No processing fee for accessing COVID-19 N50bn facility, says CBN

Isola Moses | ConsumerConnect

Sequel to the launch of a N50 billion Targeted Credit Facility (TCF) stimulus package to support households and Micro, Small and Medium Enterprises (MSMEs) affected by the Coronavirus (COVID-19) pandemic in the country, the Central Bank of Nigeria (CBN) says it does not charge applicants any fee for processing the COVID-19 loans.

Mr. Isaac Okorafor, Director, Corporate Communications Department of CBN, in a statement Monday, April 13 said: “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.”

The CBN made the clarification in reaction to “false reports” on the social media that applicants were required to pay a “certain amount as application processing” for the loans that are disbursed through the NIRSAL Microfinance Bank (NMFB).

Okorafor further stated that “prospective applicants are advised 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.

“Any observed irregularities should be reported to the Consumer Protection Department of the CBN via cpd@cbn.gov.ng or call 07002255226,” the CBN Director of Corporate Communications said in the statement.