CBN Dissociates Self from N220 Billion MSMEDF Cash for Form Scam

cbn disclaimer on loan fraud

The Central Bank of Nigeria (CBN) on Friday dissociated itself from the alleged on-going practice where applicants seeking to access the N220 MSMED Fund were required to purchase application forms at a cost ranging from N2,000 to N60,000 depending on the value of loan being applied for.

The CBN, in its disclaimer dated 19 November 2015 (pictured above) revealed 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.”

The apex bank advisedĀ theĀ general public to beware of the activities of fraudsters saying that “whoever approaches them demanding for money to obtain the loan forms/or as processing fee should be reported to the law enforcement agencies.”


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