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

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The Central Bank of Nigeria (CBN) will kick off the disbursement of the N50 billion fund, aimed at supporting households and Micro Small and Medium Enterprises severely affected by COVID-19, on Thursday.

The fund, which is being managed by the NIRSAL Microfinance Bank, has received over 80,000 applications.

Abubakar Kure, the Managing Director of NIRSAL Microfinance Bank, said people whose applications were successful would start having access to their facilities on Thursday.

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

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

The N50 billion Targeted Credit Facility is financed from the Micro, Small and Medium Enterprises Development Fund, which the CBN launched in 2013 with a share capital of N220 billion.

According to CBN guidelines, households with proof of livelihood negatively affected by COVID-19, existing enterprises with proof of business activities negatively affected by COVID-19 and enterprises with bankable plans are eligible to benefit from the fund.

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