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The short answer
The CBN's Targeted Credit Facility of 2020 was a loan, disbursed through NIRSAL Microfinance Bank, of up to ₦3 million for households and ₦25 million for SMEs, at 5% a year until 28 February 2021 and 9% a year from 1 March 2021. In 2026 beneficiaries reported automatic deductions from their accounts, and in April the House of Representatives asked for repayment to be restructured. Confirm what you owe with NIRSAL MFB directly through its official channels before paying anyone.
In 2020, as COVID-19 closed markets and offices, the Central Bank of Nigeria launched a ₦50 billion credit scheme for households and small businesses hit by the pandemic. Hundreds of thousands of Nigerians applied through NIRSAL Microfinance Bank. Many treated the money as a palliative. Six years later, repayment demands and account deductions have made the scheme a live issue again. This guide sets out what the scheme's own guidelines said, what has happened since and how to establish your position.
What the TCF was
The CBN's March 2020 guidelines describe the Targeted Credit Facility as a loan funded from the MSME Development Fund. It was open to households whose livelihoods had been hit by COVID-19, existing businesses adversely affected, and businesses with bankable plans to pursue opportunities created by the pandemic.
| Term (CBN guidelines, March 2020) | What it said |
|---|---|
| Size of scheme | ₦50 billion |
| Maximum for households | ₦3 million |
| Maximum for SMEs | ₦25 million, by activity, cash flow and segment; working capital capped at 25% of average annual turnover |
| Interest | 5% a year, all-inclusive, to 28 February 2021; 9% a year, all-inclusive, from 1 March 2021 |
| Tenor | Working capital up to 1 year, no rollover; term loans up to 3 years |
| Moratorium | At least 1 year on term loans |
| Lender | NIRSAL Microfinance Bank (NMFB) |
| Security | Set by NMFB, for example two acceptable guarantors, registered movable assets or domiciliation of proceeds |
| Scheme exit date | 31 December 2024 |
The important point is the word loan. The guidelines set an interest rate, a tenor and security. An exit date for the scheme does not cancel loans already made under it.
What has happened in 2026
In April 2026 the News Agency of Nigeria reported that about ₦419.42 billion had gone to 792,936 beneficiaries under the facility, and that beneficiaries were complaining of automatic deductions from their bank accounts. A policy analyst quoted in the report said accounts linked to a borrower's BVN could be debited where a loan had not been fully repaid. We could not open an official NIRSAL MFB or CBN statement setting out the mechanism, so treat that description as reported, not confirmed.
The House of Representatives, on a motion moved by Saidu Abdullahi, directed the CBN, NIRSAL and SMEDAN to restructure the repayment system, asked for lower rates and longer repayment periods, and urged the Ministry of Finance to suspend forced recoveries and to consider waivers for low-income earners and small businesses. A House resolution is a request to the executive, not a change in your loan agreement. As at October 2026 we found no official notice of a waiver or new terms.
How to confirm your balance
- Find your loan documents. The offer letter, the email or SMS confirming disbursement and your bank statement showing the credit.
- Contact NIRSAL MFB through official channels only. Use the contact details on NIRSAL MFB's own website or at its offices, not numbers from social media posts.
- Ask for a written statement of account showing principal, interest charged at each rate period, repayments received and the balance.
- Check the interest maths. From 1 March 2021 the rate was 9% a year all-inclusive; ask how it was applied and over which balance.
- Ask about restructuring if you cannot pay the balance in one go, and get any agreement in writing.
- Pay only to NIRSAL MFB's own accounts, never to an agent's personal account.
If money has already been deducted
Ask your bank for the narration and source of each debit and request NIRSAL MFB's statement showing it was applied to your loan. If a debit was applied to a loan you never took, or after you had paid in full, complain in writing to your bank and to NIRSAL MFB. If that fails, the CBN's consumer protection route for bank customers is the next step. Keep copies of everything.
A worked example
Example only, simple interest for illustration. A household borrowed ₦500,000 in mid-2020. Using a simplified flat calculation, interest of 5% a year for the roughly eight months to February 2021 is about ₦16,667 (₦500,000 × 5% × 8 ÷ 12). At 9% a year thereafter, each further year adds ₦45,000 if nothing is repaid. Actual balances depend on repayments, the schedule in the offer letter and how NIRSAL MFB calculates interest, which is why the written statement matters.
Where Pryme fits
Pryme has no role in the TCF. If you are rebuilding finances after a deduction, a Fixed Savings Box can ring-fence money for a repayment plan, and our guide to your rights when lenders contact you covers fair treatment in recovery. For other schemes, see how to check a government scheme.
Questions people ask
Is the CBN COVID-19 loan a grant?
No. The CBN's 2020 guidelines describe the Targeted Credit Facility as a loan with an interest rate, a tenor and security.
What is the interest rate on the NIRSAL COVID loan?
The guidelines set 5% a year all-inclusive up to 28 February 2021 and 9% a year all-inclusive from 1 March 2021.
Why is NIRSAL deducting money from my account?
Beneficiaries reported automatic deductions in 2026 for unpaid TCF balances. Ask your bank for the debit details and NIRSAL MFB for a written statement of account.
Has the TCF loan been cancelled?
As at October 2026 we found no official waiver. The House of Representatives asked for restructuring and possible waivers in April 2026, but that is a request, not a change to your agreement.
Sources
- CBN: Guidelines for the N50 billion Targeted Credit Facility (March 2020) · accessed Oct 2026
- Gazette (NAN): COVID-19 loans, House of Reps urges flexible repayment plan (7 Apr 2026) · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.