The Central Bank of Nigeria (CBN) introduces a stimulus package to support households and Micro, Small and Medium Enterprises (MSMEs) affected by the COVID-19 pandemic
The Coronavirus Disease (COVID-19) pandemic has led to 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, the lockdown of large swaths movements of persons in many countries, and intercontinental travel bans/restrictions across critical air routes across the world.
Why the 50 Billion Naira Support Fund through Nirsal MFB?
These outcomes have had severe consequences on households’ livelihoods and business activities, resulting from a drop in global demand, declined 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 and Micro, Small and Medium Enterprises (MSMEs) affected by the COVID-19 pandemic.
How to apply for Nigeria Covid-19 Support Fund for Individuals
Below are three basic steps you need to take to apply for Covid-19 50 Billion Naira Support Fund.
- STEP 1
Submit An Application
The process is easy. You can begin on your phone, your tablet or your laptop.
Submit applications directly to NIRSAL Microfinance Bank (NMFB) with clear evidence of the opportunity or adverse impact as a result of COVID-19 pandemic. Click Here to Apply
- STEP 2
We review your application and forward the application to the CBN for final approval.
- STEP 3
CBN reviews applications and gives final approval for disbursement to NMFB
NOTE: This offers an avenue for loans to be processed for households based on verifiable evidence of the adverse impact of the COVID-19 on livelihood, as the major consideration for lending.