Have you Applied for CBN Covid-19 Loan and not yet Approved (Here is what to do)

Today we will be discussing some important issues relating to approvals and getting the Covid-19 loan into your account

So many persons have been asking us a series of questions on why their covid-19 loan applications was not approved, others are delayed, while some got approvals  but were not funded

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Before we move ahead, the covid-19 application portal for households is up and running, So if you have not applied, make hay while the sun shines,


If You have applied congratulations, the next step is to see how your application can get immediate approvals and funds delivered into your own account

This post will expose applicants to reasons why their covid-19 fund is not approved and will profer solutions and recommendations for approval


The covid-19 loan is segmented into two distinctive features:

The Businesses/SMEs

Household Expenditure

The Businesses/SMEs


The Businesses/SMEs loan helps to revival businesses largely affected by the Covid-19 pandemic, it seeks to strengthen businesses by giving long term capital for survival and revitalization

Many small businesses and even large and medium-term enterprises applied for this loan but were turned down

There are some conditions attached to the  Businesses/SMEs loan, if not adhered to, your loan application will suffer constant disapprovals or delay


The following if not provided or attached during registration, may see your application not successful

Insurance cover on the asset financed or asset availed as flexible collateral, with the NMFB noted as the first loss payee.

The loan amount must match the loan repayment plan and loan purpose.

Domiciliation of proceeds with NIRSAL Microfinance Bank.

Registered business with CAC

Evidence of tax payments

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Letter of Introduction

Passport photo of you and guarantor

Valid ID card

Agreement to be signed by the customer, giving NMFB

Rights to take over pledged assets in the instance of loan default.

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For Household/Individual

This loan is solely meant for the house expenses like feeding, rent, children fee, and others, you can get disapproved if the following are not attached


Letter of Introduction

Passport photo of you and guarantor

Valid ID card

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