Nigeria’s Apex bank, the Central Bank Of Nigeria, CBN, has announced a waiver for the provision of guarantors by Households and SMEs applying for its N50bn COVID-19 Targeted Credit Facility
It will be recalled that the Nigeria Incentive-based Risk Sharing System for Agricultural Lending (NIRSAL) Microfinance bank, on May 2nd, on behalf of the Central Bank of Nigeria (CBN), commenced the disbursement of the N50 billion Targeted Credit Facility (TCF) to the beneficiaries.
The facility is a stimulus package which was introduced by CBN, to help mitigate the impact of the coronavirus pandemic on households and MSMEs
The idea was to provide cash flow which has been disrupted by the lockdown occasioned by the pandemic, while the product is intended to provide liquidity for businesses
This initiative was also aimed at normalizing the economy- so hailing businesses and persons who no longer have jobs can find succour
A host of applicants have since been receiving credit alerts.
Thus, the essence of this announcement is to notify all successful applicants under the CBN COVID-19 Targeted Credit Facility whose accounts have not been credited should go to http://nmfb.com.ng and input their account details in any bank of their choice
