Beneficiaries of CBN COVID-19 loans to receive funds 48 hours after approval.

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Successful applicants, who meet the preconditions for the Central Bank of Nigeria’s (CBN) COVID-19 Targeted Credit Facility, will be in receipt of their funds 48 hours after scaling the approval hurdle.

Isaac Okorafor, Director of Corporate Communications at CBN, made the revelation in a statement on Monday, adding that eligible applicants, who are yet to have their accounts credited, should endeavour to visit the website of the facilitator, NIRSAL Microfinance Bank, to supply their account details.

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The CBN in April had in April commenced the disbursement of the N50 billion intervention fund targeting households and Micro, Small and Medium Enterprises (MSMEs) adversely affected by the coronavirus pandemic with 3,256 beneficiaries making the first phase.

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“Any successful applicant that does not receive a credit alert within 48 hours” should ask for resolution, Mr Okorafor said.

He affirmed that the apex bank had set aside the initial condition demanding provision of guarantors by households and MSMEs seeking the facility in order to make the application process easier for those who had met all the requirements but were yet to receive the money.

The CBN spokesman stated that palliatives were intended as loans and should not be regarded as grants, further saying that households and entrepreneurs should leverage the facility to revitalise their businesses and contribute to steering the country away from recession.

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