The Central Bank of Nigeria (CBN) has said the bank does not charge any fee on COVID-19 loan application as claimed in false reports circulated on social media. The CBN’s Director, Corporate Communications Department, Mr Isaac Okorafor said this in a statement.
“The attention of CBN has again been drawn to false reports on the social media circles, that loan seeker 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 fees,’’ the startup reads
“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.
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“Prospective applicants are advised to approach NIRSAL Micro Finance Bank or the CBN branch nearest to them for clarification on the procedure for accessing any of the bank’s related loans.
“Any observed irregularities should be reported to the Consumer Protection department of the CBN via cpd@cbn.gov.ng or call 07002255226” he stated.
How To Access Nigeria’s Central Bank’s $139 million COVID-19 Credit Facility
Late March, 2020 Nigeria ’s Central Bank disclosed the guidelines that must be followed by individuals and companies to access the N50billion ($139 million) targeted loan facility for households and Small and Medium Enterprises that are badly hit by COVID-19.
The scheme would be financed from the Micro, Small and Medium Enterprises Development Fund and the eligible participating financial institution for the Scheme would be NIRSAL Microfinance Bank, the circular reads in part.
Click here to find out how you may go about securing loan under the scheme.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer.