Npower 2020: Batch A&B to Get Loan without Collateral-Confirmed
Npower 2020: Batch A&B to Get Loan without Interest/Collateral-Confirmed: The Federal Government through the office of the Humanitarian Ministry and the Central Bank of Nigeria have commenced the Transitioning of Npower volunteers into a robust and reliable economic affiliate progreammes
The gesture is aimed at providing economic opportunities to volunteers, in line with the Federal Government Agenda to lift over 100M Nigerians from poverty and crime
Currently, the nexit portal is massively receiving applications, all interested volunteers have been instructed to key-in their interested by registering for the loan
Registration for the loan programme to officially ends within days, and collation of data will take some time, thereafter disbursement and further instructions will be made known to all disengaged volunteers
“A Portal that will enable Exited N-Power Beneficiaries to apply for Central Bank of Nigeria Empowerment Options has been launched by the Ministry of Humanitarian Affairs, Disaster Management and Social Development”
“The platform which was developed in collaboration with the CBN will enable Exited N-Power Beneficiaries to log on and apply for the various Economic, Empowerment and Entrepreneurship options provided by the CBN”
“The NEXIT portal is to determine the suitability of the beneficiaries for the CBN affiliated programs and is dependent on meeting the criteria and conditions set by the CBN for the said programs”
“The Minister also emphasized that the NEXIT PORTAL will determine the suitability of the beneficiaries for the CBN affiliated programs”-Umar Sadiya Farouq-2020
Many volunteers have being asking series of questions regarding the nexit transitioning programme
How much loan will been giving to volunteers as start-up capital?
How will the loan be disbursed?
Will the loan come with collateral?
Pay-back period for the loan?
The truth is that, we don’t have much information on these loan programme by the Central Bank of Nigeria, what we do know is that, the Central Bank has handled many of such loan projects in the last 10 year
The Covid-19 pandemic has shown the lending power of the Central Bank, a look to other programmes like
The Covid-19 Nirsal Micro finance Loan, beneficiaries where given huge sums ranging from N500,000 to N10,000,000
The SMEMs Survival programme, a programme created by the Federal Government to reduce the impact of the covid-19 pandemic, beneficiaries were given between N30k, 50k to N1M
The Nigerian Youth Investment Fund with same mission to act as a catalyst in reducing youth restiveness and joblessness following the covid-19 pandemic, beneficiaries will be given between N250, 000 to N50M loan
These entire loans are without collateral, payment period is flexible and the loan is disbursed based on the business intention of the beneficiaries
Some may undergo business orientation and strict monitoring to ensure compliance and success
Same approach will be given to all npower volunteers who showed interest in the CBN loan programme
Same Frequently Asked Questions & Answers
A lot of N-Exit applicants have been asking a lot of questions about N-Exit package. Here are some of these questions and their answers:
When Will Transition Start?
In response to the above question transition has already started in order to massively register applicants in order to provide the loans to the former N-power volunteers.
When Will N-Exit Portal Close?
The N-Exit portal will has no specific date for closure as the registration may span throughout 2021.
Why Is N-Exit Portal Not Accepting Yahoo mail?
This is a wrong notion as the N-Exit portal is accepting yahoo mail but is done in batches.
Will loan be given directly by CBN?
As for the loans they will be given by the CBN once registration and all the necessary process have been completed.
Will all former volunteers have access to these loans?
All former N-power volunteers have access to these loan as it has been made to capture all of them.
Is the N-exit all about loans?
No the N-exit program is not all about loans. It is also an affiliate program where applicants can create a business idea and have it sponsored by the CBN.
Can 14200 owed volunteers apply for N-Exit?
Yes all N-power volunteers will be able to apply for the N-exit program, meanwhile all former 14200 owed volunteers will soon be paid their five months stipend as promised by the minister.
How long will the N-Exit program last?
The N-Exit program has no sure date of expiry but it is stated that it will run until 2023.
Who will finance the N-Exit program?
The entire program will be anchored by the Central Bank of Nigeria.
What Kind of Business Ideas will Be Accepted?
The N-Exit program has its own categories of businesses that are accepted and would be funded.
5 Months Backlog: 8,900 Volunteers To Get N150, 000 Each Next Week
The Federal Government through the Humanitarian Minister, Umar Sadiya Farouq, made a remarkable achievement by successfully verifying the bank statements of 8,900 persons with the last three months
It is worthy to mention that, over 14,200 disengaged volunteers were not paid their five months stipends as a result of GIFMIS, flagging off volunteers in error
The Senior Special Assistance and Media aid to the Humanitarian Minister, Mrs. Nkem, broke the news this today, the 7th of April 2021
Other owed volunteers not captured in the 8900 volunteers are to be patients as verification of bank details and other credentials submitted are ongoing, the ministry assured
5,300 volunteers will not be among the first batch of payment, but after the completion of the bank statement and other credentials, the fate of over 5300 owed volunteers would be ascertained
For now, no one knows if the leftover of the 14,200 would be paid any time soon
Disengaged volunteers have been begging the Federal Government to pay all her outstanding debt of stipends owed to volunteers since last year, not until today, a statement was made in that regard
Sadiya Umar has said, only legitimate claims will be paid after verification of bank details and credentials,
Words of Sadiya Umar regarding the 5 months backlog payment sometimes last year
“From the consolidated list of beneficiaries we received from the OAGF in September, the 14,200 beneficiaries with arrears of stipend were flagged for receiving a monthly payment from other MDAs, particularly from the NYSC”
“It is possible that the 14,200 beneficiaries used their NYSC allowance bank accounts for N-Power and GIFMIS payment platform picked them for double payment”
“The 14,200 affected beneficiaries will present their NYSC certificates for final verification after which we will present an updated list to OAGF to pay off their 5 months arrears”
“All legitimate claims and those on verified list will be paid before the end of the year”