COVID-19 TCF Repayment Defaulters Placed Under Watch | N544.2 Billion in Focus

COVID-19 TCF Repayment Defaulters Placed Under Watch: Those who have defaulted in the repayment of the N544.2 billion COVID-19 Targeted Credit Facility (TCF) given to small and medium enterprises and individuals have been placed under watch.

The Federal Government-owned NIRSAL Microfinance Bank (NIRSAL-MFB), through which the funds were disbursed has moved to recover the loans by activating its Global Standing Instruction (GSI).

Besides, it has uploaded details of all defaulting beneficiaries on the Central Bank of Nigeria’s (CBN) Credit Risk Management System (CRMS)  to ensure that its debtors did not access credits anywhere in the world.

Out of the N544.2 billion  TCF, N261.4 billion was disbursed to 643,486  households; N112.5billion to  114,476  Small and Medium Enterprises (SMEs) and N14.3 billion to 31,462 individuals through non-interest banks (NIB HH).

About N2.1 billion was also given as loans to 3,523 individuals via the NIB SM scheme; 32,355 got  N118.4 billion under the   Agric, Small and Medium Enterprise Scheme (AGSMEIS); 107,035 received  N33.8 billion via the  Anchor Borrowers’ Programme (ABP) and 5,539  loaned  N1.96 billion via the  Nigeria Youth Involvement Fund (NYIF). All beneficiaries of the TCF, in the process of applying for the facility unwittingly authorised the CBN to institute the GSI on their bank accounts.

The GSI is an authorisation given by a borrower who has an account in any financial institution that participated in the scheme.