Successful applicants of the Central Bank of Nigeria (CBN) COVID-19 Targeted Credit Facility (TCF), who are yet to receive the loans will have their acounts credited within 48 hours. The CBN Director, Corporate Communications Department, Isaac Okorafor, gave the assurance in Abuja, this evening. He advised any successful applicant that does not receive a credit alert within 48 hourd to contact the NIRSAL Microfiance Bank, administrators of the facilities.
Mr Okorafor also revealed that the CBN had waived the requirement for the provision of guarantors by households and small and medium enterprises (SMEs) applying for its N50 billion COVID-19 Targeted Credit Facility. According to him, the Bank’s move was to assuage the concerns of those who had fulfilled all requirements for the loan but were yet to have their accounts credited, particularly as other persons had begun to receive credit alerts. Mr Okorafor reiterated that palliative being disbursed were loans and should not be taken as grants. He, therefore, urged eligible households and small businesses to take advantage of the palliative to revive their businesses and contribute to steering Nigeria away from recession. The CBN had on March 23, this year announced guidelines for the implementation of the N50bn Targeted Credit Facility as a stimulus package to support households and micro, small and medium enterprises affected by the COVID-19 pandemic. Those eligible 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, which has left many businesses battered in the last three months.