Therefore, he urged all successful applicants under the Bank’s COVID-19 Targeted Credit Facility (TCF), whose accounts have not been credited, to visit the website of NIRSAL Microfinance Bank and input their account details. He, however, urged any successful applicant that does not receive a credit alert within 48 hours to call a designated mobile number of the CBN for resolution. According to the circular, OFIs were equally granted leave to consider temporary and time-limited restructuring of the tenor and loan terms for households and businesses affected by COVID-19, subject to the recently issued guidelines for restructuring affected credit facilities in the OFI sub-sector. Okorafor said the Management approval for the restructuring of credit facilities in the Other Financial Institutions (OFI) sub-sector was in line with the Bank’s desire to alleviate momentary strain on households, businesses and regulated institutions triggered by the lockdown due to COVID-19. He added that the CBN would also continue to monitor developments and implement appropriate measures to safeguard financial stability and support stakeholders impacted by the COVID-19 pandemic.

Source: The Guardian June 11, 2020 01:23 UTC