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N50bn loan: CBN waives guarantor requirement for SMEs, households

The Central Bank of Nigeria (CBN) has waved the guarantor requirement on the N50bn COVID-19 intervention fund for SMEs and households. The CBN in a…

The Central Bank of Nigeria (CBN) has waved the guarantor requirement on the N50bn COVID-19 intervention fund for SMEs and households.

The CBN in a tweet on its official twitter handle announced: “CBN waives the requirement for the provision of guarantors by Households and SMEs applying for its N50bn COVID-19 Targeted Credit Facility.”

The CBN also announced that all successful applicants under the CBN COVID-19 Targeted Credit Facility whose accounts had not been credited should go to NIRSAL MFB online portal  and input their account details in any bank of their choice.

The apex bank also said “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” adding that if that doesn’t happen, they should call the facility hotline.

It would be recalled that the CBN had announced that under the first batch of disbursements 10.9bn had been approved to 14,331 beneficiaries under the N50bn facility, out of which N4.1billion has been disbursed to 5,868 successful beneficiaries.

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