier 2 account holders could get approvals while their funds will be pending account upgrade to drop. However, that stopped months back as only qualified tier 3 account holders are now eligible for approval consideration.
Kindly share with anyone whose application has been pending to do the necessary. Thank you.