Nigeria’s apex bank, the Central Bank of Nigeria [CBN], has waived the mandatory request for guarantors for small businesses and households participating in the latest round of loan disbursement. The bank made this known earlier this week via its Twitter account.
Apparently. The move aims to fast-track access to the loan facility, valued at N50 billion, which is supposed to serve as post-lockdown stimulus for the critical segment of the economy.
Tagged ‘N50 billion COVID-19 Targeted Credit Facility’ the loan was made available recently to cushion the effect of the pandemic on small businesses and households in Nigeria.
According to Mr. Monday Ewans, the Director of Enterprise Development & Promotion at SMEDAN [Small Enterprises Development Agency of Nigeria], there are over 1.5 million medium,small enterprises in the country. Being the bedrock of employment for the population, creating faster access to the loan facility will go along to forestall the International Labour Organization’s [ILO] prediction that around 1.6 billion workers among a total 3 billion global workforce will lose their jobs due to the pandemic.
While successful applicants are said to receive payment alert in 48hrs, applicants who are yet to receive the facility should click HERE