WARNING: No Charges to Process NISRAL Microfinance Loan Requests

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WARNING: No Charges to Process NISRAL Microfinance Loan Requests – The Central Bank of Nigeria (CBN) has denied reports that it was charging fees to process loan requests from Nigerians amid the dreaded coronavirus (COVID-19) pandemic – See how to apply here!

Recall that the apex bank had recently set up a N50 billion credit facility for owners of small-scale businesses to apply for loans to cushion the effects of the COVID-19.

Reacting to media reports that the CBN was taking charges, Isaac Okorafor, Director, Corporate Communications of the apex bank said the report was not true.

“For the avoidance of doubt, there are clearly spelt out procedures for accessing the N50 billion Targeted Credit Facility (TCP) stimulus package to support households and micro, small and medium enterprises (MSMEs) affected by the COVID-19 pandemic, which are disbursed through the NISRAL Microfinance Bank (NMFB),” he said.

Loan in Nigeria
WARNING: CBN will not Charge Fees to Process Loan Requests

He called on members of the public, particularly households and owners of small-scale businesses, to disregard any message requiring them to pay any amount to process their applications.

“Prospective applicants are advised to approach NISRAL 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 should be reported to the Consumer Protection Department of the CBN via [email protected] or call 07002255226,” the CBN added.

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