CBN Introduces Targeted Credit Facility for COVID-19

April 1, 2020
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The Central Bank of Nigeria (CBN) introduces a stimulus package to support households and Micro, Small and Medium Enterprises (MSMEs) affected by the COVID-19 pandemic

Concept of Targeted Credit Facility (TCF)

The Coronavirus Disease (COVID-19) pandemic has led to unprecedented disruptions to global supply chains, sharp drop in global crude oil prices, turmoil in global stock and financial markets, massive cancellation of sporting and entertainment event, the lockdown of large swaths movements of persons in many countries, and intercontinental travel bans/restrictions across critical air routes across the world.

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These outcomes have had severe consequences on households’ livelihoods and business activities, resulting from a drop in global demand, declined consumer confidence and slowdown in production.

In this respect, the Central Bank of Nigeria (CBN) introduced the N50 billion Targeted Credit Facility (TCF) as a stimulus package to support households and Micro, Small and Medium Enterprises (MSMEs) affected by the COVID-19 pandemic.

Who Is Eligible?
(1) Households
Households with verifiable evidence of livelihood adversely impacted by COVID-19

(2) MSMEs
Existing enterprises with verifiable evidence of business activities adversely affected as a result of the COVID-19 pandemic

(3) Corporate Enterprises
Enterprises with bankable plans to take advantage of opportunities arising from the COVID-19 pandemic

How It Works

STEP 1
Submit An Application
The process is easy. You can begin on your phone, your tablet or your laptop.

Submit applications directly to NIRSAL Microfinance Bank (NMFB) with clear evidence of the opportunity or adverse impact as a result of the COVID-19 pandemic.

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STEP 2
Approval
CBN reviews your application and forward the application to the CBN for final approval.

STEP 3
Disbursement
CBN reviews applications and gives final approval for disbursement to NMFB

Here’s the status of the National Social Registry (NSR) as at 31st March 2020.

Nigeria Government through the federal ministry of Humanitarian Disaster and social Development is strategically targeting poor and vulnerable Nigerians using the NSR with palliatives to lesson the impact of measures taken to curb #COVID19Nigeria

National Social Safety Nets Coordinating Office

COVID-19 Relief Fund:

You can access the CBN COVID-19 relief fund (up to N3 Million for households or N25 Million for businesses),

Here is the link to apply for COVID-19 related relief. For households, MSMEs hardest hit by the adverse impact of the pandemic. Please share.

https://t.co/fW0YzStWFq



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