CBN waives collateral for COVID -19 loans

The Central Bank of Nigeria, CBN, has waived the provision of guarantors for households and SMEs as  a requirement to access its N50 billion COVID-19 credit facility.

The brief announcement, which was posted on the apex bank’s Twitter wall, did not give any reason for the waiver.

‘‘All applicants for the N50 billion credit facility, who have successfully completed the application processes and submitted their account details, should expect credit alerts 48 hours afterwards.

‘‘If an applicant does not receive credit alert after 48 hours of submitting their account details, such an applicant should contact the CBN by calling 09010026900. Successful applicants, who are yet to receive their loans have been advised to submit “their account details in any bank of their choice.”

It would be recalled that the CBN N50 COVID-19 billion Targeted Credit Facility was unveiled by the apex bank in response to the coronavirus pandemic.

The credit facility is aimed at providing financial relief to households and small businesses as they cope with the economic fallouts of the pandemic.

The loan disbursements would be determined based on the activity, cashflow, and industry size of the beneficiaries.

Each eligible SME will receive a maximum of N25 million, while qualified households can access a maximum of N3 million each.

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