April 13, 2020
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The Central Bank of Nigeria (CBN) on Monday said application for COVID-19 loan applications are free.

In a statement signed by its Director of corporate Communications, Isaac Okorafor, CBN said it had receivedreports in the social media circles that loan seekers and owners of small-scale businesses who apply for loans provided to cushion the effects of COVID-19 are required to pay a certain amount as application processing fee.

“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).

“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 statement said.

It urged 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.

It also advised members of the public to report any observed irregularities to its Consumer Protection Department.

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