N50 billion COVID-19 loan: NIRSAL calls for repayment

The management of NIRSAL Microfinance Bank has called for the repayment of the Central Bank of Nigeria’s (CBN) Targeted Credit Facility (TCF) COVID-19 loans obtained by several entrepreneurs across the nation.

This was disclosed by the financial institution on Monday via its Twitter handle.

According to NIRSAL, it has done its own part and it is time for the business owners, who took the loans, to do theirs.

It stated, “NMFB loan repayment: We have played our part, it is your turn now to pay back 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 introduced an N50 billion Targeted Credit Facility (TCF) in March 2020, to support households and micro, small and medium enterprises (MSMEs) that have been affected by the pandemic.

The facility from CBN, which is to be disbursed through the NIRSAL Microfinance Bank Ltd (NMBL), had recorded about 80,000 applications as at April.