PUNCH
Commercial banks have commenced a massive recovery of the loans disbursed to Nigerians to cushion the economic impact of the coronavirus pandemic.
Several beneficiaries have been jolted by the deductions of thousands of naira from their bank accounts without any notice from the banks.
The loan was disbursed to households and Micro, Small and Medium Enterprises affected by the COVID-19 pandemic by the Central Bank of Nigeria through the commercial banks in 2021.
The fund, which was managed by the NIRSAL Microfinance Bank, received thousands of applications, charged at five per cent with a moratorium that lasted till February 28, 2021.
According to the guidelines released by the Central Bank of Nigeria, those who were to benefit from the fund were 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.
Beneficiaries, who spoke with our correspondents, expressed surprise over the deduction of money from their bank accounts.
A customer, who identified herself as Aunty Yinka, complained that a commercial bank allegedly removed N750,000 from the accounts operated by her and her son, noting that she received only N200,000 COVID-19 grant.
