Nigeria: CBN Waives Guarantor Requirement for N50 Billion COVID-19 Loan

Naira (file photo).
9 June 2020

The Central Bank of Nigeria (CBN) has announced that households and Small and Medium Scale Enterprises, SMEs applying for the N50 billion COVID-19 Targeted Credit Facility would not be required to provide guarantors before they can access the credit facility.

According to a brief press statement that was posted on the CBN Twitter, "All applicants to the N50 billion credit facilities, who have successfully completed the application processes and submitted their account details, should expect credit alerts 48 hours afterwards". The statement added, "If an applicant does not receive credit alert after 48 hours of submitting their account details, such an applicant should contact the CBN by calling 09010026900.

"All successful Household and SME applicants who have submitted their account details for the CBN N50bn COVID-19 Targeted Credit Facility should expect their accounts to be credited within 48 hours of such submission, otherwise they should call 09010026900.

"Successful applicants who are yet to receive their loans have been advised to visit here. Such applicants were also informed to submit their account details in any bank of their choice" the statement reads.

It will be recalled that the apex bank had announced special funding for small businesses on March 16, 2020.

Emefiele had stated: "The CBN hereby establishes a facility through NIRSAL Micro Finance Bank to the sum of N50 billion for households and Micro, Small and Medium Enterprises that have been particularly hit by COVID-19, including but not limited to hoteliers, airlines providers, healthcare merchants and others."

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