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Coronavirus: Amidst outrage, NIRSAL says hidden fee for CBN business loans 'not compulsory'

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The Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), a unit of the Central Bank, has said the controversial fees it demanded

from applicants seeking emergency loans for small businesses hit by the coronavirus pandemic, will no longer “be mandatory.”The CBN had announced a N50 billion package for small businesses affected by coronavirus, to allow them stay in business and not lay off workers.

According to the Ministry of Industry, Trade and Investment, the million micro, small and medium-scale enterprises, MSMEs, account for more than 84 per cent jobs in the country. He said the application initially required a business plan and they outsourced to a third party to help applicants. “This is to avoid applicants being charged excessively by other consultants and to help people during the stay at home period and to make the application process easy.

 

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Central Bank Of Nigeria Demands N10,000 From Small Business Owners Applying For COVID-19 Intervention Fund | Sahara Reporters.cenbank Demands N10,000 From Small Business Owners Applying For COVID19 Intervention Fund | Sahara Reporters The CBN had announced in March that it would give a N50bn Targeted Credit Facility to households and small businesses affected by... READ MORE: What a comedy I don't understand 😁 N10,000 from small business owners then they will gather the fund to fund themselves while leaving the small business owners at the mercy of their own demise. This govt is worst
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