Coronavirus loans’ll be disbursed 48 hours after approval – CBN

The Central Bank of Nigeria has said all successful applicants that have submitted their account details for the COVID – 19 Targeted Credit Facility should expect to be credited within 48 hours.

The Director, Corporate Communications of CBN, Isaac Okorafor , disclosed this in a statement on Monday .

The applicants are households and small and medium enterprises hard hit by the COVID – 19 pandemic , according to the CBN,
Okoroafor advised all successful applicants whose accounts had not been credited to visit the website of NIRSAL Microfinance Bank and input their account details .

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

He noted that the CBN had waived the requirements for the provision of guarantors by households and small and medium enterprises applying for the facility worth N 50bn .

Okorafor said the bank ’ s move was meant 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 .

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

The apex bank ’ s spokesman urged 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 N 50bn 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 .

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