FG Begins Disbursement of CBN Covid-19 Loan to Beneficiaries – Check Here

This is to inform the general public and all applicants who applied for the Central Bank of Nigeria, CBN COVID-19 Loan that the Federal Government has started the Disbursement of the CBN Covid-19 Loan to Successful Beneficiaries

CBN introduced a N50 billion Targeted Credit Facility (TCF) as a stimulus package to support households and micro, small and medium enterprises (MSMEs) that are affected by the coronavirus pandemic.

Successful applicants who applied for the CBN Covid 19 loan has started receiving congratulatory messages.

To know if your CBN Loan has been approved, you will receive an SMS from NIRSAL Microfinance Bank (NMFB) saying;

Your COVID-19 Loan application is approved. Click on the link https://covid19.nmfb.com.ng to accept offer and receive the fund in your account.

The objectives of the CBN’s N50 billion Targeted Credit Facility include:

  1. Cushion the adverse effects of COVID-19 on households and MSMEs;
  2. Support households and MSMEs whose economic activities have been significantly disrupted by the COVID-19 pandemic.
  3. Stimulate credit to MSMEs to expand their productive capacity through equipment upgrade, and research and development.

To know if your Central Bank of Nigeria (CBN) Covid-19 Loan Application has been approved, please follow the step by step Procedures here;

  • Visit: https://covid19.nmfb.com.ng
  • You will be Asked to Choose SME or Household
  • Click on the Category you Applied for
  • A page will be displayed, asking for your BVN
  • Enter your correct Bank Verification Number (BVN)
  • Click on Validate BVN

Once your loan is approved, you will receive a Congratulatory message from the Portal stating the Applicants Name, Approved Loan Amount, Loan Tenor and Loan Moratorium, asking you to Accept or Reject.

  • Click on Accept
  • Enter your Full Name and Bank Account Number
  • Click on Submit.
  • Then wait for 2-3 days to receive your money directly into your bank account.

Note:

If your loan is not approved, you will get a response that says;

Sorry, Your loan has not been approved. Please check back later.

For more updated information about CBN Covid-19 Loan,kindly feel free to ask any question in the comment box below.

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