COVID-19 Loan: CBN to Begin Second Batch Disbursement | What to Know

On June 24, the Federal Government of Nigeria reopened the portal for more Nigerians to benefit from the CBN Covid19 loan as about 14, 600 people have been able to access the fund including 250 SMEs so far.

However, some people are yet to be credited and this is due to a lot of reasons. Some reasons you may have not received your covid-19 loan, according to NMFB are;

1. You’re a tier 1 account holder. If so, Kindly visit your bank to upgrade your account.
2. Ensure that the name on your application matches with the name on your account to avoid a mismatch during payment.

You can find more information about why you haven’t been credited here.

Needless to remind us that the stimulus package is introduced by the Central Bank of Nigeria (CBN) to support households and Micro, Small and Medium Enterprises (MSMEs) affected by the COVID-19 pandemic.

According to the Central Bank of Nigeria, household owners whose livelihood was affected by the Coronavirus and business owners whose business activity was affected by the pandemic are entitled to the loan.

However, it is important to know that before you will be credited, you have to pass the minimum requirements as announced by the CBN. If you passed the requirements, and you haven’t received the fund, then you may be lucky as there are high speculations that the second batch of disbursement has already begun.

You can login to your portal via this link: www.nmfb.com.ng/covid-19-support. And in case you just want to apply, you can proceed with the provided link.