Commercial banks have commenced a massive recovery of the loans disbursed to Nigerians to cushion the economic impact of the coronavirus pandemic.
Several beneficiaries have been jolted by the deductions of thousands of naira from their bank accounts without any notice from the banks.
The loan was disbursed to households and Micro, Small and Medium Enterprises affected by the COVID-19 pandemic by the Central Bank of Nigeria through the commercial banks in 2021.
The fund, which was managed by the NIRSAL Microfinance Bank, received thousands of applications, charged at five per cent with a moratorium that lasted till February 28, 2021.
