BENEFICIARIES PROTEST AS BANKS BEGIN COVID-19 LOAN RECOVERY

Commercial banks in Nigeria have initiated the process of recovering loans distributed under the COVID-19 relief program, which aimed to support households and Micro, Small and Medium Enterprises (MSMEs) impacted by the pandemic.

While this process is underway, reports have emerged of some beneficiaries experiencing unexpected deductions from their accounts without prior notification from the banks.

It’s important to note that the initiative, launched by the Central Bank of Nigeria (CBN) in 2021, offered loans at a 5% interest rate with a moratorium period extending until February 28, 2021. The NIRSAL Microfinance Bank managed the fund, which received numerous applications from eligible entities.