Recently, NIRSAL Microfinance Bank (NMFB) issued a press statement to correct erroneous reports circulating in some media outlets regarding its total disbursements under the Central Bank of Nigeria's (CBN) Anchor Borrowers Programme (ABP). The bank clarified that its total disbursement for the ABP stands at N51 billion, not the widely reported N215 billion.
Setting the Record Straight
NMFB firmly rejected the higher figure, labeling it as inaccurate and potentially misleading to both stakeholders and the general public. The bank emphasized that the N51 billion figure is consistently supported by its verified internal records and has been openly presented during various public disclosures and engagements.
"The correct figure, as verified by the bank’s records and which the Bank has shared during public sessions, is N51 billion—a significant discrepancy that demands public correction," the statement affirmed.
The institution expressed considerable concern that recent media coverage had significantly overstated its involvement in the ABP initiative, which could lead to a misinterpretation of its operational activities. To leave no room for doubt, NMFB reiterated, "For the avoidance of doubt, our verified Anchor Borrowers Programme intervention loan disbursements stand at N51 billion, not N215 billion. We urge the public and press to disregard the inaccurate reports."
Upholding Journalistic Integrity
NMFB underscored the paramount importance of accuracy in financial journalism. The bank urged media practitioners to directly verify information with the institution to prevent the spread of misinformation within the public domain. This diligence, they maintained, is crucial for upholding the integrity of reporting surrounding critical financial interventions.
Distinguishing NMFB from NIRSAL Plc.
Beyond the disbursement figures, NMFB also took the opportunity to address an ongoing source of confusion: the distinction between NIRSAL Microfinance Bank and NIRSAL Plc. The bank explicitly clarified that these two entities are legally and operationally distinct. While both institutions play roles in agriculture and development finance, their mandates, management structures, and overall responsibilities differ significantly.
Commitment to Transparency
According to NMFB, the comprehensive clarification was issued with the primary aim of maintaining transparency and upholding public confidence in its crucial role. NMFB serves as a key financial vehicle for delivering intervention programmes specifically designed to support micro, small, and medium enterprises (MSMEs) and bolster agricultural value chains across Nigeria.
As a licensed microfinance bank operating under the CBN’s developmental finance framework, NMFB plays a vital role in disbursing intervention funds across several targeted programmes, including the ABP, which is designed to support local food production and help reduce the nation's reliance on imports.