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.

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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.”