COVID-19 Targetted Credit Facility: Joy reigns as Approval and Disbursement continues this week

It has been songs of praises as the approval and disbursement of the laudable and most flamboyant Federal Government intiative, "COVID-19 Targetted Credit Facility" has continued trend from last week till date.

However, some impression needs to be corrected among the Applicants of the Scheme who claim only Abdullahi or Muhammad are being approved and paid. The truth is, even Okeke, Chinedu, Eze, Taiwo, Tunde, have testified to been approved and paid, and most astoundingly, without knowing any politician or any top official of the Government.

With the increased funding of the Scheme from N150 Billion to N300Billion after the apex bank's consideration of the viability of the Scheme, applicants need not be afraid but only make a sacrifice of prayer and patience. The Government has your interest at heart but you may never understand it.

While approval continues this week, Disbursement will continue for those earlier approved, as has been confirmed. Not even a Kobo will you pay to anyone to access this fund but only a sacrifice of patience. 

Recall:

COVID-19 TCF Loan: More approval and disbursement assured as CBN doubles funding

COVID-19 TCF Loan/AGSMEIS: Beware of Fraudsters - NMFB warns

Waiting for approval or Acceptance of your loan offer, there are chances that you may not be sent approval notification, and you are likely to miss your offer if you fail to accept it within 1 week.

Hence, Applicants of the scheme need to keep checking their status by following the method below:

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 for the COVID-19 TCF just as https://nyif.nmfb.com.ng is for Nigeria Youth Investment Fund and https://nirsalmfb.caderp.com/Account/Register for AGSMEIS Loan Scheme.

4. A response will be displayed when you enter your BVN.

(A) 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.

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

(C) 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.

Always note that Approval is done in batches and 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. Just be patient.