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Update:NIRSAL Microfinance Bank and Covid-19 Loan - Matters Arising

There are so many questions people are asking with regard to the above subject matter. I hope this piece of research will address the issues.

1. Is there anything like Covid-19 Loan by the by the Federal government of Nigeria (FGN)?

The answer is a resounding yes, as a matter of fact, the FGN through the Central Bank of Nigeria has set out a number of measures to tackle the impact of the coronavirus, including establishing a fund to support the country's economy (of 50 billion naira; i.e. EUR 121 million), targeted at households and micro and small enterprises. As part of the measure to reduce the impact of COVID-19 pandemic on businesses in Nigeria, the Federal government of Nigeria through the Central Bank of Nigeria (CBN) have introduced COVID-19 support loans for Households, SME and MSME to provide financial support for 1.7 million businesses and individuals across the country within the next 3 months. This disclosure was made by the Minister of State for industry, Trade and Investment, Ambassador Mariam Katagum. Katagum disclosed that the initiative is borne out of the Federal Government’s continued commitment to helping cushion the devastating impact of the coronavirus pandemic on the economy by saving existing jobs and creating new job opportunities.

2.Can I still apply, if yes how?

If you have not applied, I'm afraid is late, application opens from the first 3 Months since September 19 2020. You can watch out for the news if it will be extended. Don't get scammed. There is specific time to open their web Portal for submission of application.

3.I applied, but no response.

You have to wait patiently and pray over it, but remember, not every applications will get approval.

4.I applied and got approval via text message or email.

This means you are shortlisted to receive the loan. Follow the instructions given to you immediately by inputting your bank details and accept offer otherwise you will not be credited. Some people inputs their BVN when they visited the site without getting prior messages of approval, to their surprise, succeeded!

5.I accepted the offer but no alert yet.

Be patient, plan how to use the loan. Credit alert according to CBN, takes 48 hours. In my research some are credited up to 2 weeks long. Please always check your account balance.

6.) I inputted my BVN but the system says 'This BVN does not exist' or 'Sorry, your loan is not yet approved, try again.'

For the first, you need to go quickly to the court and do Affidavit of BVN validation and submit at NIRSAL office (take note this is for those who received a message of loan approval). Then, for the later, the answer is that you need to be hopeful.

7.) I have been credited but noticed deductions.

Congratulations! Congratulations! Congratulations! You succeeded. The deduction is the interest attached to the loan and account opening balance with NIRSAL mfb. It is automatic.

8.) Is it true that I must pay back?

If you think it is a free money, it's completely false. You are expected to pay back after 3 months. Get more information at NIRSAL mfb office.

If you still have further questions, drop them in the comment section below. Not so many people know about this information, so do well to Like and Share it. Follow our page for more important updates.

Content created and supplied by: Jamko (via Opera News )

CBN Central Bank of Nigeria FGN Mariam Katagum NIRSAL Microfinance Bank

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