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CBN denies charging fee on COVID-19 loan applications

The Central Bank of Nigeria has said it does not charge any processing fee for applications on COVID-19 loans. The social media had been awash…

The Central Bank of Nigeria has said it does not charge any processing fee for applications on COVID-19 loans.

The social media had been awash with allegations that the CBN charged processing fees to small businesses seeking COVID-19 intervention funds.

The Director, Corporate Communications, CBN, Mr Isaac Okorafor, in a reaction yesterday, stated: “there are clearly spelt out procedures for accessing the N50 billion Targeted Credit Facility stimulus package to support households and micro, small and medium enterprises affected by the COVID-19 pandemic, which are disbursed through the NIRSAL Microfinance Bank.

“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” he said.

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