Despite Evidence, CBN Denies Charging Small Businesses N10,000 For COVID-19 Loan Application

The Central Bank of Nigeria has denied charging N10,000 to process COVID-19 Intervention Loan applications for small businesses.

SaharaReporters can confirm that NIRSAL Microfinance Bank, administrator of the loan for the CBN, is charging N10,000 for what it described as a “business plan link” compulsory for all applicants if they want their entries reviewed.

The CBN’s Director of Corporate Communications, Isaac Okorafor, on Monday said the apex bank would not demand money from anybody and urged customers with complaints to report to its consumer protection department.

The CBN statement reads “The attention of CBN has again been drawn to false reports on the social media that loan seekers and owners of small scale businesses who apply for loans provided to cushion the effects of COVID-19 are required to pay a certain amount as application processing fees.
“CBN urges members of the public to disregard any message requiring them to pay any amount to process their applications.

“Prospective applicants are advised to approach NIRSAL Micro Finance Bank or the CBN branch nearest to them for clarification on the procedure for accessing any of the bank’s related loans.

“Any observed irregularities should be reported to the Consumer Protection department of the CBN via [email protected] or call 07002255226.” 

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