No Processing Fee Required For COVID-19 Loans, Clarifies CBN

The Central Bank of Nigeria (CBN) on Monday said it does not charge any fee for processing COVID-19 loan applications.

This follows 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 pandemic.

The loans are disbursed through the NIRSAL Microfinance Bank (NMFB)

The CBN made the clarification in reaction to “false reports” on social media that applicants were required to pay a “certain amount as application processing.”

Its spokesman, Isaac Okorafor, said in a statement 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.”

“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,” Okorafor added.

Read the full statement below:

CBN Does Not Charge Any Fee on COVID-19 Loan Applications

The attention of the Central Bank of Nigeria (CBN) has again been drawn to false reports 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 (TCP) stimulus package to support households and micro, small and medium enterprises (MSMEs) affected by the COVID-19 pandemic, which are disbursed through the NISRAL 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.

Prospective applicants are advised to approach NISRAL 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.

Isaac Okorafor

Director, Corporate Communications

April 13, 2020.