The Central Bank of Nigeria (CBN) and NIRSAL Microfinance Bank have started debiting recipients of the COVID-19 palliative
The banks began debiting defaulters’ accounts on Friday, October 28, 2022, at about noon Defaulters under the Anchor Borrowers Programme have also been targeted, including SMEs under the Targeted Credit Facility scheme
The CBN had threatened beneficiaries of the loans that it would begin the recovery process soon. Those who benefitted from the COVID-19 TCF and AGSMEIS loans had their accounts placed on Global Standing Instruction (GSI).
The GSI is a mandate authorising the recovery of a due loan obligation from any defaulters with banks other than the creditor bank.
Among those targeted are defaulters of the Anchor Borrowers Programme (ABP), whose accounts have already been debited. The ABP is designed to link anchor firms involved in the processing and smallholder farmers’ needed key agricultural commodities.
Households who got palliatives also targeted Under the TCF Household programme, 639,197 persons got credit facilities estimated at N258.1 billion, while the SME facility saw about 112,291 Small and Medium Enterprises getting loans at N112.2 billion.
The Households received as little as N250,000 at the peak of the COVID-19 pandemic to buy food and sustain themselves. Many of the beneficiaries are those who lost their jobs and means of livelihood. Some have remained unemployed.
TCF Household beneficiaries received as little as N250,000 at the height of the COVID-19 pandemic to buy food and sustain themselves. Many beneficiaries lost their jobs, and many more are still unemployed.
However, NMfB stated that defaulters could walk into the bank’s offices and restructure their loans.
Legit NG