Central Bank of Nigeria says all successful applicants who have submitted their account details for the COVID-19 Targeted Credit Facility will be credited within 48 hours.
CBN Director, Corporate Communications, Isaac Okorafor, disclosed this in a statement on Monday.
According to the apex bank, applicants are households and small and medium enterprises hard hit by the Coronavirus pandemic.
Okorafor said all successful applicants whose accounts had yet to be credited should visit the website of NIRSAL Microfinance Bank and input their account details.
He also said “any successful applicant that does not receive a credit alert within 48 hours” should call for resolution.
The CBN spokesman noted that the apex bank had waived the requirements for the provision of guarantors by households and small and medium enterprises applying for the facility worth N50billion.
Okorafor said the bank’s move was meant 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.
He reiterated that the palliatives being disbursed were loans and should not be taken as grants.
The CBN spokesman appealed to eligible households and small businesses to take advantage of the palliative to revive their businesses and contribute to steering Nigeria away from recession.
The apex bank had on March 23 unveiled guidelines for the implementation of the N50billion Targeted Credit Facility as a stimulus package to support households and micro, small and medium enterprises hit by the COVID-19 pandemic.
Based on the CBN guidelines, eligible beneficiaries of the fund are households with verifiable evidence of livelihood, adversely impacted by COVID-19, and existing enterprises with verifiable evidence of activities, adversely affected by the pandemic.