CBN’s N50bn COVID-19 Fund Disbursement Begins Thursday

Barring any last-minute change in plans, the disbursement of the first tranche of the Central Bank of Nigeria N50bn targeted credit facility would begin on Thursday.
The fund, which is being managed by the NIRSAL Microfinance Bank, has received over 80,000 applications.
The Managing Director, NIRSAL Microfinance Bank, Mr. Abubakar Kure, confirmed the development in a telephone interview with our correspondent.
Kure, who did not provide the amount to be disbursed in the first tranche, said that those whose applications were successful would start receiving their fund on Thursday.
He said, “But we are hopeful that towards Thursday or Friday, the disbursement of the fund would commence.”
The CBN had introduced the N50bn Targeted Credit Facility as a stimulus package to support households and Micro, Small, and Medium Enterprises affected by the COVID-19 pandemic.

The N50bn intervention is being financed from the Micro, Small and Medium Enterprises Development Fund.
In terms of limit, the loan amount would be determined based on the activity, cash flow, and industry size of a beneficiary, subject to a maximum of N25m for SMEs.
Households can access a maximum of N3m while working capital would be a maximum of 25 percent of the average of the previous three years’ annual turnover.

Based on the guidelines released by the CBN, those that can benefit from the fund are households with verifiable evidence of livelihood adversely impacted by COVID-19; existing enterprises with verifiable evidence of business activities adversely affected as a result of the COVID-19 pandemic and enterprises with bankable plans.

According to the CBN guidelines, activities covered under the scheme include agricultural value chain; hospitality (accommodation and food services); health (pharmaceuticals and medical supplies); and airline service providers.
Others are manufacturing/value addition; trading and any other income-generating activities as may be prescribed by the CBN.

Anglican Church Shares Food Items Worth N30m In Onitsha Diocese

It was a mixed feeling today as the Bishop on the Niger - Anglican Communion, Rt. Rev. Dr. Owen Nwokolo reached out to five thousand families with #30million worth of food items in the Diocese who are experiencing hardship as a result of the total lockdown order by both Federal and State Governments.

Bishop Nwokolo who unveiled this earlier today in the Bishopscourt reiterated that the lockdown order has impacted negatively on most families.

He charged churches and well-to-do individuals to extent kind gesture to vulnerable families around them.

Speaking shortly after the presentation, the most senior Archdeacon in the Diocese On The Niger Ven Obi Ubaka, the Archdeacon of Onitsha Main Archdeaconry thanked the Bishop On The Niger for the kind gesture, pledging that the Priests would ensure that the targeted families are reached. He prayed God Almighty to bless the Diocese On The Niger.

Actor Joshua Jackson and wife Jodie Turner-Smith welcome their first child,

Canadian-American actor, Joshua Jackson and his wife, model and actress Jodie Turner-Smith have welcomed their first child together.

The couple’s baby arrived on 21 April 2020, after Queen & Slim star Jodie revealed they were expecting a daughter. 

A rep for Joshua confirmed the happy news to Metro.co.uk, adding: ‘Both mother and baby are happy and healthy.’ 

Jodie, 33, and Joshua, 41, were reported to have tied the knot in a secret ceremony in  2019. 

Neither of the actors have confirmed or denied their secret wedding, but the actress said in an interview: ‘People are assuming whatever they want, but when people tell me “Congratulations,” I say “Thank you.”’ 

NCDC shares photo of the fake COVID19 vaccine are ingested by some Kano state residents

The Nigeria Center  for Disease Control, NCDC, this morning shared a photo fo the liquid mixture some Kano state indigenes are ingesting, claiming it is a vaccine against COVID19.

In a tweet posted on its handle this morning, NCDC warned against consuming any of such mixtures, adding that there is currently no vaccine or drug approved for COVID19 prevention.

A liquid mixture is being sold with claims that it is"#COVID19 vaccine". This is FALSE! There is currently NO VACCINE or drug approved for #COVID19 prevention by health authorities #TakeResponslibility Only purchase & consume drugs at accredited pharmacies or health facilities

Comedian, I Go Dye, donates his mansion to the Federal government to be used as an Corona Virus Isolation center

Comedian, Francis Agoda aka I Go Dye, has announced plans to donate his mansion to the Federal government to be used as an Isolation center as the nation continues to battle the Coronavirus pandemic.

The comedian says he is worried by the increasing number of COVID19 cases recorded each day and as such, is donating his mansion as his own contribution towards the efforts of the government to control, prevent, isolate and treat those diagnosed or to be treated in future. He also called on the Federal government to implement a two weeks total lockdown so as to curb the spread of the ravaging viral disease.

He wrote

I'M  DONATING MY NEW FAPOH ROYAL SEAL MANSION TO FEDERAL GOVERNMENT OF NIGERIA TO USE IT AS AN ISOLATION CENTRE.

Humanity will overcome all its challengens only if we are willing to let  go of the things we are not using for now for the benifit of others.

In view of the increasing cases of #coronavirus patients in Nigeria, and  the few screening centres available for now, I'm deeply worried.
We will be making humanitarian sacrifices towards  contributing our selfless deeds to control the escalating records  of the #coronavirus as predicted by WHO.

PalmPay launches free Mobile Payments App money transfers and N100m+ COVID-19 Support Fund

Since launching in September 2019 under a Mobile Money Operator license granted by the Central Bank of Nigeria, PalmPay has become one of the fastest-growing financial services companies in Nigeria. Its app has gathered over 500,000 users and can be found in the top 5 in the finance category on both the Google Play Store and the iOS App Store.

PalmPay, one of Nigeria’s fastest-growing mobile payments companies, today announced the creation of a N100,000,000 fund to support Nigerians in the fight against the coronavirus (COVID-19) pandemic.

The money will be used to support relief organizations working to address the outbreak of the novel coronavirus in the country, as well as to fund the provision of an innovative COVID-19 cover for its entire customer base.

 

Under the original scheme, every transacting PalmPay customer can qualify for a N100,000 payout from the PalmPay Support Fund should they be diagnosed with COVID-19. The intention is to provide a financial cushion to its user base and help Nigerians who are affected by the virus get back on their feet.

More money will be added to the fund every time a transaction is made on the app for the duration of the campaign, and information about the fund is transparently updated in real-time on the PalmPay app. The campaign has been branded #PalmPayCares and is due to run for an initial month-long period.

“We are proud to be launching this campaign to offer our support to our community of users and organizations on the front line of the response to the pandemic”, said Greg Reeve, Global PalmPay CEO. “We want our customers to know that we are there for them through these uncertain times and that they can be a part of relief efforts too as we will add to the fund every time they transact on the PalmPay app.”

Other key measures being announced today are designed to ease the financial burden on Nigerian consumers and help them as they try to minimize their risk of exposure to the virus.

PalmPay is removing all money transfer charges from its service, making it free to transfer money from its wallet to other PalmPay users and Nigerian bank accounts for any amount.

Moreover, the licensed Mobile Money Operator has completed integration into NIBSS’s NIP list, which now makes it possible for anyone to send money to a PalmPay wallet straight from their online banking app.

Users can also deposit to their PalmPay wallets free of charge using their ATM cards within the app, and will benefit from a N100 incentive every week for depositing at least N1000 with either method.

“Using digital payment methods is one of the ways people can protect themselves and others from the virus, which can attach itself to cash and other surfaces.”, explains Reeve “Our aim with these initiatives is to make that as easy and affordable as possible, and offer Nigerians a rewarding way to make payments through PalmPay.”

PalmPay offers Nigerians a range of financial services via its mobile app, including transfers, airtime and bill payment. With a tagline of “The Payment App That Rewards You”, the company’s USP of offering cashback and discounts to its customers has established the mobile payments service as a favorite among millennial consumers.

Users can earn up to N20,000 a month in cash back in the form of PalmPoints that can be used to carry out transactions on the app. Other incentives include a N300 referral reward for each new friend that existing customers introduce to PalmPay, a multi-level marketing programme to provide further rewards for regular referrers, and a “Lucky Money” game that can be played after each transaction with prizes including discount coupons and more PalmPoints.

US Senate passes new $484b Coronavirus relief package for small businesses, hospitals and Covid-19 testing

The US Senate has approved about $484 billion in new coronavirus aid for small businesses, hospitals, and testing, making it the US' second economic relief package since the Coronavirus pandemic started if signed into law.

The agreement, made after weeks of negotiation and disagreements between Republican and Democratic Lawmakers was passed by a voice vote after agreements were made on Sunday and Monday.

The deal will include an additional $310 billion for the Paycheck Protection Program (PPP), $60 billion specifically for community banks and smaller lenders, as well as $75 billion for hospitals, $25 billion for testing, and $60 billion for emergency disaster loans and grants.
 

Sen. Rand Paul (Republican-Kentucky) said he opposed the funding but would not block its passage because more bailouts will increase America's annual deficit.

Senator Rand is the only senator who has been infected with the coronavirus.

"The virus bailouts have already cost over $2 trillion. Our annual deficit this year will approach $4 trillion. We can't continue on this course. No amount of bailout dollars will stimulate an economy that is being strangled by quarantine," Paul said from the Senate floor on Tuesday.

The House of Reps is expected to pass the bill on Thursday morning, with members returning to Washington for a recorded vote.

US President Trump threw his support behind the relief package on Tuesday.
"I urge the Senate and House to pass the Paycheck Protection Program and Health Care Enhancement Act with additional funding for PPP, Hospitals, and Testing," Trump tweeted.