COVID-19: SME’s Loan Applications Attracts No Fee- CBN 

Yemisi Izuora

The Central Bank of Nigeria (CBN) has encouraged Small and Medium business operators to approach NIRSAL Microfinance Bank (NMFB) or CBN offices close to them with their loan applications which is processed free of charge.

The apex bank made the clarifications after it stumbled into 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 (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).” the Bank said.

The CBN therefore advised members of the public, particularly households and owners of small-scale businesses, 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., the Bank said.