BrandArena: We are not selling forms for MSMEDF loans - CBN

Monday 23 November 2015

We are not selling forms for MSMEDF loans - CBN

The Central Bank of Nigeria has debunked rumour making the round that it is selling application forms for the purpose of accessing loans from the N220 billion Micro, Small and Medium Enterprises (MSMEs) Development Fund provided by the Bank. The apex bank described the report as the work of "some unscrupulous persons" that are "defrauding unsuspecting members of the public".

In a statement by its Director of Corporate Communications, Ibrahim Mu’azu made available on the CBN official website, "these dishonest elements extort various sums of money ranging from N2,000 to N60,000, depending on the value of the loan being sort by unsuspecting applicants, for forms as a pre-condition and/or guarantee for securing loans from the Fund".

The fraudsters are also reported to be asking would-be borrowers to contribute into dedicated accounts certain sums as percentages of the loan they intend to access.

The stressed that at no time did it authorize or appoint any agent to sell forms or collect any fee to access the Fund. "The only form available under the fund is the one to be filled by participating financial institutions (PFIs) namely: Microfinance Banks, Non-Bank Microfinance Institutions, Financial Cooperatives, Finance Companies, Commercial Banks, Bank of Industry and Bank of Agriculture - to enable them access the Fund and it is free", part of the disclaimer reads.

Therefore, the bank has advised the public to beware of the activities of fraudsters, adding that whoever approaches them demanding for money to obtain the loan forms/or as processing fee should be reported to the law enforcement agencies.

The public is also advised to contact the Director, Development Finance Department, CBN, on 09-46238600, 0705 451 4140 and 0803 726 5741 or send email to or any Development Finance Office in the CBN Branches nearest to them.

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