Wednesday, January 3, 2024


Commercial banks are undertaking a significant effort to recover loans granted to Nigerians to mitigate the economic impact of the COVID-19 pandemic. Numerous recipients have expressed shock as thousands of naira were deducted from their bank accounts without prior notice. 

The loans, disbursed by the Central Bank of Nigeria through commercial banks in 2021 to households and Micro, Small, and Medium Enterprises affected by the pandemic, were managed by the NIRSAL Microfinance Bank. 

The fund received thousands of applications, with a five percent charge and a moratorium until February 28, 2021. Recipients, including a customer named Aunty Yinka, are perplexed by unexpected deductions. 

Aunty Yinka revealed that a commercial bank allegedly debited N750,000 from her and her son's accounts, despite receiving only a N200,000 COVID-19 grant. 

She froze her account, suspecting fraud, but customer care linked the deduction to a Global Standing Instruction, raising concerns about loan agreements and BVN sharing during the pandemic. 

Aunty Yinka, now facing financial strain, is seeking answers, echoing similar experiences in her community.

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