Nexit CBN Loan: Volunteers to Get 650k to N5M without Collateral – July Update
Nexit CBN Loan: The Federal Government through the office of the Humanitarian Ministry and the Central Bank of Nigeria have commenced the Transitioning of Npower volunteers into a robust and reliable economic affiliate programme.
“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.
Many volunteers have being asking series of questions regarding the nexit transitioning programme
Questions for Nexit CBN Loan like:
How much loan will been giving to volunteers as start-up capital?
How will the loan be disbursed?
Will the loan come with collateral?
Pay-back period for the loan?
The truth is that, we don’t have much information on these loan programme by the Central Bank of Nigeria, what we do know is that, the Central Bank has handled many of such loan projects in the last 10 year.
The Covid-19 pandemic has shown the lending power of the Central Bank, a look to other programmes like
The Covid-19 Nirsal Micro finance Loan, beneficiaries where given huge sums ranging from N500,000 to N10,000,000
The SMEMs Survival programme, a programme created by the Federal Government to reduce the impact of the covid-19 pandemic, beneficiaries were given between N30k, 50k to N1M
The Nigerian Youth Investment Fund with same mission to act as a catalyst in reducing youth restiveness and joblessness following the covid-19 pandemic, beneficiaries will be given between N250, 000 to N50M loan
These entire loans are without collateral, payment period is flexible and the loan is disbursed based on the business intention of the beneficiaries
Some may undergo business orientation and strict monitoring to ensure compliance and success
Same approach will be given to all npower volunteers who showed interest in the CBN loan programme
Same Frequently Asked Questions & Answers
A lot of N-Exit applicants have been asking a lot of questions about N-Exit package. Here are some of these questions and their answers:
When Will Transition Start?
In response to the above question transition has already started in order to massively register applicants in order to provide the loans to the former N-power volunteers.
When Will N-Exit Portal Close?
The N-Exit portal will has no specific date for closure as the registration may span throughout 2021.
Why Is N-Exit Portal Not Accepting Yahoo mail?
This is a wrong notion as the N-Exit portal is accepting yahoo mail but is done in batches.
Will loan be given directly by CBN?
As for the loans they will be given by the CBN once registration and all the necessary process have been completed.
Will all former volunteers have access to these loans?
All former N-power volunteers have access to these loan as it has been made to capture all of them.
Is the Nexit CBN Loan all about loans?
No the N-exit program is not all about loans. It is also an affiliate program where applicants can create a business idea and have it sponsored by the CBN.
Can 14200 owed volunteers apply for N-Exit?
Yes all N-power volunteers will be able to apply for the N-exit program, meanwhile, all former 14200 owed volunteers will soon be paid their five months stipend as promised by the minister.
How long will the Nexit CBN Loan program last?
The N-Exit program has no sure date of expiry but it is stated that it will run until 2023.
Who will finance the N-Exit program?
The entire program will be anchored by the Central Bank of Nigeria.
What Kind of Business Ideas will Be Accepted?
The N-Exit program has its own categories of businesses that are accepted and would be funded.