CBN waives guarantor requirement for N50bn COVID-19 loan applicants

The Central Bank of Nigeria (CBN) has waived the requirement of providing guarantors while applying for its N50 billion COVID-19 targeted credit facility (TCF).

The apex bank introduced the N50 billion TCF to help households and MSMEs whose economic activities were significantly disrupted by the COVID-19 pandemic.

CBN waives the requirement for the provision of guarantors by Households and SMEs applying for its N50bn COVID-19 Targeted Credit Facility

— Central Bank of Nigeria (@cenbank) June 8, 2020

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“All successful household and SME applicants who have submitted their account details for the CBN N50bn COVID-19 targeted credit facility should expect their accounts to be credited within 48 hours of such submission,” a statement by Isaac Okorafor (pictured), CBN director of corporate communications, read.

It added that all successful applicants under the CBN COVID-19 TCF whose accounts have not been credited should go to NIRSAL Microfinance Bank (MFB) online portal and input their account details in any bank of their choice.

It noted that these palliatives being disbursed by CBN to households and SMEs are loans and should not be taken as grants.

Okorafor urged eligible households and small businesses who meet the guidelines to take advantage of the palliative to revive their businesses and contribute to steering Nigeria away from recession.

The loan intervention is designated to end by December 31, 2024.