CBN AGSMEIS Loan 2020: How To Apply Without Collateral [updated]

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The Central Bank Of Nigeria CBN is issuing loans to small and medium enterprises under the Agric Small and Medium Enterprise Scheme (AGSMEIS) Loan 2020.

What is Agric Small and Medium Enterprise Scheme (AGSMEIS)?

Agric, Small and Medium Enterprise Scheme AGSMEIS is the Bankers’ Committee’s initiative aimed at complementing the efforts of the Federal Government to promote agri-business as well as small and medium-sized enterprises as a vehicle for sustainable economic development and job creation.

The AGSMEIS was approved at the Bankers’ committee 331st held on the 9th of February 2017. The Scheme requires all banks in Nigeria to set aside 5% of their profit after tax (PAT) annually for onward disbursement as loans.

In pursuit of this Scheme, the CBN appoints reputable and experienced organizations, referred to as Enterprise Development Institutes (EDIs), to provide necessary business development support.

AGSMEIS loans are disbursed at a single digit interest rate.

From the AGSMEIS, you can access up to N10M at 5 percent per year– without collateral.

See Also: 10 Lucrative Agri-business Opportunities For Techpreneurs

Objectives of the Agric, Small and Medium Enterprise Scheme (AGSMEIS)

The Scheme’s goals include:

  • To create much-needed job possibilities in Nigeria
  • To improve the agricultural value chain and guarantee sustainable farming practices.
  • To guarantee access to finance for small and medium-sized enterprises (SMEs)
  • To boost the managerial capacity of Agri-Business/SMEs as pipelines of fast growing enterprises that can evolve into corporate organizations.

See Also: Why It’s Important To Protect Your Customers’ personal Identifiable Information

Who is eligible for AGSMEIS Loan

MSMEs are eligible in the following industries:

  • Agriculture,
  • Education,
  • Healthcare,
  • Services,(Hospitality, Restaurants, Catering, Services, etc.),
  • ICT,
  • Manufacturing / Production,
  • Mining, Creative Industry (Fashion, Design, Crafts, Entertainment, etc.), etc.

See Also: The Tech Skills That Will Position You For The Future

How to apply for AGSMEIS Loan Without Collateral

Step 1: Get trained

Train at a CBN-certified Entrepreneurship Development Institute (EDI) for a one-week mandatory training course.

Step 2: Apply for the Loan.

The Entrepreneurship Development Institute (EDI) will guide you and help you get all the papers you need to secure your credit.

You can obtain the current application form from the CBN EDC that trained you. But

Step 3: Receive funds

For eligible applications, funds are paid into the beneficiaries’ account.

Feedback is provided to unqualified applicants.

Step 4: Get Business Support Services

The Entrepreneurship Development Institute will assist you in implementing the business plan and commercially delivering business support services.

Step 5: Make Sales

Sell products and services for reimbursement and profit.

Step 6: Reimbursement

Run your business, keep records, monitor sales and expenses to maximize profit and repay the loan.

What is the interest rate for AGSMEIS Loan?

This is the question any serious prospective entrepreneur should ask. The AGSMEIS charges as little as five (5) percent interest for the first five(5) years on overall capital.

In other words, if you get One Million Naira(N1,000,000), you will be required to reimburse One Million Fifty Thousand Naira(N1,050,000) over the period of the loan.

Get more details at:

CBN AGSMEIS Loan Requirements

Get the following details handy as you will be required to present them either during application, before final approval of the CBN loan application or final disbursement of the funds.

  • Registered business with CAC
  • Evidence of tax payments
  • BVN
  • Letter of Introduction
  • Letter of Guaranty
  • Certification by an EDI
  • Passport photo of you and guarantor
  • Valid ID card

Who Is Qualified To Write A Letter of Introduction for CBN AGSMEIS Loan?

  • Your Pastor/Priest
  • Chief Imam
  • LGA Chairman
  • CDA Chairman
  • Village Head
  • Senior Civil Servants Level 14 above
  • Your friend or spouse can write the guaranty letter.

Important Notice: Please note that applicants who submitted last year and received a link to provide further details before the last requirements came out do not need to submit again.

See Also: How To Start And Run A Profitable Cinema Business In Nigeria

About NMFB

The National Microfinance Bank is Nigeria’s leading financial institution authorized by the Central Bank of Nigeria (CBN). The Company was established in 2019 as a Private Limited Company and began operations after obtaining a license from the CBN as a National Microfinance Bank. It is owned by the Bankers Committee by 50%, by NIRSAL by 40% and NIPOST by 10%.

Until now, the bank has disbursed about 776 million loans under the AGSMEIS to eligible SMEs.

See Also: 5 Things You Should Do Before You Approach Investors For Seed Funding

Here is a list of CBN approved Entrepreneurship Development Centers EDC

There is at least one EDC center in each of the six geopolitical zones of the country. Here are their addresses.

CBN-EDC, Ibadan (South West)

Address: Old SDSTC (Oyo Oodua Skill Acquisition Centre Premises),
Samonda, along Sango-UI Road,
Ibadan, Oyo State, Nigeria.

CBN-EDC, PortHarcourt (South South)

30 Trans-Woji road, Grace plaza, by Slaughter Bridge Woji Town,
Port Harcourt, Rivers State

CBN-EDC, Maiduguri (North East)

website :
Address: Old Informatics Institute, Njimtillo, Kano Road,
Maiduguri, Borno State

CBN-EDC, Kano (North West)

Address: Murtala Muhammed Library Complex,
Kano, Kano State

CBN-EDC, Makurdi (North Central)

Off Jonah Jang Crescent,
Near Federal Secretariat,
Makurdi, Benue State.

CBN-EDC, Minna (North Central)

Address: Minna Innovation Institute,
Behind Niger State Sharia Commission,
Justice Ndajiwo Drive,
Minna, Niger State.

CBN-EDC, Enugu (South East)

Address: Ebenezer Villa Suite
8, Ogenyi Close, Off Cornerstone Avenue
Off Nike Lake Resort Road,
Enugu, Enugu State.

You can get more contact addresses of Entrepreneurship development centres in Nigeria @

Frequently asked questions

How do I access the Loan?

Get trained by first selecting a CBN-Certified Entrepreneurship Development Institute (EDI) to guide you through the loan application process and ensure that all your documents are complete.

What is the interest rate for this loan?

The interest rate is nine percent (9%) per annum.

Do I need collateral?

No, this loan scheme does not require a collateral.

How long will it take to receive funds?

This loan scheme is designed to be easily accessible. The entire process is automatted. From application submittion to disbursement takes six(6) to eight(8) weeks.

Has disbursement started?

Yes we have disbursed over N25B and this is still ongoing.

Read More: How To Start A Profitable Bitter Kola Exporting Business In Nigeria

100 thoughts on “CBN AGSMEIS Loan 2020: How To Apply Without Collateral [updated]”

  1. Kudos to the Federal government for this initiative. Let’s give it a try and May God make it possible for it it to come to reality.

  2. I am interested in the CBN SME loan to enable me take up my Export business.How can you help or connect me

  3. Pls this is a noble project if it will not be politicized as always a case in Nigeria. And indeed am interested

  4. thanks for this opportunity to help and build youth to be independent by having a better life style of living.
    please what next for those who attended the training some years back but yet to access the loan till date ?

  5. My name is Clinton Tovo for Warri Dalta State, I was among the September 2019 trainee but I’ve not received any message for interview.

  6. This is a very good initiative by the federal government and central bank of Nigeria. Please, let the implementation be as planned and it shall really change the economic and financial status of Nigerians and that of the nation.

  7. I’m thankful to the federal government for this loudable policy to help fight unemployment,I am interested.please link me up.

  8. Effiom,Steve ekot

    I thank GOd Almighty for this singular opportunity to be heard (if indeed,somebody will hear me and act),I attended the training on the 26th – 30th of January,2020 in SMEDAN cross river state, went online to apply and paid the stipulated N5000,50.00 for mini business plan through Immediately I made the payment the site collapsed and till this day i havn’t been able to visit that site despite repeated efforts to return to it. I contacted simplifiedcredit and they acknowledged the receipt of my payment and did nothing there after. As I write now, my application is inconclusive.Sir, even now, login is impossible.My login details are now said to be invalid or wrong.If any one can help me, this is the email used in registering –,the business name; Stebgreen resources Nigeria mobile is 08077114379 and my preferred sector and sub sector is Agro processing / palm kernel milling.

  9. I applied for the loan in December 2019, got trained by EDC and obtained a certificate. I later on received a message through my e-mail address that I should reset my password. I tried more than enough but still I could not get access to my account. I contacted the Manager of NIRSAL micro finance bank, yet he could not come to my aid.

    1. I have land already, I have started I need expansion n mechines for effective out. Currently I have planted over 4000seedlings of palm fruits

  10. this is a very good program that help youth to stand on their own and also help their parents,relatives,and the country in general. may Allah sub hanahu wata’ala reward president Buhari and initiator of the program. MAY ALLAH BLESS NIGERIA WITH PEACE,UNITY AND PROGRESS. AAMEEEN.

  11. I am a retiree from first bank of Nigeria. Presently I am based I Lagos. I have passion for piggery and poultry farms. When the loan is granted , I would like to relocate to Agbor in Delta State where lands are affordable for agricultural purposes.
    Again is there no CBN training center in the south south regoin where one can attend the course stipulated by CBN?
    I appreciate your prompt response to my request.

  12. The project is a genuine one, I know people that have been approved for it. It’s just that the stress that NIRSAL are putting applicants through is too much. Government is using the loan to help us but the demands are frustrating. After asking for invoices from vendors from applicants NIRSAL will at the end impose their own vendors on applicants and I feel this is not fair on them because you can’t force people to patronize your own vendors, what if they don’t have the brand of the equipment they want? I feel the most important thing is to let them enjoy this wonderful gesture with peace of mind, you can only go after them if they fail to pay their monthly returns to you. Thank you so much President Buhari. Long live Nigeria.

  13. It’s a welcome development if it works out fine as stated above. It will help to reduce the puverty level in the country. I will give it a trial.

  14. I want to depend on my self in other to become a good citizen of the country,that is a why i requesting for loan of the sum of # 3.000.000 three million naira only, because i have the knowledge of farming and business. I will be great full if my request is been regarded.

  15. Aliyu Abdullahi Maigari

    we thank the CBN for making this gigantic effort and We also hope that the fund will be easily accessible to Nigerian that have good ideas to contribute to the development of the economy through sme.

    1. We thank the federal government for giving its citizen the opportunity to acquire these loans to smallscale/medium scale entreprenuers. This is a gigantic project if executed rightly will make Nigerians smile again.

  16. Ishaku Menengu Yaro Gelengu

    Green, white and green my dear great nation (Nigeria). I trust God that one day my country economy will bounce back, with this great initiatives by bankers committee, NIRSAL and our formidable NIPOST. Above all Kudos to you all including your grand patrol Central Bank of Nigeria.

  17. Thanks to CBN and federal republic of Nigeria for this business initiative.Though I have not be one of the beneficiary,I hope to be one soon and to make Nigeria a great nation.
    My name is abiebhode.k.

  18. I received my loan application form from Delta State Job Creation, now we are told to submit it online through Nirsal Micro finance. How do submit it .

  19. thanks for this medium,but i have gone for the training,and we are ask to fill the form on line,but is not opening,what will i do ,or is not reqdy?,c

  20. This is amazing and great for our dear Country to see and understand our visions. We will all do our best for this Country to achieve this and never allowed evil people to sit upon it. Nice one.

  21. A very fantastic and well structured programme. One thing people have observed in any of the policies of Nigerian Government is god-fatherism and sabotage. We hope this will scale through these hurdles and be a true life time encouragement to mostly downtrodden Nigerians. Its good programme in anyway. Let’s see how it goes.. Thank you FGN.

  22. Solomon Christopher Alor

    I am glad that this kind of opportunity has finally presented to the general populace in our beloved Country Nigeria.Thank you to all those who are responsible for this gesture.Long live Nigeria and it’s citizenry.

  23. Ogungbile, olusola Gideon

    I will also apply ,and its real and my application is favourable consider, I will proclaim Nigeria government.

  24. Salawu Adeiza Abdulazeez

    Kudos to the federal government for this initiative,I ll be glad if i can be part of it.pls kindly update me on all d development on the program ND how I can be part of it.

  25. I applied for the AGSMEIS Loan in July,2019 but yet to get a reply from CBN.The program if implemented as designed it will go a long way to stimulate economic growth, creat employment and wealth for Nigerians.

  26. Prince Adeleke Adediran

    I am Prince Adeleke Adediran, chairman RINADE GLOBAL NIG INT’L LTD. I want to establish Chicken and Turkey Processing Company in Oshogbo, Osun State. Can you finance the project for me please? Can I get funds investors?

  27. I have applied to CBN through NDE,submitted all the necessary things needed. They told us to pay some amount of money for the processing and payment. So how much do you need from us in order to get the loan apart from opening account with your bank pls.

  28. I strongly support and agree with Muhammad Ali Abubakar comment. I am one of those Nigerians who are concerned that the those in privileged positions in government do not allow poor Nigerian people have access to those programs and facilities meant for developing SME’S. They conner all for themselves and their cronies. I suggest that CBN and The Bankers Committee should regulate/mandate that beneficiaries should apply through their recognised Associations of SME’S /ARTISANS. This will eliminate /check the fears expressed by the beneficiaries

  29. I really like the idea, I will apply and if it really work out as stated, I will do my based to make sure that things goes right. the people of this country Nigeria really need help.

  30. This is a long awaited dream come true,I want to grow vegetables/fish farm but I don’ t have a plot of land to begin with.Would cbn-agsmeis secure a plot of land for me so that I start my farm?

  31. Sometimes Nigerian have good creativity For downstream, but when it comes to monetary aspects sabotage and fatherism over takes everything.

  32. Muhammad Ali Abubakar

    If these works as it is written above, no doubt our dear nation will achieve for eradicating poverty and depend on ourselves for all our needs as independent country.

    Most of the programs designed even implemented but the ordinary citizens can’t see or touch let alone feel that their government is working hard towards them.

    But those on top, scoop not allow it to reach ordinary Nigerians that are sitting on bear floor.
    When u see the words of programme on the paper and reading it and u will be happy like it is for every Nigerian whose deserves it, but when u starts processing it, there u will realize that the whole thing is just mainly for particular group of people…I hope this very one of 2019 it is different from the previous one’s..

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