No Fee Charged On COVID-19 Loan Applications: CBN

The Central Bank of Nigeria (CBN) has come out to clarify that it does not charge any fee for processing COVID-19 loan applications.

The Director of Corporate Communications Department of the CBN, Isaac Okorafor, made this known in a fresh statement.

He explained that the loan follows the launch of a N50 billion Targeted Credit Facility (TCF) stimulus package to support households and micro, small and medium enterprises (MSMEs) affected by the coronavirus pandemic.

Also Read: SERAP Asks FG, CBN To Provide Spending Details On COVID-19 Relief Funds

The loans are disbursed through the NIRSAL Microfinance Bank (NMFB)

The CBN made the clarification in reaction to “false reports” on social media that applicants were required to pay a “certain amount as application processing.”

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