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N50 Billion CBN COVID-19 Loan Application Still ongoing from NIRSAL MFB



CBN COVID-19 Loan: Received Alert but not Credited? (Here is what you should do)

The Federal Government through the Central Bank of Nigeria (CBN) and the Federal Ministry of Finance, Budget, and National Planning have announced some monetary and fiscal measures to help mitigate the impact of the Corona Virus pandemic on the economy, Nigerian businesses, and households.

The only portal to apply is


The CBN on its own, through various circulars and pronouncements, has announced some stimulus packages that will impact different sectors like the health sector, Micro Small and Medium Enterprises (MSMEs), manufacturers, households, and so on through the N50Billion CBN COVID-19 Loan.

The apex bank introduced a N50Billion Targeted Credit Facility (TCF) as a stimulus package to support households and micro, small and medium enterprises (MSMEs) that are affected by the Corona Virus pandemic.

Who is Target Credit Facility meant for?

In the operational guideline for the facility, the CBN listed participants who are eligible to apply for credit from this N50Billion CBN COVID-19 Loan. They are as follows;

  • Households with verifiable evidence of livelihood adversely impacted by the Corona Virus outbreak
  • Existing enterprises with verifiable evidence of business activities adversely affected as a result of the Corona Virus pandemic. Business plan not required
  • Firms in agricultural value chain activities
  • Hospitality industry (accommodation and food services)
  • Airline service providers
  • Health (pharmaceuticals and medical supplies)
  • Manufacturing/value addition
  • Trading and other income-generating activities as may be prescribed by the CBN.

The Source of funding

The scheme shall be funded from the Micro, Small and Medium Enterprises Development Fund (MSMEDF) and the eligible participating financial institution for the scheme is NIRSAL Microfinance Bank (NMFB).

This means thats the CBN will be sourcing the fund from its MSME development fund which will be administered through NIRSAL Microfinance Bank. Thus, while the CBN will be providing the funds, applicants will have to apply for the loan through NIRSAL Microfinance Bank branch around your location.

How to Access the N50Billion CBN COVID-19 Loan

There are two modalities here to consider. According to the CBN’s circular issued on March 23, 2020, the modalities are applicable to either Households/MSMEs or Corporate entities.

For Households/MSMEs

  • The first step is for an eligible household to submit an application to NIRSAL MFB, which must, among others, contain BVN number, business registration (where applicable) and business plan with clear evidence of the opportunity or adverse impact as a result of COVID-19 pandemic
  • NMFB shall appraise and conduct due diligence applications
  • Upon satisfactory appraisal of application, NMFB shall forward the applications to the CBN for final approval,
  • Then, CBN reviews applications and gives final approval for disbursement to NMFB.

Applicants must endeavor to provide the documents listed above which are mostly basic. If you do not know how to write a business plan, you can get someone to help you with it.

For corporate entities

  • Like their MSMEs counterparts, applications are submitted to NMFB with clear evidence of the opportunity or adverse impact as a result of COVID-19 pandemic
  • Also, NMFB shall appraise and conduct due diligence applications
  • After a satisfactory appraisal of the application, NMFB shall forward the applications to the CBN for final approval.
  • CBN reviews applications and gives final approval for disbursement to NMFB.

Loan Terms and Conditions

There are different criteria used to determine the loan amount that is disbursed to different eligible participants and segments. They are:

  • SMEs – The loan amount shall be determined based on the activity, cash flow and industry/segment size of beneficiary subject to a maximum of N25 million for SMEs
  • Households – They can access a maximum of N3 million. Working capital shall be a maximum of 25% of the average of the previous 3 years’ annual turnover. But where the enterprise is not up to 3 years in operation, 25% of the previous year’s turnover will suffice.

Interest Rate

The CBN in its circular on the guidelines for the implementation of this facility stated that the interest rate under the intervention shall be 5% per annum (all-inclusive) up to February 28, 2021, and thereafter, the interest on the facility shall revert to 9% per annum (all-inclusive) as from March 1, 2021.

Loan Tenor

The guideline states that the loan for working capital shall be for a maximum of one year, with no option for rollover. As for the term loan, a maximum tenor of not more than 3 years with, at least, one-year moratorium.

Collateral Requirement for CBN Loan

The guideline states that the collateral to be pledged by the beneficiaries under the programme shall be as may be acceptable by NIRSAL Micro Finance Bank, but may include;

  • Moveable asset(s) that is duly registered on the National Collateral Registry (NCR);
  • Simple deposit of title documents, in perfect state
  • Irrevocable domiciliation of proceeds
  • Two acceptable Guarantor and Personal Guarantee of the promoter of the business
  • Life insurance of the Key Man, with NMFB noted as the First Loss Payee
  • Comprehensive insurance over the asset.

Exit Date

The exit date of this intervention is December 31, 2024. It should be noted that this framework from CBN shall be subject to review from time to time as may be deemed necessary by the apex bank.

Bernard Bassey is a graduate of Software Engineering from AfriHUB University, Abuja. He is an expert in field journalism, his interest in socio-politics activities is keen.



  1. Rayanuaudu Audu

    Thursday, 18 February 2021, 4:04 at 4:04 pm


    badam I D P Camp mogolis

  2. Najibu

    Friday, 12 February 2021, 4:10 at 4:10 pm

    Limanci A

  3. Basiru nuhu

    Friday, 12 February 2021, 3:05 at 3:05 pm

    Pls help me with thisting

  4. Adamu

    Saturday, 6 February 2021, 8:47 at 8:47 pm

    Pls mine was approved but automatically it rejected itself pls help me out, I mean is there any way for me to accept pls

    • Bernard Bassey

      Sunday, 7 February 2021, 12:13 at 12:13 pm

      Kindly walk to any NIRSAL MFB close to you to get it rectified. It can only be corrected in the physical office not online.

    • Bernard Bassey

      Sunday, 7 February 2021, 12:13 at 12:13 pm

      You will be notified.

      • mazezee

        Thursday, 19 August 2021, 8:38 at 8:38 pm

        Please can you help me my number 07061456744 i need it

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