Scam Alert: CBN Clarifies On Loan Procedure

Scam Alert: CBN Clarifies On Loan Procedure

The Central Bank of Nigeria (CBN) has warned Nigerians against fraudulent messages on social media requesting loan seekers and owners of small-scale businesses to apply for loans purportedly provided by the Federal Government.

The fraudulent message requests loan seekers to access loans through an e-mail address ( said to be handled by the CBN, Igbere TV reports.

In a statement on Monday by the apex bank’s Director of Corporate Communications, Isaac Okorafor, CBN denied the existence of such loans, adding that it does not interface directly with prospective applicants.

The statement said: “While the CBN, indeed, has several development finance intervention programmes from which different categories of businesses have benefitted (and still benefit), the Bank DOES NOT do so through direct interaction with prospective applicants.

“For the avoidance of doubt, there are clearly spelt out procedures for accessing CBN intervention funds, which are disbursed through Participating Financial Institutions (PFIs), such as Deposit Money Banks (DMBs), Development Finance Institutions (DFIs) and Microfinance Banks (MFBs).

“Members of the public, particularly youth and owners of small-scale businesses, are therefore advised to disregard any message requesting them to send their personal details, including mobile phone numbers, to emails such as or any other one that may be contrived. These messages are fake and anyone who enters into correspondence with them does so at his or her own risk.

“Prospective applicants are advised to approach their respective banks or the Central Bank of Nigeria (CBN) branch nearest to them for clarification on the procedure for accessing any of the CBN-related loans.”