CBN urged to continue TCF Loan as NMFB disburses over N503 Billion to Nigerians and Businesses

The Monetary Policy Committee (MPC) has in its last meeting in Abuja urged the Central Bank of Nigeria to continue its support to Nigerians through the COVID19 Targeted Credit Facility Loan, to ensure that more people benefit from the programme.

The Managing Director/ Chief Executive Officer of NIRSAL Microfinance Bank, Mr Abubakar Abdullahi Kure, disclosed the new development while speaking on Awards recieved by the bank for its excellent services to Nigerians.

The Governor of the Central Bank of Nigeria, Mr Godwin Emefiele said the Committee was impressed with the Targeted Credit Facility (TCF) “for its contribution to alleviating poverty at the grassroot”, Kure emphasised.

According to the NMFB Boss, the NIRSAL Micro Finance Bank (NIRSAL MFB) has disbursed loans worth over N503 billion to over 881 thousand Nigerians and businesses.

Data from the NMFB indicated that majority of the Loan facilities were granted through the federal government's COVID-19 Intervention Fund, which was established to mitigate the impact of the COVID-19 epidemic on households and small enterprises.

A break down of the beneficiaries showed that 612,321 households received N240. 083 billion in loans ranging from N250,000 to N1 million.

Individuals and families whose breadwinners lost their jobs as a result of the Coronavirus (COVID-19) pandemic in 2020 were among the recipients of the Household Loan under the COVID19 TCF, Kure added.

Similarly, between 2020 and December 2021, 103,185 Small and Medium Enterprises (SMEs) received loans valued at N104. 023 billion also under the COVID19 TCF.

21,027 Households that are Non-Interest Beneficiaries (NIB) of the NIRSAL MFB loans have so far secured facilities amounting to N9.091 billion.

Small and Medium Enterprises (SMEs) under the Non-Interest scheme (NIB SME) numbering 2,710 have accessed N1. 057 billion loan while 31,067 Agric Small Medium Enterprises Scheme (AGSMEIS) beneficiaries have accessed N116. 001 billion loan from NIRSAL MFB in one year.

Also, 105,244 Anchor Borrowers’ Programme (ABP) successful applicants have equally received loans amounting to N31.001 Billion while 5,527 Nigeria Youth Investment Fund (NYIF) have also drawn down N1.009 billion loans.