COVID-19 Targeted Credit : CBN Says Loans Will Be Disbursed 48 Hours After Approval
By Our Correspondent
The Central Bank of Nigeria has said all successful applicants that have submitted their account details for the Coronavirus Targeted Credit Facility should expect to be credited within 48 hours.
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. 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 N50 billion.
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 not grants but loans which must be paid back by borrowers.
