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No fee charged on COVID-19 loan application — CBN

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The Central Bank of Nigeria (CBN) says the bank does not charge any fee on COVID-19 loan application as claimed in false reports circulated on social media.

The CBN’s Director, Corporate Communications Department, Mr Isaac Okorafor said this in a statement in Abuja on Monday.

Okorafor explained that procedures for accessing the N50 billion Targeted Credit Facility (TCF) stimulus package for households and Micro, Small and Medium Enterprises affected by the pandemic were clearly spelt out.

“The attention of CBN has again been drawn to false reports on the social media circles, that loan seeker and owners of small scale businesses who apply for loans provided to cushion the effects of COVID-19 are required to pay a certain amount as application processing fees.

“Members of the public, particularly, households and owners of small scale businesses are therefore advised to disregard any message requiring them to pay any amount to process their applications.

“Prospective applicants are advised to approach NIRSAL Micro Finance Bank or the CBN branch nearest to them for clarification on the procedure for accessing any of the bank’s related loans.

“Any observed irregularities should be reported to the Consumer Protection department of the CBN via cpd@cbn.gov.ng or call 07002255226” he stated.


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