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The management of NIRSAL Microfinance Bank has requested for the payback of COVID-19 loans secured by many entrepreneurs across Nigeria through the Central Bank of Nigeria’s (CBN) Targeted Credit Facility (TCF).
This call was made by the financial institution on Monday via its Twitter handle.
Nigerians on Twitter have been having a complex discussion about the repayment of NIRSAL loans with some admitting that they do not have the means to pay back the loans.
What they are saying about NIRSAL’s request for loan repayment
Following NIRSAL’s tweet request for the repayment of the loans, Twitter users have expressed mixed feelings, an indication that the financial institution may have a problem getting back most of the loans.
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A Twitter user, Abdulrasheed Ibrahim with the handle, @Abdulra19898072 made some claims that are hard to verify but his comment had the most interactions. He said, “@cenbank I don’t think many people have the means of paying, coz those that want to do business were not the ones given the loan, rather, some of your staff collected % from individual and randomly disbursing to those that will buy iPhones.”
@cenbank I don't think many people have the means of paying, coz those that wants to do business where not the one given the loan rather, some of your staff collected % from individual and roundomly disabusing to those that will buy iphones.
— 🕹️ $OverProtocol (@Abdulra19898072) February 7, 2022
Ibrahim’s comment was, however, countered by one Omowole Tope who claims he got his loan and didn’t have to give any percentage to NIRSAL official.
This your claim isn't true. I got mine and nobody in Nirsal collected a dime from me.
— Omowole, TM. (Afamefuna) (CISA) (CEH) (@vantope22) February 7, 2022
Daniel Duke with handle @DanielDuke TOT took a more economical view of the situation saying, “Don’t worry, they are expecting repayments from the Grants that would be disbursed shortly. It’s a way to mop up excess cash that will be pumped into circulation through the Grant payments. CBN’s plan to reduce inflation.”
Some lamented that they have not fully recovered from the pandemic. Stanleyoke with handle @OkerekeStanley3 “Covid-19 variance is still here with Us, the Economy is worst every day. There is no improvement and you are here talking about repayment. Can you please go to the market and check the prices of Food?”
Some Twitter users however took hilarious positions as regards the repayment of the loans. A user with the handle, @alkanetonline said, “I need another loan to repay the previous loan.” Another user joined him in lamenting that she has no idea where she’s going to get the money to pay back the loan.
Me too o. I don’t know where they want me to see money to pay 500k loan 😭😂😂😂😂
— GraceFoundMe (@Gracefoundme11_) February 7, 2022
There were also genuine concerns about the process of repayment of the loans. Some beneficiaries lamented how they are unsure of how to make the repayment of the loans. One user disclosed how he unsuccessfully tried several times to make transfer to the NIRSAL account he was given.
User @Donchyme accused NIRSAL of not responding to emails and phones since he has been trying hard to get the bank to educate him on a breakdown of the loan repayment.
3. How do I repay? I asked and asked but no one was responding. These guys don't respond to their emails and the phone lines never go through. After some months, I got an sms with a bank account for repayment but no repayment breakdown.
— Chime (@donchyme) February 7, 2022
Some conversations on Twitter have hinted at the possibility that the apex bank may employ GSI to recover loans. Twitter user @aismuhd said the only hope for a successful refund by customers would be to use the Global Standing Instruction (GSI).
He said, “I honestly think 90% of the monies disbursed so far; cannot be recovered except GSI will be invoked. Because most people that received the loan don’t have the means to pay back.”
Under the GSI, a bank client will no longer be able to accept a loan or credit from one bank and refuse to pay it back while maintaining many other bank accounts with sufficient credit balances to pay off the amount owed to the first bank.
What you should know about the loan
- The Central Bank of Nigeria (CBN) announced a N50 billion Targeted Credit Facility (TCF) in March 2020 as part of a stimulus package to help mitigate the impact of the coronavirus pandemic on the economy and businesses.
- The TCF was to support households and micro, small, and medium enterprises (MSMEs) that have been affected by the pandemic.
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You see one thing about we Nigerian, some faithful people requested for this loans to boost their businesses but were denied the opportunity. Now that the monies were being given to wrong people, people who are not serious with their life were the once that were been given the loans to and undermined some of us whose businesses were in the state of moribund due to financial difficulties. I personally apply for this same loans but I was denied simply because of politics everywhere, that until one has to know someone before you part take. God doesn’t sleep
…… May Allah deliver us in this country
Fg covid 19 loan
I have to get ready for work now
Yes
I am farmer I net money more
Some people in Port Harcourt including myself applied for the said COVID-19 loan but were never given. I don’t understand the way things are done in this country. How come many applicants from this part of the country did not qualify? It is well o
I apply for this loan for about three times but it was not given to me.no reason was given ,one Nirsal officer rather collected ten thousand naira from 12 of Us but up till date nothing has come our way.
My. God!!! I look this opportunity but not offered. Please pay to enable them service others
Una papa loan when una collect almost 40% b4 una distribute the remaining % who won pay back.
I didn’t get the loan even after filling the form several times but my account is indicating that I was given the loan. You people are not serious
I am bussenes man
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