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CBN COVID 19 Loan: How to Apply for Arewa (Muslim faithfuls) Non-Interest Loan

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CBN COVID 19 Loan: How to Apply for Arewa (Muslim faithfuls) Non-Interest Loan

The Central Bank of Nigeria has answered the call of Arewa group and came up with guidelines for Non-Interest loans to enable the Muslim Faithfuls to benefit from all the available govt loans.

A call has reached the Central Bank of Nigeria to allow the Arewa faithful get the N50 billion credit facility targeted loan. This is in a bid to further strengthen the economy and to provide capital to those who are adversely affected by COVID-19.

To apply go to https://www.cbn.gov.ng/circulars.asp

The Loan is a non-interest loan, which means if you are given N200,000 you will not pay more than the amount you received, you can take a look at this guidelines to see how the none interest loan works See here

Objectives of the Facility

The broad objectives of the CBN’s N50 billion Targeted Credit Facility include:

  • Cushion the adverse effects of COVID-19 on households and MSMEs;
  • Support households and MSMEs whose economic activities have been significantly disrupted by the COVID-19 pandemic.
  • Stimulate credit to MSMEs to expand their productive capacity through equipment upgrade, and research and development.

Targeted Participants For the purpose of this Scheme, the following targeted participants shall be eligible to participate under TCF:
Households or employees with verifiable evidence of livelihood adversely impacted by COVID-19 and willing to establish a new business enterprise.

To apply go to https://www.cbn.gov.ng/circulars.asp

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