CBN Waives Guarantor Requirement For COVID-19 Loan Applications

The Central Bank of Nigeria (CBN) says Households and Small & Medium-sized Enterprises applying for the bank’s COVID-19 N50 billion Targeted Credit Facility would no longer be required to provide guarantors to access the facility.

It made the disclosure via a tweet on its verified Twitter handle Monday evening.

The apex bank also announced that all successful applicants who submitted their account details for the bank’s credit facility should expect to be credited within 48 hours of submission.

The CBN asked the successful household and SMEs’ applicants to call 09010026900.


“All successful Household and SME applicants who have submitted their account details for the CBN N50 Targeted Credit Facility should expect their accounts to be credited within 48 hours of such submission, otherwise they should call 09010026900,” it tweeted.

It advised all successful applicants whose accounts had not been credited to visit the website of NIRSAL Microfinance Bank and input their account details.

Recall that the apex bank had on March 23, 2020, unveiled guidelines for the implementation of the N50bn Targeted Credit Facility as a stimulus package to support households and micro, small and medium enterprises hit by the COVID-19 pandemic.

Based on the CBN guidelines, eligible beneficiaries of the fund are households with verifiable evidence of livelihood, adversely impacted by COVID-19, and existing enterprises with verifiable evidence of activities, adversely affected by the pandemic.


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