By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has said applicants for its N50 billion COVID-19 Targeted Credit Facility will not be asked to produce guarantors as one of the conditions.
The apex bank made this disclosure on Monday evening via its official Twitter account – @cenbank.
The N50 billion COVID-19 Targeted Credit Facility was designed to assist households and SMEs to get funds.
“CBN waives the requirement for the provision of guarantors by Households and SMEs applying for its N50bn COVID-19 Targeted Credit Facility,” the tweet noted.
However, a reason for this was not provided by the Nigerian apex bank. It is believed that this will speed up the disbursement process.
According to the CBN, all applicants to 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, the nation’s chief lender said.
“All successful Household and SME applicants who have submitted their account details for the CBN N50 billion COVID-19 Targeted Credit Facility should expect their accounts to be credited within 48 hours of such submission, otherwise they should call 09010026900.” the bank also wrote in a separate tweet.
The CBN also said successful applicants under the CBN COVID-19 Targeted Credit Facility whose accounts have not been credited should go to https://t.co/fHLYQb9ok1 and input their account details in any bank of their choice.
The CBN N50 billion COVID-19 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.
Modupe Gbadeyanka