No Application Fee For N50bn COVID-19 Loan – CBN

The Central Bank of Nigeria (CBN) has said it does not collect any form of charges on applications for its N50 billion COVID-19 loan facility for small-scale businesses.
The apex bank responded yesterday to social media reports that it was demanding for application processing fees from loan seekers and owners of SMEs to before they can access the facility.
The special loan fund was set up by the bank to help businesses cushion the economic effects of the COVID-19 pandemic in the country.
“For the avoidance of doubt, 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),” CBN spokesman, Isaac Okorafor, said in a statement, yesterday.
Okorafor urged 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 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.
He said that CBN had also provided details for the public to report anybody demanding loan processing charges from them.
“Any observed irregularities should be reported to the Consumer Protection Department of the CBN via or call 07002255226,” Okorafor added.
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