Beneficiaries of the COVID-19 Targeted Credit Facility (TCF) of the Central Bank of Nigeria being disbursed through the NIRSAL Micro Finance Bank have commended the apex bank as they testified to the promptness at which the fund reached their accounts.
The CBN had last week announced that applicants for the intervention fund which is a stimulus package to support households and micro, small and medium enterprises affected by the COVID-19 pandemic whose applications were had been approved would get the funds within 48 hours.
One of the beneficiaries, Micheal Chibuzo @green_rebel234, on his twitter handle had written “Folks this CBN Covid-19 Targeted facility is real. Within 48 hours you can get your loan credited to your account if our application was successful.” He confirmed that he had gotten the funds 48 hours after he accepted the approved offer and sent his BVN and account details.
Another applicant Ekumeku @dan_oibe, stated “it is very real. I applied and got approval text message yesterday to update my BVN. I was granted an offer which I accepted and am waiting for the disbursement now. The good thing is, the interest charged is only five per cent.”
Simon Iorgba @simoniroba wrote “you are right bro. I just received N450,000. I am so elated. It will support my piggery business in no small measure. Bye-bye to poverty.” Many others had also confirmed that they had been credited 48 hours after their application was approved.
The CBN had advised successful applicants whose accounts have not been credited to visit the website of NIRSAL Micro Finance Bank and input their account details. CBN director, Corporate Communications Department, Isaac Okorafor, who assured that all successful household and SME applicants that have submitted their account details for the facility, should expect to be credited within 48 hours.
Okorafor revealed that the CBN had waived the requirement for the provision of guarantors by households and small and medium enterprises (SMEs) applying for its N50 billion COVID-19 Targeted Credit Facility.
According to him, the move was to assuage the concerns of those who had fulfilled all requirements for the loan but were yet to have their accounts credited, particularly as other persons had begun to receive credit alerts.
Meanwhile, Okorafor reiterated that palliative being disbursed were loans and should not be taken as grants. He therefore urged eligible households and small businesses to take advantage of the palliative to revive their businesses and contribute to steering Nigeria away from recession.
It will be recalled that the CBN on March 23, 2020, unveiled guidelines for the implementation of the N50bn Targeted Credit Facility. Based on the CBN guidelines, those eligible beneficiaries of the fund are households with verifiable evidence of livelihood adversely impacted by COVID-19 and existing enterprises with verifiable evidence of activities adversely affected as a result of the COVID-19 pandemic.