COVID-19 TCF Loan: More approval assured as CBN doubles funding - Daily Info Update

The Governor of the Central Bank of Nigeria, Mr Godwin Emefiele, had on Tuesday after the Monetary Policy Committee (MPC) meeting in Abuja told reporters the bank would raise its COVID-19 Targeted Credit Facility from N150 billion to N300 billion in order to accommodate more Nigerians in a bid to cushion the impact of the pandemic that has pushed the nation’s economy into its second recession in five years.

This is the second time the funding for the COVID-19 Targetted Credit Facility is being increased -initially from N100 Billion to N150 Billion and now N300 Billion.

Emefiele noted that increasing the Targeted Credit Facility will, by boosting consumer spending, stimulate output and ensure that all the six geopolitical zones benefitted from the palliative, adding that the Monetry Policy Committe (MPC) have been briefed on how impactful the COVID-19 Targetted Credit Facility has been and they are committed to doing more.

"We have been told that we have to increase it not just from the N140 billion to N150 billion that it is now, but increase it to about N250 billion to N300 billion to accommodate more people that have not accessed this facility.

“But we do insist that this must be done in a way that it goes round because we found out that some zones are more represented in the country than others.

“But understand that a zone like North-central, where we have predominantly Abuja, or South-west, where you have predominantly Lagos, would certainly have a larger share.

“The important thing is that we want to use this as an opportunity to see what can be done to boost consumer spending for our people and also see to it that output is stimulated positively for the good of our people," Emefiele stated.

The new development adds a positive vibe to numerous applicants of the Programme who had lamented inability to access the soft Loan.

To check the status of your application as your Loan can be approved without text notification, follow this method:

1. Open https://covid19.nmfb.com.ng

2. When it loads, select the type of Loan you applied for. Either SME or Household

3. Enter your BVN. Do not worry, the website is safe. That's the official website of Nirsal Microfinance Bank.

4. A response will be displayed. 

If it says your Loan has been approved, it will load your details asking you to accept your Loan offer. Proceed to complete the process and enter your account number.

If it says 'Your loan has not been approved, check back later, kindly check back later as they said.

If it however displays "BVN does not exist", do not panic. Just keep checking back from time to time as approval is on going.    

                                                 Read also:

• COVID-19 Targetted Credit Facility: Solutions to problems associated with accessing the Loan

• COVID-19 Targetted Credit Facility: Why you may miss the TCF Loan |a must read