CBN denies charging fees on COVID-19 loan application



The Central Bank of Nigeria (CBN) said the bank did not charge any fees on COVID-19 loan applications, as false reports disseminated on social media claim.

CBN’s corporate communications department director Isaac Okorafor said in a statement Monday in Abuja.

Mr. Okorafor explained that the procedures for accessing the N 50 billion Targeted Credit Facility (CTF) stimulus plan for households and micro, small and medium enterprises affected by the pandemic were clearly spelled out.

“The attention of CBN has again been drawn to false reports on social media, that loan seekers and small business owners who apply for loans provided to cushion the effects of COVID-19 are required to pay a certain amount as a fee processing requests. CBN urges members of the public to disregard any message requiring them to pay any amount to process their request.

“Members of the public, especially households and small business owners, are therefore advised to disregard any message requiring them to pay an amount to process their claims.

“Potential applicants are encouraged to contact NIRSAL Micro Finance Bank or the nearest CBN branch for clarification on how to access any of the bank related loans.

“Any observed irregularities should be reported to the CBN Consumer Protection Department via [email protected] or by phone on 07002255226,” he said.


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