COVID-19 Targetted Credit Facility: Only half of fund disbursed to 316,869 Beneficiaries - Daily Info Update

The Governor of the Central Bank of Nigeria, Mr Godwin Emefiele has stated that  N149.21 billion has been disbursed to 316,869 beneficiaries of the COVID-19 Targetted Credit Facility Loan disbursed by the Nirsal Microfinance Bank (NMFB).

The COVID-19 Targetted Credit Facility Loan is a palliative Loan introduced by the Federal Government in April, 2020  to cushion the effect of the COVID-19 pandemic on Small and Medium Enterprises  (SMEs) which featured the SME and Household Loans and disbursed by the NIRSAL Microfinance Bank at 5% interest rate for the 1st year and 9% interest rate for subsequent years for 3years maximum duration.

In a report contained in The Nation today https://thenationonlineng.net/cbn-doubles-credit-for-households-to-n300b/, the Governor of the apex bank  added that given the resounding success of the programme and its positive impact on output growth, the apex bank had decided to double the fund to N300 billion.

It furthered that "the increase is to accommodate many more beneficiaries and boost consumer expenditure which should positively impact output growth. “given the impact on COVID-19 on key economic variables earlier mentioned, the fiscal and monetary authorities took unprecedented measures to prevent any long-term damage to the growth prospects of our economy."

Mr Emefiele emphasised that the loan disbursements were based on the activity, cash flow, and industry size of the beneficiaries noting that each eligible small business  can receive a maximum of N25 million while qualified households can access a maximum of N3 million each.

He added that there is  one-year extension of the moratorium on principal repayments for CBN intervention facilities and regulatory forbearance was granted to banks to restructure loans given to sectors that were severely affected by the pandemic.

The Apex bank Governor further disclosed that CBN has also disbursed N92.90 billion to 24,702 beneficiaries of Agri- Business/Small and Medium Enterprise Investment Scheme (AGSMEIS)  and N164.91 billion to 954,279 beneficiaries of the Anchor Borrowers Program (ABP).

This presents a bigger hope for the applicants of the program as the Federal Government widens its arms on the owners of Small and Medium Enterprises in Nigeria to subvert the economic downturn posed by the COVID-19 Pandemic.

There is however no on going application for the programme rather, there is on going approval and disbursement to those who had applied in April, May and June, 2020.

The applicants are encouraged to note that there is no short-cut to the approval or disbursement of the loan and should be warry of scammers who may be preying in lure of such assistance. 

The only thing applicants of the scheme can do is to keep waiting for the disbursement, approval SMS or keep checking their status.

To check if your Loan has been approved, 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 bank name and 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 and hope is high.

These will help solve your problems regarding the COVID-19 Targetted Credit Facility Loan:

Post a Comment