Targeted Credit Facility

The Central Bank of Nigeria (CBN) introduced the TCF in March 2020 as a stimulus package to support households and micro, small and medium enterprises (MSMEs) affected by the COVID-19 pandemic.

Objectives

  • Cushion the adverse effects of COVID-19 on households and MSMEs
  • Stimulate credit to MSMEs to expand their productive capacity through equipment upgrade, research and development.

Managing Agent

The participating financial institution (PFI) for the Scheme is NIRSAL Microfinance Bank (NMFB).

How To Apply

  • To apply for TCF, please visit: www.covid19.nmfb.com.ng

    • Frequently Asked Questions on TCF

      Who is eligible?
    • Eligible applicants under the TCF include:
      • Households with verifiable evidence of livelihood adversely impacted by COVID-19.
      • Existing Enterprises with verifiable evidence of business activities adversely affected as a result of the COVID-19 pandemic and enterprises with bankable plans to take advantage of opportunities arising from the COVID-19 pandemic.

      • What is the maximum amount which can be applied for under the TCF?
    • Households can access a maximum of ₦3 million, while the loan amount for SMEs shall be determined based on the activity, cash flow and industry/segment size of beneficiary, subject to a maximum of ₦25 million.

      • What is the source of funding for the TCF?
    • Micro Small and Medium Enterprise Development Fund (MSMEDF)

      • What is the interest rate for the TCF?
    • The interest rate is 5%.