COVID-19 Loan : NMFB threatens to upload Loan Defaulters BVN on Credit Bureau Platform

CBN Covid 19 Loan

Following the COVID-19 Loan repayment update, the  NMFB has threatened to upload Loan Defaulters BVN on Credit Bureau Platform.

Nirsal Microfinance Bank (NMFB) has issued a warning to beneficiaries of CBN Intervention Loans who have failed to repay their loans. The bank stated that it would upload their Bank Verification Numbers (BVN) on the Credit Bureau Platform, effectively barring them from accessing further loans in the country.

In a statement released on Thursday, NMFB urged the defaulting borrowers to fulfill their repayment obligations, as their loans had become significantly overdue. The bank emphasized the importance of maintaining a good credit history, as it plays a crucial role in qualifying for higher loan amounts and participating in future intervention programs.


“Being creditworthy provides financial flexibility, enabling you to qualify for larger credit limits and acting as a safety net during emergencies or investment opportunities. Failure to repay the CBN Intervention Loan will result in your information being uploaded to the Credit Bureau Platform, rendering you ineligible for future credit,” NMFB stated.


The CBN Intervention Loans comprise several programs, including the COVID-19 Targeted Credit Facility Loan, AGSMEIS Loan, Anchor Borrowers’ Program (ABP Loan), and the Nigerian Youth Investment Fund (NYIF Loan).

The COVID-19 Targeted Credit Facility Loan, introduced by the Federal Government in April 2020 as a palliative measure to support Small and Medium Enterprises (SMEs) affected by the pandemic, played a significant role. NIRSAL Microfinance Bank, a CBN-licensed institution responsible for disbursing and recovering the CBN Intervention Loan, primarily facilitated the disbursement process. The loan carried an interest rate of 5% for the first year and 9% for subsequent years, with a maximum duration of three years.


According to statistics from Nirsal Microfinance Bank, over 881,000 Nigerians and businesses received loans totaling over N503 billion under the CBN Intervention Loan Schemes. A breakdown of the beneficiaries revealed that 612,321 households received loans ranging from N250,000 to N1 million, amounting to N240.083 billion. Additionally, 103,185 SMEs obtained loans worth N104.023 billion under the COVID-19 Targeted Credit Facility. Furthermore, 21,027 Non-Interest Beneficiaries (NIB) households secured facilities worth N9.091 billion, while 2,710 Non-Interest scheme (NIB SME) SMEs received N1.057 billion. Furthermore, 31,067 Agric Small Medium Enterprises Scheme (AGSMEIS) beneficiaries accessed loans amounting to N116.001 billion. The Anchor Borrowers’ Programme (ABP) successfully disbursed loans worth N31.001 billion to 105,244 applicants, and the Nigeria Youth Investment Fund (NYIF) provided loans totaling N1.009 billion to 5,527 beneficiaries.