Expect COVID-19 loans 48 hours after approval – CBN

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By Usman Sulyman

The Central Bank of Nigeria (CBN) has said all applicants that have submitted their account details for the COVID-19 targeted credit facility and successfully got approval would be paid 48 hours after.

Mr Isaac Okorafor, Director, Corporate Communications of the CBN, disclosed this in a statement on Monday, 15, June 2020.

The applicants are small, medium and large scale enterprises owners badly hit by the COVID-19 pandemic, according to the CBN.

Okorafor told all successful applicants whose accounts had not been credited with the COVID-19 loans to visit the website of NIRSAL Microfinance Bank and input their account details.

He said, “Any successful applicant that does not receive a credit alert within 48 hours should call for resolution.

He also stated that the CBN had waived the requirements for the provision of guarantors by households, small, medium and large scale enterprises applying for the facility worth N50bn.

Okorafor said the bank ’s move was meant to tackle 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 clarified that the palliatives being distributed were loans and should not be taken as grants. The Nigerian apex bank’s spokesman urged eligible households and small businesses to take advantage of the palliatives to revive their businesses and contribute to steering Nigeria away from recession and political instability.

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