CBN COVID-19 Palliative: Successful Applicants To Get Credit Within 48hours

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The Central Bank of Nigeria (CBN) has advised all successful applicants under the Bank’s COVID-19 Targeted Credit Facility (TCF), whose accounts have not been credited, to visit the website of NIRSAL Micro Finance Bank (www.nmfb.com.ng) and input their account details.

This was disclosed in Abuja on Monday, June 8, 2020, by the CBN Director, Corporate Communications Department, Isaac Okorafor, who assured that all successful household and SME applicants that have submitted their account details for the facility, should expect to be credited within 48 hours.

He, however, urged any successful applicant that does not receive a credit alert within 48 hours to call mobile number: 09010026900 for resolution.

Mr. Okorafor also revealed that the CBN had waived the requirement for the provision of guarantors by households and small and medium enterprises (SMEs) applying for its N50 billion COVID-19 Targeted Credit Facility.

According to him, the Bank’s move was to assuage 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 begun to receive credit alerts.

Meanwhile, Okorafor reiterated that palliative being disbursed were loans and should not be taken as grants. He therefore urged eligible households and small businesses to take advantage of the palliative to revive their businesses and contribute to steering Nigeria away from recession.

It will be recalled that the CBN on March 23, 2020, unveiled guidelines for the implementation of the N50bn Targeted Credit Facility as a stimulus package to support households and micro, small and medium enterprises affected by the COVID-19 pandemic.

Based on the CBN guidelines, those 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 as a result of the COVID-19 pandemic.

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