This write up came up from my experience after applying for myself and few other people. I got the loan, few others got it as well, and many are yet to receive any alert or even approval.

I thereby gathered some reasons many applications for the loan were not approved. Below are the likely reasons.

1. Late Registration

The earlier, the better. If you have applied since April 2020, you would surely have better chance of being selected. Many applicants are triggered by the testimonies of the earlier applicants. For any loan, grant, business or even Ponzi schemes, the earlier you join, the better your chance.

2. No business evidence

Probably in your application, you were not able to convince them of how you will pay back. There was no evidence of concrete, viable business through which they can get their money back. CAC registration, TIN ( Tax Identification Number) and bank statement will go a long way, even if you are applying under the household.

3. Unverifiable BVN

The Bank Verification Number is very important in getting any loan in Nigeria, and all over the world. Some BVN are not confirmed before using. You must make sure all your bank accounts are connected to your BVN. You can contact your bank to ensure this.

4. You are owning a lender

This is arguably one of the reasons you found it difficult to get the loan. Some people have testified they're owning certain lenders, but still got the loan, but it is saver not to owe.

source: opera news

buttlover:
This write up came up from my experience after applying for myself and few other people. I got the loan, few others got it as well, and many are yet to receive any alert or even approval.

I thereby gathered some reasons many applications for the loan were not approved. Below are the likely reasons.

1. Late Registration

The earlier, the better. If you have applied since April 2020, you would surely have better chance of being selected. Many applicants are triggered by the testimonies of the earlier applicants. For any loan, grant, business or even Ponzi schemes, the earlier you join, the better your chance.

2. No business evidence

Probably in your application, you were not able to convince them of how you will pay back. There was no evidence of concrete, viable business through which they can get their money back. CAC registration, TIN ( Tax Identification Number) and bank statement will go a long way, even if you are applying under the household.

3. Unverifiable BVN

The Bank Verification Number is very important in getting any loan in Nigeria, and all over the world. Some BVN are not confirmed before using. You must make sure all your bank accounts are connected to your BVN. You can contact your bank to ensure this.

4. You are owning a lender

This is arguably one of the reasons you found it difficult to get the loan. Some people have testified they're owning certain lenders, but still got the loan, but it is saver not to owe.

source: opera news

Nice work buttlover. Please kindly specify if one can use one of the means of repayment you mentioned here such as bank statement, Tin, cac certificate and the likes. Please specify if somebody has only of this document, will there be any chance of approval?

buttlover:
This write up came up from my experience after applying for myself and few other people. I got the loan, few others got it as well, and many are yet to receive any alert or even approval.

I thereby gathered some reasons many applications for the loan were not approved. Below are the likely reasons.

1. Late Registration

The earlier, the better. If you have applied since April 2020, you would surely have better chance of being selected. Many applicants are triggered by the testimonies of the earlier applicants. For any loan, grant, business or even Ponzi schemes, the earlier you join, the better your chance.

2. No business evidence

Probably in your application, you were not able to convince them of how you will pay back. There was no evidence of concrete, viable business through which they can get their money back. CAC registration, TIN ( Tax Identification Number) and bank statement will go a long way, even if you are applying under the household.

3. Unverifiable BVN

The Bank Verification Number is very important in getting any loan in Nigeria, and all over the world. Some BVN are not confirmed before using. You must make sure all your bank accounts are connected to your BVN. You can contact your bank to ensure this.

4. You are owning a lender

This is arguably one of the reasons you found it difficult to get the loan. Some people have testified they're owning certain lenders, but still got the loan, but it is saver not to owe.

source: opera news

I have been been trying to apply for the loan under household but I keep getting error message that my number is not on there data base

80,000 MSME Operators and Families have benefited from Covid-19 Intervention Fund – CBN

N49 billion out of the N50 billion Targeted Credit Facility meant to cushion the impact of the COVID-19 on the economy, has been disbursed so far by the Central Bank of Nigeria (CBN). CBN’s Director, Corporate Communications, Mr. Isaac Okorafor has disclosed.
Read more :https://msmeafricaonline.com/80000-msme-operators-and-families-have-benefited-from-covid-19-intervention-fund-cbn/