The Central Bank of Nigeria (CBN) introduced stimulus packages of N50 billion to support households and micro, small and medium enterprises (MSMEs) affected by the COVID-19 pandemic.
The objective is to allow firms to remain afloat, ensure that people stay employed as well as to mitigate the negative impact of COVID-19 on the economy
Mr Abubakar Kure, the Managing Director, NIRSAL Microfinance Bank, said 80,000 applications had been received from households and MSMEs, and that 40,000 of the applicants were households, adding that the microfinance bank was already processing the applications with disbursements billed to commence next week.
Mr Abubakar Kure, also said that the submission of a business plan is no longer a mandatory requirement to benefit from the loan and CBN does not charge application fees.
Kure noted that in order to stem further controversy over alleged payment of fees to access the fund, NMFB had resolved that business plan would no longer be a mandatory requirement, while the third party provision of a business plan is no longer compulsory.
“We assure Nigerians of adhering to the guidelines as laid down by the Central Bank of Nigeria and NIRSAL Micro Finance Bank welcomes statement applications from credible businesses and households to mitigate the effects of COVID-19 and consequently continue to accept the business plans people submit independently.”
Mr. Isaac Okoroafor, CBN Director, Corporate Communications, said the apex bank was not charging any extra apart from the maximum nine per cent interest, which encompasses all charges.
He stated that the process was being ramped up to enable people to access the facility quickly and appealed for patience and support to ensure the success of the programme.
