COVID-19 loans will be disbursed after approval - CBN

Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele
Emeh Joy

The Central Bank of Nigeria has disclosed via its director, Corporate Communications, Isaac Okorafor that all successful candidates should expect to receive their funds within 48 hours.

Speaking via a statement on Monday, Okorafor he said all applicants who have submitted their account details for the COVID-19 Targeted Credit Facility should expect that they would be credited within two days. The loan applicants are small and medium enterprises as well as households that have been hit hard by the COVID-19 pandemic.

He advised that all successful candidates who have not received their funds to visit the NIRSAL Microfinance Bank website and input their account details. He stated that CBN had waived the requirements for the provision of guarantors by households and small and medium enterprises by applying for the facility worth N50bn.

According to Okoroafor, the bank's decision was meant to soothe the concerns of those who had fulfilled all requirements for the loan but were yet to have their accounts credited, particularly as other persons had started receiving credit alerts. He further reiterated that the palliatives should not be taken as grants.

The CBN's spokesman urged eligible households and SMEs to take advantage of the palliative to revive their businesses and also help Nigeria recover from the near-state of recession.

On March 23, the CBN revealed its guidelines for the implementation of the N50bn Targeted Credit Facility as a stimulus package to support households and micro, small and medium businesses that have been hit by the novel coronavirus pandemic.

According to the CBN guidelines, eligible beneficiaries are households with verifiable evidence of livelihood and existing enterprises with valid proof of activities all adversely affected by the pandemic.

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