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COVID-19 Targeted Credit Facility (TCF) Latest Update

In this update, we tried to itemize the reasons why some applications were not approved.

The following reasons may be why your application has not been approved, is still pending, or credit hanging:

1. Your bank account name is different from your BVN name. For example, your BVN name is Okeke Musa Tunde but your bank account name is simply Okeke Tunde. Both names must tally so you might want to approach your bank to rectify this difference.

2. Your bank account type/category is tier 1 or tier 2, instead of tier 3. Tier 1 account can only receive a maximum of N100,000, tier 2 N250,000. You are advised to visit your bank immediately to upgrade your account to tier 3 with:

a. PHCN Bill

b. Means of ID (Any of National ID, Voters Card, Int’l Passport or Driver’s License)

c. 2 Passport Photographs.
3. You currently have a non-performing facility (bad loan). Even 1 naira bad loan can deny you the opportunity.

4. You may have supplied incomplete or wrong BVN. Kindly dial *565*0# from your registered line to see your correct BVN

5. You may have supplied BVN that has a different name from the name supplied during the application. Please double-check.

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