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Tuesday, April 14, 2020

CBN says no fee on COVID-19 loan - ITREALMS

The Central Bank of Nigeria (CBN) has debunk some media reports that the bank charges fee on COVID-19 loan application, describing it as false, reports ITREALMS.
 
A statement in Abuja available to ITREALMS and endorsed by the Director, Corporate Communications Department, CBN, Mr Isaac Okorafor, explained that procedures for accessing the N50 billion Targeted Credit Facility (TCF) stimulus package for households and Micro, Small and Medium Enterprises affected by the pandemic were clearly spelt out.

“The attention of CBN has again been drawn to false reports on 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 fees.

“Members of the public, particularly, households and owners of small scale businesses are therefore advised to disregard any message requiring them to pay any amount to process their applications.

“Prospective applicants are advised to approach NIRSAL Micro Finance Bank or the CBN branch nearest to them for clarification on the procedure for accessing any of the bank’s related loans.

“Any observed irregularities should be reported to the Consumer Protection department of the CBN via cpd@cbn.gov.ng or call 07002255226” he stated.
ITREALMS gathered that to access the loan, interested parties for CBN AGSMEIS Loan Form 2020 without collateral, must fulfill certain criteria including getting trained, at least a week compulsory training at a CBN certified Entrepreneurship Development Institute (EDI).

After-which, the application is expected to apply for the loan and from the point of receipt of the funds, there should be some business support services alongside and sales from the investment is expected to generate revenue so as to repay the loan.

Uboshe Uboshe/Editor

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