CBN waives guarantor requirement for N50 billion COVID-19 loan applications – Nairametrics
The Central Bank of Nigeria (CBN) announced tonight that households and SMEs applying for the N50 billion COVID-19 targeted credit facility would not be required to provide collateral before they can access the credit facility.
This is according to a very brief press release that was posted on Twitter. The statement gave no reason for the waiver.
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CBN waives obligation to provide guarantors by households and SMEs requesting its N50 billion COVID-19 targeted credit facility
– Central Bank of Nigeria (@cenbank) June 8, 2020
All applicants for the 50 billion naira credit facility, who have successfully completed the application processes and submitted their account details, should expect credit alerts within 48 hours. If an applicant does not receive a credit alert 48 hours after submitting their account details, they should contact the CBN by calling 09010026900.
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“All successful applicants for households and SMEs 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 this submission, otherwise they should call 09010026900. “
Successful applicants who have not yet received their loans have been invited to visit here. These applicants have also been advised to submit “their bank details at any bank of their choice.
Recall that the CBN N50 COVID-19 billion targeted credit facility was unveiled by the apex bank in response to the coronavirus pandemic. The credit facility aims to provide financial relief to households and small businesses as they face the economic fallout from the pandemic.
Nairametrics earlier indicated that loan disbursements would be determined depending on the activity, cash flow and industry size of the beneficiaries. Each eligible SME will receive a maximum of N25 million while qualified households will be able to access a maximum of N3 million each.