The Central Bank of Nigeria says it is ready to pay all successful applicants for its N50bn COVID-19 Targeted Credit Facility palliative for households and small and micro business enterprises with evidence of adverse effects arising from COVID-19 exposure.
The announcement came days after Nigerians had derided the move, calling the intervention, ‘audio money.’
The fund is to be disbursed and managed by the Nigerian Incentive-Based Risk Sharing System for Agricultural Lending Microfinance Bank.
The CBN, in a statement on Monday, said the successful applicants would be credited within two days of the submission of their bank details.
“All successful Household and SME applicants who have submitted their account details for the CBN N50bn COVID-19 Targeted Credit Facility should expect their accounts to be credited within 48 hours of such, ” the CBN stated.
There are indications some of the applicants had been credited.
The website of the microfinance bank showed list of businesses and households who are beneficiaries of the fund.