The management of NIRSAL Microfinance Bank has requested repayment of Central Bank of Nigeria (CBN) Targeted Credit Facility (TCF) COVID-19 loans obtained by several entrepreneurs across the country.
This was revealed by the financial institution on Monday via its Twitter account.
According to NIRSAL, it has done its part and it is time for the business owners, who took out the loans, to do theirs.
What NIRSAL says about reimbursement
He stated, “NMFB Loan Repayment: We’ve done our part, now it’s up to you to repay the loan.”
— Nirsal Microfinance Bank (@NirsalMFB) February 7, 2022
What you need to know about the loan
As part of the stimulus package announced by the Central Bank of Nigeria (CBN) to help mitigate the impact of the coronavirus pandemic on the economy and businesses, the apex bank has introduced a Targeted Credit Facility (TCF) of N50 billion in March 2020, to support households and micro, small and medium enterprises (MSMEs) that have been affected by the pandemic.
The CBN facility, which is to be disbursed through NIRSAL Microfinance Bank Ltd (NMBL), had seen around 80,000 applications as of April.