COVID-19: CBN waives compulsory guarantor on N50bn Credit Facility

The Central Bank of Nigeria said all applicants for its Covid-19 household and small and medium enterprise support loans will no longer require guarantors to access the facility.

In a notice posted on its official Twitter handle, the CBN said: “CBN waives the requirement for the provision of guarantors by Households and SMEs applying for its N50bn COVID-19 Targeted Credit Facility”

The Apex bank did not state which criteria it would use to screen applicants but definitely not guarantor, as indicated in the tweet.

All applicants to the N50 billion credit facility, who have successfully completed the application processes and submitted their account details, should expect credit alerts 48 hours afterwards. If an applicant does not receive credit alert after 48 hours of submitting their account details, such an applicant should contact the CBN by calling 09010026900.

“All successful Household and SME applicants who have submitted their account details for the CBN N50bn COVID-19 Targeted Credit Facility should expect their accounts to be credited within 48 hours of such submission, otherwise they should call 09010026900.”

Successful applicants who are yet to receive their loans have been advised to visit here. Such applicants were also informed to submit “their account details in any bank of their choice.”