How to Use BVN to Check Your NIRSAL Loan Application Status

The Nigerian Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) was set by the Central Bank of Nigeria (CBN) in 2011 to encourage banks to lend to the agricultural sector, in a bid to boost agriculture sector and provide an easy medium for peasant farmers and farmers who produce in large scale. NIRSAL provides credit risk guarantees and other incentives to banks so they can lend to agribusinesses and farmers.

If you have applied and have been approved for the agricultural loan from NIRSAL, you can check your loan details using your Bank Verification Number (BVN). It is very important and mandatory for you to have (BVN) when applying for a NIRSAL Loan and disbursement and without this, you won’t be approved for the loan and you can’t check the IRSAL loan without BVN. We will show you the simple steps to check your NIRSAL loan details with your BVN.

What is NIRSAL?

NIRSAL is an incentive of the Central Bank of Nigeria (CBN) that aims to reduce risk in financing the agricultural sector and encourage banks to lend to the sector. The main objectives of NIRSAL are:

1. Build the capacity of banks to lend to agribusiness:NIRSAL was set up to increase the capacity of Commercial banks To provide loans and incentives to the farmers in the agricultural sector. They increase the capacity by training the commercial banks on agricultural lending, providing market information to the banks, and rating borrowers on their creditworthiness and their response in paying a loan.

2. Reduce the risks of such lending through guarantees: Through credit risk Guarantees CRGs) NIRSAL provides about 75% of the debt in cases the borrowers default or are unable to pay, These help in reducing the risk associated with granting loans to farmers and motivating commercial to lend funds.

3. Increase lending to the agricultural sector by enabling banks to lend with less risk: With less risk involved in the lending of the loans to the agricultural, commercial banks are encouraged to increase lending to the agricultural sector.

4. Promote agribusiness and agricultural value chain financing: NIRSAL helps in financing all chains involved in the stages of production in agriculture from the production, storage and marketing of the goods, NIRSAL held in funding each of production.

5. Boost job creation in the agricultural sector: With more funding:With more funds and capital flowing  into the agricultural sector, the producers in this sector will tend to increase their production and in doing so, they will demand more labour from the labour market which in terms increase employment in the country 

By providing guarantees and technical assistance, NIRSAL enables banks to lend to agricultural projects they may have avoided in the past due to the sector’s higher risks.

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What is BVN?

BVN stands for Bank Verification Number. It is a unique identifier for each bank customer in Nigeria. The BVN system was introduced by the CBN in 2014 for all bank account holders in Nigeria, it was mandatory to curb the problem of duplicate accounts and accounts that are used for fraudulent practices

The BVN is an 11-digit number associated with your bank accounts. It contains your biometric data like fingerprints and facial images. The BVN enables you to have a single identity that can be verified across all banks in Nigeria.

Some benefits of the BVN system are:

1. Unique identification of bank customers: With the BVN assigned to a particular person, this helps to provide a unique identity that is only meant for one person, which means another person can’t use your BVN or has the same number.

2. Reduced fraud through biometric verification:BVN has reduced fraud in the real sense that all accounts used by one person can be traced using the BVN number, and tracking and tracing become easier 

3:Easier tracking of individuals’ credit exposure across banks: inflows and outflows can be traced by using the BVN

4. Streamlined banking operations: It helps to monitor flows from various banks to each other as your BVN is the same used all over the commercial bank you registered.

Why Check the NIRSAL Loan with BVN?

There are several benefits of checking your NIRSAL loan details using your BVN:

Get loan information in one place: It will be easier to access your loan information in one place. Your BVN consolidates all your loans including NIRSAL loans from different banks into one place for easy access.

Monitor repayment status: In terms of repaying the loans, BVN Helps a lot You can verify loan amounts disbursed, amounts paid back, and outstanding balances using your BVN. This helps monitor your repayment status.

Detect errors: Using BVN to check loans helps Abs also allows you to spot any errors in loan details and get them corrected by your bank.

Updated information: BVN provides up-to-date loan information directly from your bank for accuracy.

Self-service: You don’t have to hassle and be stressed about the loan process. You can simply check your NIRSAL loan details instantly without visiting your bank. BVN enables self-service access.

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Steps to Check NIRSAL Loan with BVN

Checking your NIRSAL loan details using your BVN is a very straightforward process. Follow these simple steps:

Step 1: Register for BVN

 First thing off for those who don’t have BVN. You can visit any commercial bank in Nigeria, with your ID card, NIN as required now by the bank and your details Your fingerprints and facial image will be captured, this only takes minutes and You’ll then be issued an 11-digit BVN number. You can write the BVN down on a note, on your phone which is secured from the eyes of the people or the best way you can use your number to retrieve the BVN anytime you need it. 

Step 2: Get your NIRSAL loan details

The next step is to get the NIRSAL loan details which you can get from your bank, You can contact your bank to know more about the NIRSAL Loan account. Your bank will provide details like the NIRSAL loan account number and dates when the loan will be distributed. Have this information handy before checking your loan with BVN.

Step 3: Log in to the NIRSAL portal

Go to the NIRSAL portal at www.nirsal.com. Click on “My BVN” and then select the “Check My Loan” option. This will take you to the loan check page.

Step 4: Enter your BVN

On the loan check page, input your 11-digit BVN number and click submit.

Step 5: View loan details

Your NIRSAL loan details like the amount credited, the amount paid, and the outstanding amount will be poped once your BVN is validated and verified. Go through the details to check your loan status.

And that’s it! By following these 5 simple steps, you can check all the details of your NIRSAL agricultural loan using your unique BVN anytime.

Troubleshooting Issues with Checking NIRSAL Loan

However, You may encounter some issues when trying to check your NIRSAL loan with BVN. Here are tips to troubleshoot the problems:

Portal downtime

In case the portal does not seem to respond or it displays this site is unavailable. This may be due to reasons like the portal may be down for maintenance or connection issues. In the case of a slow connection, find a stable network or Try again later.

Verification failed error

You may get a message like the “BVN verification failed” error, recheck and confirm you entered the correct BVN. Also, try again later as verification services may be temporarily unavailable.

Loan not found

If your loan is not displayed after entering the BVN, contact your bank to confirm your NIRSAL loan account details are correctly linked to your BVN.

Be patient and retry in case of any errors. If issues persist, reach out to your bank for assistance and to ensure proper linkage of your BVN with the NIRSAL loan account.

Conclusion

The best way and the convenient way to check your NIRSAL agricultural loan details is through BVN, this will help in tracking your loan details. If you don’t have a BVN, simply register for it with the steps providers to ensure smooth and stressful registration. Get your BVN, log in to the NIRSAL portal, input it and stay updated with the date-of-date information, Doing constant checkups will help in the loan process. In case of any error popping up, check your connection, retry later or if you have an issue checking your NIRSAL loan with BVN you can contact your bank for the best help.