The Central Bank of Nigeria (CBN), on Monday, described as false, social media reports that potential beneficiaries of its N50bn Targeted Credit Facility (TCF) stimulus package to support households and micro, small and medium enterprises (MSMEs) are required to pay a certain amount as application processing fee.
The facility, with a 5% interest per annum was unveiled by the apex bank for MSMEs loan seekers and owners of small-scale businesses which are the most vulnerable, to cushion the effects of the Coronavirus (COVID-19) pandemic.
For the avoidance of doubt, the CBN said procedures for accessing the N50bn, which are disbursed through the NIRSAL Microfinance Bank (NMFB), are already clearly spelled out.
“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,” the statement by Isaac Okorafor, Director, Corporate Communications stressed.
Prospective applicants, he advised, should “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, it added, should be reported to the CBN’s Consumer Protection Department via cpd@cbn.gov.ng (READ MORE).