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CBN denies charging fee on MSMEs loan application



The Central Bank of Nigeria (CBN) has quelled rumours that it costs a certain amount on Covid-19 mortgage applications.

The apex financial institution pressured that the N50 billion Targeted Credit Facility (TCF) stimulus bundle is supposed to help households and micro, small and medium businesses (MSMEs).

This clarification used to be made by way of the Director of Corporate Communications at CBN, Mr Isaac Okorafor, in a assertion on Monday. He stated the rumours making the rounds that there was once an utility processing price for granting the mortgage request had been false.

The interest of the CBN has once more been drawn to false reviews in the social media circles that mortgage seekers and proprietors of small-scale agencies who follow for loans supplied to cushion the results of COVID-19 are required to pay a positive quantity as software processing fee.

“For the avoidance of doubt, there are certainly spelt out methods for gaining access to the N50 billion TCF stimulus package to aid households and micro, small and medium agencies (MSMEs) affected with the aid of the COVID-19 pandemic, which are disbursed via the NIRSAL Microfinance Bank (NMFB).

“Members of the public, in particular households and owners of small-scale businesses, are consequently recommended to push aside any message requiring them to pay any quantity to technique their applications.

“Prospective candidates are counseled to strategy NIRSAL Microfinance Bank or the CBN department nearest to them for clarification on the process for gaining access to any of the CBN-related loans,” he clarified.

He then explained that any discovered irregularities ought to be suggested to the Consumer Protection Department of the CBN by [email protected] or call 07002255226.


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