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CBN To Disburse Loans To Small And Medium Enterprises Affected By COVID-19 In 48 Hours

The Director, Corporate Communications of CBN, Isaac Okorafor, on Monday revealed that all successful applicants for the Coronavirus Targeted Credit Facility will be credited within 48 hours.

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The Central Bank of Nigeria, on Monday, revealed that all successful applicants for the Coronavirus Targeted Credit Facility will be credited within 48 hours.

The development was revealed in a statement released by the Director, Corporate Communications of CBN, Isaac Okorafor, on Monday.

According to the CBN, the applicants are households and small and medium enterprises that have been affected by the outbreak of Coronavirus in the country.

Okoroafor called on all successful applicants whose accounts had not been credited to visit the website of NIRSAL Microfinance Bank and input their account details.

He said “any successful applicant that does not receive a credit alert within 48 hours” should call for resolution.

The CBN Director of communications noted that requirements for the provision of guarantors by households and small and medium enterprises applying for the facility worth N50bn have been waved.

He reiterated that the palliatives being disbursed were loans and should not be taken as grants.

Okoroafor called on eligible households and small businesses to take advantage of the palliative to revive their businesses and contribute to steering Nigeria away from recession.

The CBN had on March 23 unveiled guidelines for the implementation of the N50bn Targeted Credit Facility as a stimulus package to support households and micro, small and medium enterprises hit by the COVID-19 pandemic.

Based on the CBN guidelines, eligible beneficiaries of the fund are households with verifiable evidence of livelihood, adversely impacted by COVID-19, and existing enterprises with verifiable evidence of activities, adversely affected by the pandemic.



is an Associate at Naija News. He is a news media enthusiast, he holds a degree in psychology and loves exploring and sharing about the enormous power that lies in the human mind. Email: [email protected], Instagram: adeniyidman

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