CBN Says No Fee on COVID-19 Loan Applications

The Central Bank of Nigeria (CBN) has reacted to reports in the social media circles that loan seekers and owners of small-scale businesses who apply for loans provided to cushion the effects of COVID-19 are required to pay a certain amount as application processing fee.

This is just as the Bank stressed that, there are clearly spelt out procedures for accessing the N50 billion Targeted Credit Facility (TCF) stimulus package to support households and micro, small and medium enterprises (MSMEs) affected by the COVID-19 pandemic, which are disbursed through the NIRSAL Microfinance Bank (NMFB).

In a statement on Monday, The Director Corporate Communications, Mr Isaac Okorafor, advised members of the public, particularly households and owners of small-scale businesses, to disregard any message requiring them to pay any amount to process their applications.

He also advised prospective applicants to approach NIRSAL Microfinance Bank or the CBN branch nearest to them for clarification on the procedure for accessing any of the CBN-related loans, and report any observed irregularities to the Consumer Protection Department of the CBN via or call 07002255226.

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