Nexit CBN Loan: 400,000 Volunteers to Get 650k/800k to N5M Without Collateral
It’s no longer news that the Federal Government through the office of the Humanitarian Ministry and the Central Bank of Nigeria has commenced the Transitioning of Npower volunteers into a robust and reliable economic affiliate programme.
The Humanitarian Minister, Umar Sadiya Farouq said, the Nexit CBN loan portal has officially closed, those trying to register will be denied, more than enough time were given to interested disengaged volunteers to show interest.
The Minister said, they needed time to process over 400,000 applications, the process is cumbersome and required carefulness the minister added
“We are processing loan request of over 400,000 persons, their various choices in ticking the questions asked in the application portal is sorted out based on the businesses they intend to do, surely more time is needed to ascertain and group the enrollees according to their chosen business choice”.
Sadiya stressed the need for more patients as the government is seeking all means to fund the Nexit CBN programme “The Government is seeking all means to fund the CBN loan affiliate programme. A supplementary budget will be passed this month, those waiting for the loan need to exercise some patient”
The gesture is aimed at providing economic opportunities to volunteers, in line with the Federal Government Agenda to lift over 100M Nigerians from poverty and crime.
Currently, the nexit portal is massively receiving applications, all interested volunteers have been instructed to key-in their interested by registering for the loan “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
Many volunteers have being asking series of questions regarding the nexit transitioning programme
Questions 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?
The 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 Microfinance Loan, beneficiaries were given huge sums ranging from N500,000 to N10,000,000.
The SMEs 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
Some Frequently Asked Questions & Answers
A lot of N-Exit applicants have been asking a lot of questions about the N-Exit package. Here are some of these questions and their answers:
When Will Transition Start?
In response to the above question, the transition has already started in order to massively register applicants in order to provide loans to the former N-power volunteers.
When Will N-Exit Portal Close?
The N-Exit portal will have 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?
Yes
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 N-exit 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 N-Exit 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.
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