Allocation of the Central Bank of Nigeria’s, CBN N50bn intervention fund is now ongoing at NIRSAL microfinance bank.
3,256 individuals and small businesses will be benefitting from the intervention according to Abubakar Kure, NIRSAL managing director.
More applications for the N50bn CBN are expected in the coming weeks with over 80, 000 applications received so far. However, qualification follows the CBN guidelines. Households, enterprises who evidently prove that COVID-19 has affected their livelihood and activities will be selected.
The fund is a temporary relief and beneficiaries are urged to pay back.
NIRSAL managing director also noted that transparency is paramount while making the fund accessible to all. In his words, liquidity and cash flow for businesses are necessary to cut down the effects of COVID-19 pandemic. It is also to help aid the normalcy of the economy.
According to a warning by CBN, the application and processing require no fees, the process is free at NIRSAL MFB.
Kure alerted the public that disbursement has commenced on Thursday with the first batch of beneficiaries to be credited at the end of the day. The amount is unknown to the public and more disbursements will follow until all beneficiaries are credited in the next weeks.
Application is still open and more people are urged to apply.
The N50bn Targeted Credit Facility is a stimulus package from CBN to support households and MSMES hit by the COVID-19 lockdown.
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