Microfinance Bank (NMFB) has clarified that the intervention facilities provided by the Central Bank of Nigeria (CBN) were not grants, contrary to rumours circulating among beneficiaries.
The bank stated in Abuja on Thursday, January 4, responding to speculations and reminding borrowers of their repayment obligations.
NMFB noted that “despite offering an additional year to the initial one-year moratorium, many borrowers have defaulted on their repayment schedules.”
This includes the 36-month moratorium for the Targeted Credit Facility (TCF) and the 60-month moratorium for the Agricultural, Small, and Medium Enterprise Investment Scheme (AGSMEIS).
As a result, NMFB has launched a proactive Recovery Campaign through its social media platforms to remind and educate beneficiaries about the consequences of defaulting on their loans.
The bank added that it has also been communicating directly with beneficiaries to dispel rumours of intermediaries or agents representing the bank.
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