The Central Bank of Nigeria (CBN) introduces a stimulus package to support households, Micro, Small and Medium Enterprises (MSMEs) affected by the COVID-19 pandemic. The package co e with the name Targeted Credit Facility (TCF) for COVID-19.
It is no news that the Coronavirus Disease (COVID-19) pandemic is causing 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. One of such effects is the reason WAEC postpones the 2020 WASSE indefinitely.
Without doubts, it is obvious that these outcomes are with severe consequences on households’ livelihoods and business activities, resulting from drop in global demand, decline in 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, Micro, Small and Medium Enterprises (MSMEs) suffering various but verifiable negative effects of the COVID-19 pandemic.
Who Is Eligible for the Targeted Credit Facility?
This facility is set in to cushion the negative impacts of the Coronavirus Disease (COVID-19). It is, however, not available for every Nigerian. It is specifically three sets of individual and corporate Nigerians as follows:
- Households with verifiable evidence of livelihood adversely impacted by COVID-19.
- Existing enterprises with verifiable evidence of business activities adversely affected as a result of the COVID-19 pandemic.
- Enterprises with bankable plans to take advantage of opportunities arising from the COVID-19 pandemic.
To ascertain if your household, micro, small and medium enterprise is qualified for the facility, kindly download the Application Guidelines here for guidance.
How does the Targeted Credit Facility (TCF) Work?
To become a beneficiary of the Targeted Credit Facility (TCF), you need to pass through the following steps and procedure:
Submission of Application
The process is submitting an application for the Target Credit Facility is very simple and easy. Though it is an online process, anybody with basic computing skills can apply successfully. You can do this step using either your phone, your tablet or your laptop or desktop computer. You do not need any special skill here. Every submitted application goes directly to NIRSAL Microfinance Bank (NMFB) and must go with a clear evidence of the opportunity or adverse impact as a result of COVID-19 pandemic.
As is always the case, every application cannot be given the approval. Something must go wrong somewhere with some applications. In this regard, every application goes through a rigorous review. Those that meet all the requirements including a verifiable proof of suffering any adverse impact of COVID-19 pandemic get the approval. Those missing in some areas are left disqualified. The successful applications with approval go to the Central Bank of Nigeria (CBN), which gives final approval.
The CBN carries out further review of the applications that were approved earlier. It then gives final approval for disbursement to NIRSAL Microfinance Bank (NMFB). NMFB then disburses appropriate amounts to the respective applicants.
How to apply for the Targeted Credit Facility
To commence your application procedure, click here to access the Online Application Form.
For enquiries you can contact NMFB through the following channels:
Phone Number: 09010026900 – 7