Npower 2020: Batch A&B to Receive Loan without Collateral/Interest
The Federal Government, through the Humanitarian Ministry office and the Central Bank of Nigeria, has begun the Transitioning of Npower Volunteers into reliable and robust economic affiliate programs.
This gesture is in keeping with the Federal Government Agenda for over 100M Nigerians to be free from poverty and crime, and it aims to provide economic opportunities for volunteers.
The NEXIT portal is currently receiving a lot of applications. All interested volunteers were instructed to register for the loan by keying in their interest.
The registration for the loan program is closed in a matter of days. Data collation will take some time. After that, the disbursement will occur and further instructions will be given to all disengaged volunteers.
“A Portal that will enable Exited N-Power Beneficiaries to apply for Central Bank of Nigeria Empowerment Options has been launched by the Ministry of Humanitarian Affairs, Disaster Management and Social Development”
“The platform which was developed in collaboration with the CBN will enable Exited N-Power Beneficiaries to log on and apply for the various Economic, Empowerment and Entrepreneurship options provided by the CBN”
“The NEXIT portal is to determine the suitability of the beneficiaries for the CBN affiliated programs and is dependent on meeting the criteria and conditions set by the CBN for the said programs”
“The Minister also emphasized that the NEXIT PORTAL will determine the suitability of the beneficiaries for the CBN affiliated programs”-Umar Sadiya Farouq-2020”
Npower 2020 Volunteers have asked a series of questions about the Nexit program.
- What amount of loans will volunteers receive as start-up capital
- What will happen to the loan?
- Is collateral required for the loan?
- What is the payback period?
We don’t know much about these loan programs by the Central Bank of Nigeria. However, we do know that many of these loans have been handled by the Central Bank in the past 10 years.
The lending power of the Central Bank has been demonstrated by the Covid-19 pandemic.
Beneficiaries of the Covid-19 Nirsal Microfinance Loan received huge amounts ranging from N500,000 up to N10,000,000respectively.
Beneficiaries of the SMEs Survival Program, a Federal Government program to lessen the impact on the covid-19 pandemic were provided with N30k, N50k, and N1M.
The Nigerian Youth Investment Fund will have the same mission as the covid-19 pandemic. Npower 2020 Beneficiaries will receive loans ranging from N250, 000 up to N50M to help reduce the youth joblessness rate.
The entire loans are will not include collateral. The payment method and period are flexible. The loan is disbursed regarding the business intent of the beneficiaries.
Other candidates may be required to undergo business orientation so as to ensure compliance and achieve success, strict monitoring will be necessary.
All Npower volunteers interested in the CBN loan program will receive the same treatment.