No Application Fee for N50bn COVID-19 Loan

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No Application Fee for N50bn COVID-19 Loan – CBN

By AdvocateNews on 14/04/2020

The Central Bank of Nigeria (CBN) has said it does not collect any form of charges on applications for its N50 billion COVID-19 loan facility for small-scale businesses.

The apex bank responded Monday to social media reports that it was demanding for application processing fees from loan seekers and owners of SMEs before they can access the facility.

The special loan fund was set up by the bank to help businesses cushion the economic effects of the COVID-19 pandemic in the country.

The statement by CBN spokesman, Isaac Okorafor: “The attention of the Central Bank of Nigeria (CBN) has again been drawn to false reports in the social media circles that loan seekers and owners of small-scale businesses who apply for loans provided to cushion the effects of COVID-19 are required to pay a certain amount as application processing fee.

“For the avoidance of doubt, there are clearly spelt out procedures for accessing the N50 billion Targeted Credit Facility (TCF) stimulus package to support households and micro, small and medium enterprises (MSMEs) affected by the COVID-19 pandemic, which are disbursed through the NIRSAL Microfinance Bank (NMFB).

“Members of the public, particularly households and owners of small-scale businesses, are therefore advised to disregard any message requiring them to pay any amount to process their applications.

“Prospective applicants are advised to approach NIRSAL Microfinance Bank or the CBN branch nearest to them for clarification on the procedure for accessing any of the CBN-related loans. Any observed irregularities should be reported to the Consumer Protection Department of the CBN via cpd@cbn.gov.ng or call 07002255226.”

Posted 14/04/2020 04:34:59 AM

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