N50 billion COVID-19 loan: How to repay your CBN/NIRSAL loan

Following the announcement it made last week calling for the refund of loans obtained by Nigerians, NIRSAL Microfinance Bank has disclosed the loan repayment guidelines.

While some Nigerians believe that the repayment announcement came sooner than expected, the financial institution is bent on the refund move, as it is reaching out to the beneficiaries via its social media handles.

The repayment guideline was announced by NIRSAL via its Instagram page.

According to the disclosure, the beneficiaries are expected to visit any NIRSAL MFB branches to obtain a repayment form, as its officials will provide further guidance.

Read: N50 billion COVID-19 loan: NIRSAL calls for repayment

Steps to loan repayment

• Visit any nearby NIRSAL MOB branches to obtain a repayment loan form
• Ensure your loan account is always funded
• Ensure that your account number has been previously shared in your mobile number
• View your offer letter on www.covid19.nmfb.com.ng

How some beneficiaries reacted to the call for loan repayment

Following NIRSAL’s tweet requesting for the repayment of the loans, Twitter users have expressed mixed feelings, an indication that the financial institution may have a problem getting back most of the loans, according to Nairametrics.

A Twitter user, Abdulrasheed Ibrahim with the handle, @Abdulra19898072 made some claims that are hard to verify but his comment had the most interactions. He said, “@cenbank  I don’t think many people have the means of paying, coz those that want to do business were not the ones given the loan, rather, some of your staff collected % from individual and randomly disbursing to those that will buy iPhones.”

Read: How to know if your NIRSAL COVID-19 loan is approved

Daniel Duke with handle @DanielDuke TOT took a more economical view of the situation saying, “Don’t worry, they are expecting repayments from the Grants that would be disbursed shortly. It’s a way to mop up excess cash that will be pumped into circulation through the  Grant payments. CBN’s plan to reduce inflation.”

Some lamented that they have not fully recovered from the pandemic. Stanleyoke with handle @OkerekeStanley3 “Covid-19 variance is still here with Us, the Economy is worst every day. There is no improvement and you are here talking about repayment. Can you please go to the market and check the prices of Food?”

Some Twitter users however took hilarious positions as regards the repayment of the loans. A user with the handle, @alkanetonline said, “I need another loan to repay the previous loan.” Another user joined him in lamenting that she has no idea where she’s going to get the money to pay back the loan.