CBN Commence Disbursement of N50 Billion COVID-19 Targeted Credit Facility

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CBN Commence Disbursement of N50 Billion COVID-19 Targeted Credit Facility

Central Bank of Nigeria (CBN) Monday assured all successful households and small and medium scale enterprises (SME) applicants that have submitted their account details for its N50 billion COVID-19 Targeted Credit Facility (TCF) that they would be credited within 48 hours.

“All successful Household and SME applicants who have submitted their account details for the CBN N50bn COVID-19 Targeted Credit Facility should expect their accounts to be credited within 48 hours of such submission, otherwise they should call 09010026900.

“All successful applicants under the CBN COVID-19 Targeted Credit Facility whose accounts have not been credited should go to https://t.co/fHLYQb9ok1 and input their account details in any bank of their choice.

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“CBN waives the requirement for the provision of guarantors by Households and SMEs applying for its N50bn COVID-19 Targeted Credit Facility,” said CBN, in a statement by its Director of Corporate Communications, Isaac Okoroafor.

CBN had in March unveiled guidelines for the implementation of the N50 billion 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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It would be recalled that NIRSAL Microfinance Bank, on behalf of CBN, last month commenced the disbursement of the fund to beneficiaries.

Speaking on the development, the Managing Director of NIRSAL Microfinance Bank, Abubakar Kure, said: “The facility is available for service providers in the health sector, trading, households and all those businesses that have been affected by the COVID-19 pandemic. The idea is to provide cash flow which has been disrupted by the lockdown occasioned by the pandemic. The product is intended to provide liquidity for businesses.

“This initiative is to provide liquidity and allow the economy to normalise. Businesses are hurt. People are hurt. People are no longer staying on jobs.

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“By the end of today (June 9), applicants should be able to receive alerts. The idea is to launch the products so that people will know that we have started disbursement.”

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CBN Commence Disbursement of N50 Billion COVID-19 Targeted Credit Facility
CBN Commence Disbursement of N50 Billion COVID-19 Targeted Credit Facility
CBN Commence Disbursement of N50 Billion COVID-19 Targeted Credit Facility
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