Successful Applicants for CBN COVID-19 Palliative to access funds  within 48 hours

The Central Bank of Nigeria (CBN) has assured that all successful applicants under its COVID-19 Targeted Credit Facility (TCF) will have their accounts credited within 48hrs.

But it advised the successful applicants whose accounts have not been credited, to visit the website of NIRSAL Micro Finance Bank (www.nmfb.com.ng) and input their account details.

The CBN Director, Corporate Communications Department, Isaac Okorafor, who gave the assurances in a statement urged all successful household and SME applicants that have submitted their account details for the facility, but do does not receive a credit alert within 48 hours to call mobile number: 09010026900 for resolution.

Okorafor also disclosed that the CBN has 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.

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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.