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Outrage as CBN Demands N10,000 from Small Business Owners affected by Coronavirus Before Assessing loans

There was an outrage over the request of N10,000 from small business owners by Central Bank of Nigeria,(CBN) through its agency, NIRSAL Microfinance Bank, before accessing loans .

The Apex Bank had claimed that it has earmarked N50 billion for the small business owners affected by Coronavirus pandemic.

Businesses eligible for the scheme are agricultural value chain activities, hospitality, health (pharmaceuticals and medical supplies), airline service providers, manufacturing and value addition, and trading.

But, many Nigerians were shocked when the Apex Bank through its subsidiary NIRSAL Microfinance Bank, is demanding N10, 000 registration fee before the any interested business owner can be considered for the loan

NISRAL in email to applicants insisted that payment of the compulsory fee for a “business plan link” was the only way it would review applications of businesses in dire need of support.

However, a twitter user @1MrPresido said,” Extortion everywhere, this government is too capitalist in nature and ideology. Opportunists everywhere, the CBN boss inclusive.”

Also, another twitter user @MaziOnyegbule said, “#10000? Why? Is it a refundable fee? Or a way for NIRSAL to take advantage of the applicants? Nawa.”

In addition, @Oladipupo01 said, “his is quite unfair making life unbearable for us why is Nigeria always like this??? I have never Benefitted Anything from Nigeria ever in my life as a grown up Adults. Citizens never Trusted Govt and it’s Agencies always Padi Padi Government.”

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