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CBN warns SMEs not to pay any fee to access its N50 billion stimulus package

Abiola Odutola
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CBN Governor, Godwin Emefiele

The Central Bank of Nigeria (CBN) has warned owners of small-scale businesses and other loan seekers not to pay any amount as application processing fee for the N50 billion Targeted Credit Facility (TCF) stimulus package.

The apex bank disclosed via its Twitter handle on Monday evening. According to CBN, its attention was again drawn to the false reports in the social media circles that loan seekers and owners of SMEs were asked to pay processing fees.

In a statement signed by the Director, Corporate Communications, CBN, Isaac Okorafor, the apex bank explained that the loans are provided to cushion the effects of COVID-19 businesses and would not require any amount to process such facility.

It stated, “For the avoidance of doubt, there are clearly spelt out procedures for accessing the N50 billion TCF stimulus package to support households and Micro, Small and Medium Enterprises (MSMEs) affected by the COVID-19 pandemic, which are disbursed through the NIRSAL Microfinance Bank (NMFB).

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“Members of the public, particularly households and owners of small-scale
businesses, are therefore advised to disregard any message requiring them to
pay any amount to process their applications.

“Prospective applicants are advised to approach NIRSAL 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 cpd@cbn.gov.ng.”

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