The Central Bank of Nigeria (CBN) has waived the requirement for the provision of guarantors by households and SMEs applying for its N50 billion COVID-19 Loan Targeted Credit Facility.

The apex bank made this revelation on its official twitter account.

The CBN said the reason for waiving the guarantor requirement was to reduce the stress on applicants trying to access the loan.

According to the source: “The CBN wants to minimise the stress on applicants but that does not mean that they will not pay back the loan. They will.”

The CBN initiated the N50 billion COVID-19 Targeted Credit Facility for households and SMEs to mitigate the harsh economic impact of the corona virus pandemic.

READ: How to Apply for CBN N50bn COVID-19 Support Loan for Households and Businesses

Already, thousands of Nigerians have applied for the loan while the implementing agency the NIRSAL Microfinance Bank (NMFB) has been processing the applications for disbursement.

CBN also inform that “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 submission, otherwise they should call 09010026900”