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What You Need To Know About Nmfb's Non-interest Banking (Tcf & Agsmeis)

What You Need To Know About Nmfb's Non-interest Banking (Tcf & Agsmeis)

WHAT YOU NEED TO KNOW ABOUT NMFB's NON-INTEREST BANKING (TCF & AGSMEIS)

Who can apply?

Is the scheme designed for only Muslims?

What is the repayment plan?

Can one apply for both Covid-19 TCF and TCF & AGSMEIS non interest?

What is the difference between Non-Interest TCF & AGSMEIS and the COVID-19 Targeted Credit Facility?

NMFB's Non-interest Banking TCF & AGSMEIS is a non-interest short term facility targeted at small businesses for the financing of key assets for their businesses.

Who can apply?

Nigerians from the age of 18 years whose businesses were affected by the Covid-19 Pandemic

Is the scheme designed for only Muslims?

No! It is open to all Nigerians, irrespective of their religion. Non-interest Banking TCF &

AGSMEIS is an alternative form of banking based on a principle of non-interest,

sharing of risk and rewards, etc.

What is the difference between Non-Interest TCF & AGSMEIS and the COVID-19 Targeted Credit Facility?

The Covid-19 Targeted Facility Credit is a loan that will be repayable with interest, while the non-interest Banking TCF & AGSMEIS, the bank shares the profits from the investment with the beneficiary. It's also important to note that non-interest banking TCF & AGSMEIS focuses on asset financing. Money is not a commodity, although it is used as a medium of exchange or store of value.

Can one apply for both Covid-19 TCF and TCF & AGSMEIS non interest?

No

What is the repayment plan?

Not more than three (3) years, with at least six (6) months moratorium

For more informe please log on to www.nmfb.com.ng

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