The Central Bank of Nigeria (CBN) has issued a warning to small-scale business owners and other loan seekers not to pay any amount as application processing fee for the N50 billion Targeted Credit Facility (TCF) stimulus package.
The apex bank stated this via its Twitter handle on Monday evening. According to CBN, its attention was again drawn to the false reports on social media that loan seekers and owners of SMEs were asked to pay processing fees.
In a statement signed by Isaac Okorafor, Director, Corporate Communications, CBN, the apex bank explained that the loans are provided to cushion the effects of COVID-19 businesses and would not require any amount to process such facility.
The statement read, “For the avoidance of doubt, there are clearly spelt out procedures for accessing the N50 billion TCF stimulus package to support households and Micro, Small and Medium Enterprises (MSMEs) affected by the COVID-19 pandemic, which are disbursed through the NIRSAL Microfinance Bank (NMFB). 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 Microfinance Bank or the CBN branch nearest to them for clarification on the procedure for accessing any of the CBN-related loans. Any observed irregularities should be reported to the Consumer Protection Department of the CBN via email@example.com.”