CBN Waives Guarantor Requirement For N50bn Covid-19 Loan

The CBN’s stimulus package is a N50 billion loan made available to support households and Micro, Small and Medium Enterprises that have been affected by the COVID-19 pandemic.

The Central Bank of Nigeria (CBN) announced that households and SMEs applying for the N50 billion COVID-19 Targeted Credit Facility would not be required to provide guarantors before the can access they can access the credit facility.

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“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,” a statement by Isaac Okorafor (pictured), CBN director of corporate communications, read.

It added that successful applicants who are yet to receive their loans have been advised to visit NIRSAL Microfinance Bank (MFB) online portal and input “their account details in any bank of their choice.

It noted that these palliatives being disbursed by CBN to households and SMEs are loans and should not be taken as grants.

Okorafor urged eligible households and small businesses who meet the guidelines to take advantage of the palliative to revive their businesses and contribute to steering Nigeria away from recession.

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The loan intervention is designated to end by December 31, 2024.

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