There has been rising questions regarding who can benefit from the CBN Intervention Schemes, and wether a beneficiary of one Scheme can benefit from another Scheme.
In view of that, there is a need to revisit the Eligibile Criteria which guides one's suitability in benefiting from the CBN intervention Schemes.
The COVID-19 Targetted Credit Facility, AGSMEIS, Nigeria Youths Investment Funds etc though targeting certain sectors, are meant to circulate within the targetted sectors. It is not meant to concentrate in the hands of a particular individual or group of individuals. That is the essence of the Bank Verification Number during Registration of any Federal Government Economic Sustainablity Plan, not only the CBN Intervention Programmes.
One of the key eligibility criteria for the Central Bank of Nigeria intervention Schemes is, " an applicant of a Scheme must not be an existing beneficiary of another CBN Loan Scheme". That is, to be eligible for the COVID-19 Targetted Credit Facility, a potential beneficiaries must not be a beneficiary of the Nigeria Youth Investment Fund (NYIF) or the Agri-Business/Small and Medium Enterprise Investment Scheme (AGSMEIS).
However, a beneficiary of a Scheme can apply and be considered for another Scheme if the applicant has repaid atleast 50% of an existing loan amount including interest. In that way, a trust relationship has been established between the lender and the benefactor.
The Central Bank of Nigeria being conscious of data management importance instituted the Nirsal Microfinance Bank (NMFB) to oversee it's Intervention Schemes and enforce compliance to stipulated guidance, including loan recovery. The same people, the same bank, the same office managing the CBN Intervention Schemes.
The CBN also being conscious of human behaviour and human management enacted a law authorising recognised lending agencies to auto-debit an offending benefactor through his/her BVN in not only his/her personal accounts but also accounts of his spouse or children, or as the case may be, a joint account. In that way, the route of escape is narrow but grace is sure.
Summarily, most of the currently issued loans through the CBN Intervention Programmes are less than 1 year and none of the beneficiaries have repaid up to 50%, hence, it is impossible for one person to benefit from two or more of the Schemes as at this time.
The MSME Survival Funds Schemes, part of the National Economic Sustainability Plan, are Grants and not Loans even though data keeping is highly essential. One may think of manuovering the Scheme but not the CBN Intervention Programmes such as COVID-19 Targetted Credit Facility, AGSMEIS or the NYIF.
Read Also: COVID-19 TCF Loan/AGSMEIS: Beware of Fraudsters - NMFB warns
Note the following:
3. Official Websites for applying for the Nigeria Youth Investment Fund is https://nmfb.com.ng/nigeria-youth-investment-fund or https://nyif.nmfb.com.ng/Applicants
Related: NYIF: COVID-19 TCF, AGSMEIS, ABP current loan Beneficiaries, others not qualified
4. Official website for applying for the AGSMEIS Loan which is on going is https://nirsalmfb.caderp.com/Account/Register
For information about AGSMEIS, visit https://nirsalmfb.caderp.com/account/landingpage#about
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