No Application Processing Fee For Accessing N50 Billion Stimulus Loan, CBN Reiterates

The Central Bank of Nigeria (CBN) has reiterated that it doesn’t charge any fee on COVID-19 loan application.

It said it was false report in social media that loan seekers and owners of small-scale businesses who applied for loans provided to cushion the effects of COVID-19 we’re required to pay a certain amount as application processing fee.

According to CBN Spokesman, Isaac Okorafor in a statement Monday, “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).

“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.”