The Central Bank of Nigeria (CBN) has waived the requirement for the provision of guarantors by Households and Small and Medium Scale Enterprises (SMEs) applying for its N50 billion COVID-19 Targeted Credit Facility.
The apex bank made this known yesterday on its official twitter account.
A source at the CBN confirmed to The Nation that the reason for waiving the requirement was to reduce the stress on applicants trying to access the loan.
According to the source, “the CBN wants to minimise the stress on applicants but that does not mean that they would not pay back the loan. They will.
The CBN initiated the N50 billion COVID-19 Targeted Credit Facility for households and SMEs to mitigate the harsh economic impact of the corona virus pandemic.
Already, many Nigerians have applied for the loan while the implementing agency, the NIRSAL Microfinance Bank (NMFB), has been processing the applications for disbursement