CBN Covid19 Loan Non-Interest TCF Disbursement Update 2022

CBN Covid19 Loan Non-Interest TCF Disbursement Update 2022

CBN has continued the disbursement of Covid19 Loan Non-Interest TCF facility to beneficiaries via the NIRSAL Microfinance Bank, qualified applicants have started getting mail of notification of their funds trashed with NIRSAL Microfinance Bank

Some applicants got mail instructing them to visit the NIRSAL Microfinance Bank to update and upgrade their details before funds will be released into their account

“Non-Interest TCF facility Murabaha (Cost-plus Mark-up) of N629, 500.00 is now booked on your account num.025168649. with NMFB payable in 3 years after a moratorium of 6months.”-message from NIRSAL Microfinance Bank to the applicants of CBN Covid19 Loan Non-Interest TCF

All applicants are to check their account with the NIRSAL Microfinance Bank, to confirm their loan status details, however, emails are sent in batches

The CBN Covid19 Loan Non-Interest TCF Money is a loan – For a maximum of 3 years (36 months), Moratorium (a temporary period when repayment is not active) up to 1 year (12 months), and interest not more than 5% (repayment in installments).

Beneficiaries shall ensure sensible use of funds, keep good records of their activities and repay their loans as and when due.

When the Loan offer is accepted by the beneficiary, Global Standing Instruction (GSI) mandate will most likely be activated to ensure full repayment of the loan.

Global Standing Instruction (GSI) enables the bank to take both principal and interest from any place the loan obligor (loan beneficiary now debtor) has money if such a debtor does not pay back as agreed.

With BVN, there is no way beneficiaries can hide in any financial institutions in Nigeria, defaulting financial agreement means you get a bad credit rating with the Credit Bureau Association of Nigeria.

This triggers a red flag when you ask for any credit facility (e.g. borrowing money or doing credit purchases like “buy now pay later”)

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