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The Central Bank of Nigeria (CBN) introduces a stimulus package to support households and Micro, Small and Medium Enterprises (MSMEs) affected by the COVID-19 pandemic
Concept of Targeted Credit Facility (TCF)
The Coronavirus Disease (COVID-19) pandemic has led to unprecedented disruptions to global supply chains, sharp drop in global crude oil prices, turmoil in global stock and financial markets, massive cancellation of sporting and entertainment event, lockdown of large swaths movements of persons in many countries, and intercontinental travel bans/restrictions across critical air routes across the world.
These outcomes have had severe consequences on households’ livelihoods and business activities, resulting from drop in global demand, declined consumer confidence and slowdown in production.
In this respect, the Central Bank of Nigeria (CBN) introduced the N50 billion Targeted Credit Facility (TCF) as a stimulus package to support households and Micro, Small and Medium Enterprises (MSMEs) affected by the COVID-19 pandemic.
- Households: Households with verifiable evidence of livelihood adversely impacted by COVID-19
- Microenterprises: Existing enterprises with verifiable evidence of business activities adversely affected as a result of the COVID-19 pandemic
- SMEs: Enterprises with bankable plans to take advantage of opportunities arising from the COVID-19 pandemic
How it works
STEP 1: Submit An Application
The process is easy. You can begin on your phone, your tablet or your laptop. Submit applications directly to NIRSAL Microfinance Bank (NMFB) with clear evidence of the opportunity or adverse impact as a result of COVID-19 pandemic.
STEP 2: Approval
We review your application and forward the application to the CBN for final approval
STEP 3: Disbursement
CBN reviews applications and gives final approval for disbursement to NMFB
Before applying below, download the application guide for full information.
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