COVID-19 Targetted Credit Facility: Approval and Disbursement on going, please be patient

The COVID-19 Targetted Credit Facility has inarguably shaped enterprises recovery from the COVID-19 Pandemic as the smiles of thousands of the beneficiaries catch the eyes of many who wish to apply.

Announcing the increment of the Funding from N150Billion to N300Billion, the Governor of the apex bank, Mr Godwin Emefiele however did not declare any intention of taking in new applicants as many of the April, May and June applicants are yet to be approved, prompting the increment of funding to widen the already trending success stories.

While doubts stare on some applicants whose loans have been approved but yet to be paid and applicants whose loans have not been approved, patience is the only price you can pay as assurance has filled the air already. The truth be told, approval and disbursement is on going and many applicants have continued to testify through their social channels. Yes, there is much hope.

Delivering a report on the impact of the CBN intervation Programs, Mr Emefiele noted that N149.21 Billion has been disbursed to 316,869 Nigerians under the COVID-19 Targetted Credit Facility featuring the Household and SME Loan Schemes.

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).

Are you an applicant yet to be paid or yet to be approved? Do not worry. Just be patient. Payment is on going while approval is not a sole decision of the Nirsal Microfinance Bank -the NFMB sends application to CBN, CBN reviews and approves, gives order to NMFB to disburse the fund. According to CBN, the loan approval/disbursements is based on the activity, cash flow, and industry size of the beneficiaries.

Waiting for approval or Disbursement, you can check your status always.

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.

(A) If it pops-up select Bank Name and Enter Account Number, you had obviously made a mistake during your loan acceptance. You entered your Account Name instead of Bank Name. Just do as required and resubmit.

(B) 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. Avoid mistakes here.

(D) 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.

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