CBN releases N5bn for disbursement to 5000 beneficiaries of COVID-19 intervention fund

Over 5,000 beneficiaries of the Central Bank of Nigeria (CBN)’s N50 billion COVID-19 Targeted Credit Facility will receive their funds before the week runs out.

Yusuf Yila, Director of Development Finance at CBN told Channels TV Tuesday that a sum of N5 billion had been provided by the apex bank to NIRSAL Microfinance Bank (NMFB) meet the request of more than 5,000 beneficiaries of the rescue package.

Yusuf Yila, Director of Development Finance at CBN, who spoke with Channels TV on Tuesday, stated that the approved beneficiaries would receive response this week.

“We’ve looked at the data set that the NMFB has generated… earlier on I told you about 300,000 people had applied for the loan.

“And what the governor has asked us to do is to look at how we can leverage technology more effectively.

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“Yes there is a lockdown. Yes a lot of people cannot go to work but people do need these funds… Quite a lot of people cannot go to work, a lot of businesses are running out of cash. And you will see us respond this week.”

Early in May, the CBN had teed off the disbursement of the first phase of the credit scheme, which saw Micro Scale and Medium Enterprises numbering 3,256 access the fund.

“We’ve been working with the NMFP and a couple of other providers to see how we can utilise technology properly to one frontload a lot of the activities…

“And once the application is approved, within twenty-four hours your facility is disbursed to any bank apart from the NMFP of your choice,” Mr Yila said.

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