The Central Bank of Nigeria (CBN) has announced via its official twitter handle yesterday that provision of guarantors would no more be a requirement for households and SMEs applying for the N50 billion COVID-19 Targeted Credit Facility to access the credit facility.
The official statements on twitter read:
CBN waives the requirement for the provision of guarantors by Households and SMEs applying for its N50bn COVID-19 Targeted Credit Facility
All successful Household and SME applicants who have submitted their account details for the CBN N50bn COVID-19 Targeted Credit Facility should expect their accounts to be credited within 48 hours of such submission, otherwise they should call 09010026900
All successful applicants under the CBN COVID-19 Targeted Credit Facility whose accounts have not been credited should go to http://nmfb.com.ng and input their account details in any bank of their choice
The CBN N50 COVID-19 billion Targeted Credit Facility was introduced by the Central Bank of Nigeria to help cushion the effect of the Covid-19 pandemic. The credit facility is aimed at providing financial relief to households and small businesses as they cope with the economic fallouts of the pandemic.Each eligible SME will receive a maximum of N25 million while qualified households can access a maximum of N3 million each.