Disbursement of CBN’s N50bn COVID-19 Fund Begins Thursday

The disbursement of the first tranche of the Central Bank of Nigeria N50bn targeted credit facility would begin on Thursday, barring any last-minute change in plans.

Over 80, 000 applications have been received for the fund, which is managed by NIRSAL.

This was confirmed via a telephone interview by Mr. Abubakar Kure, who is the Managing Director of NIRSAL Microfinance Bank.

Kure, however did not provide the amount to be disbursed in the first tranche, but said that those whose applications were successful would start receiving their fund on Thursday.

He said, “But we are hopeful that towards Thursday or Friday, the disbursement of the fund would commence.”

The N50bn Targeted Credit Facility was introduced by the CBN as a stimulus package to support households and Micro, Small and Medium Enterprises affected by the COVID-19 pandemic.

The N50bn intervention is being financed from the Micro, Small and Medium Enterprises Development Fund.

In terms of limit, the loan amount would be determined based on the activity, cash flow and industry size of beneficiary, subject to a maximum of N25m for SMEs.

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