CBN N50 billion COVID-19 loan updates

The management of NIRSAL Microfinance Bank has asked repayment of COVID-19 loans secured by the Central Bank of Nigeria’s (CBN) Targeted Credit Facility (TCF), which are held by a large number of Nigerian entrepreneurs across the country.
On Monday, the banking firm made the announcement via its Twitter account.
Nigerians are debating whether or not to return NIRSAL loans on Twitter, with some admitting that they do not have the financial wherewithal to do so.
What they’re saying about the uninvited loan repayment request
Twitter users have voiced conflicting feelings in response to NIRSAL’s debt payback request, implying that the financial institution may have problems repaying the majority of the debt.
A Twitter user, Abdul Rashid Ibrahim, made some claims with the handle @ Abdulra19898072 which are difficult to confirm but his comments were the most interactive.
He said, “@cenbank I don’t think many people have the means to pay, because those who want to do business were not given loans, but some of your staff collected% from individuals and paid them randomly. Distributed on Will buy an iPhone. ”
Ibrahim’s remarks, however, were responded to by an Omovol hat claiming that he had received his loan and did not have to pay any interest to the NIRSAL official.
With the handle aniDanielDuke TOT, Daniel Duke took a more economical view of the situation, saying, “Don’t worry, they are expecting repayments from grants that will be disbursed soon.
This is a way to raise extra cash that will be pumped into circulation through grant payments. CBN plans to reduce inflation
Some regretted that they had not fully recovered from the epidemic. Stanleyoke with handle @ OkerekeStanley3 “We still have the Covid-19 diversity, the economy is getting worse every day. There has been no improvement and you are talking about repayment here. Can you please go to the market and check the food prices? ”
However, some Twitter users took the ridiculous position regarding debt repayment. “I need another loan to pay off the previous one,” said kanalkanetonline, a user with the handle. Another user joined him and lamented that he did not know where he would get the money to repay the loan.
There were also real concerns about the process of repaying the loans. Some beneficiaries regretted that they did not know how to repay the loans. One user revealed how he made several unsuccessful attempts to transfer to a given NIRSAL account.
Consumer onDonchyme has accused NIRSAL of not responding to emails and phone calls because it is working hard to educate the bank about debt repayment breakdowns.
Some conversations on Twitter have hinted at the possibility that the top bank may hire GSI to recover the loans. Twitter user aismuhd said that the only hope for a successful refund from customers is to use the Global Standing Instruction (GSI).
He said, “I honestly think 90% of the money has been distributed so far; Cannot be recovered except GSI will be called. Because most people who have taken out a loan do not have the means to repay it. ”
Under GSI, a bank client will no longer be able to accept a loan or credit from a bank and will refuse to repay it while maintaining several other bank accounts with the required credit balance to pay the balance to the first bank. .
What You Should Know About Loans

  • The Central Bank of Nigeria (CBN) announced the N50 Billion Targeted Credit Facility (TCF) in March 2020 as part of an stimulus package to help reduce the impact of the coronavirus epidemic on the economy and businesses.
  • TCF was to support homes and micro, small and medium enterprises (MSMEs) affected by the epidemic.
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