Important Notice To NIB Applicants: 25% is the total mark-up for the 3 year tenure of the facility - NIRSAL Microfinance Bank

Important Notice To NIB Applicants: 25% is the total mark-up for the 3 year tenure of the facility - NIRSAL Microfinance Bank

Important Notice To NIB Applicants #nmfbcares

DEAR NON-INTEREST TCF BENEFICIARY/APPLICANTS,

In order to clarify the widespread misrepresentations of some aspects of the recently launched Non interest banking product of NIRSAL Microfinance bank, we wish to inform the general public that, the 25% is the total mark-up for the 3 year tenure of the facility. This is payable to NIRSAL Microfinance Bank over the life of the loan.

The Non-interest Banking window of the TCF is availed within the principle of the MURABAHA system of Non-Interest Lending. This means that the loan is strictly for the financing of equipment/goods at a predetermined mark-up.

There is no avenue for the release of cash under the Murabaha principle of non-interest lending.

Please note, the Non-Interest Banking Window is available to ALL Nigerians.

Thank you for choosing NIRSAL Microfinance Bank.

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