Kayode Adegbola, lead advisor at Golborne Road Advisory and Legal Offices and a beneficiary of the Central Bank of Nigeria (CBN) N50 billion targeted credit facility (TCF), says he has been unable to access information on how to repay the loan.
The N50 billion TCF was created to assist households and small and medium-sized enterprises (SMEs) that were affected by the COVID-19 pandemic.
Funds were disbursed to beneficiaries by the NISRAL Microfinance Bank (NFMB), an entity owned by the Central Bank of Nigeria.
The loans were disbursed at an interest rate of five percent with a moratorium period that lasts till February 28, 2021.
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At the expiration of the moratorium, the interest rate of the facility reverts to nine percent from March 1, 2021.
In a March 23 circular to deposit money banks and the general public, the CBN had said repayments of disbursed loans will be made in instalments.
The apex bank said the instalments will be repaid to the microfinance bank according to the nature of the enterprise and repayment schedule/work plan provided during the application process.
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In a tweet on Thursday, Kayode wrote: “Earlier this year, my business got a federal government loan (via NIRSAL MFB) as a relief for COVID-19. I have been seeking information on how to begin to pay back but been unable to find it”.
https://twitter.com/kayodea/status/1329198620189618176?s=08
The loan amount for SMEs was determined by the activity, cash flow and the industry or segment size of the beneficiary and subject to a maximum of N25 million, while households can access a maximum of N3 million.
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12 comments
I need help…pls.
i applied for the loan but nothing has been done yet
I need to help from the government to get a proper life.
My commend is here am applied for this loan but nothing has been done
Please help me change my incorrect bank account number from 0018416326 to 0018476326 with bvn 22392893457, so that I will be able to get my approved and accepted loan.
Thanks
How i get loan for ten million
Please help me get my own, am really interested
We need help! CBN through NIRSAL microfinance Bank has started disbursing covid19 loans to the applicants for the month of November and December 2020 but some bank hold it, they don’t released the money to the applicants who have received approval for the past four weeks now. Or what are we going to do with approval without the money, pls help us time is not anyone’s friend.
I mistakenly wrote Adams ramat instead of adama ramat and the have approved loan amount of 180,000 I have make on affidavit with my bvn to nirsal is more than a mouth, what can I do pls
I want to repay my loan, but how pls..
How can I pay back the loan please
please, i did not receive the money but i am been ask to pay back. help please