CBN Floats N220bn Enterprises Dev Fund
BY EDMOND ODOK, ABUJA – The Central Bank of Nigeria (CBN) is ready to disburse about N220 billion as loans to cooperative organisations nationwide under the Micro Small and Medium Enterprises Development Fund (MSMEDF).
The facility is meant to encourage artisans involved in small businesses such as Barbing; beads making; vulcanizing works; phone repairs; hair dressing; and sports viewing centres among others.
CBN’s Director of Corporate Communications Department, Mr. Isaac Okorafor told journalists at apex the bank’s programme on Promoting Financial Stability and Economic Development in Gombe State that the loans are also mainly targeted at those who employed others to work with them.
Mr Okorafor said the CBN is channeling efforts towards this direction because it believes that; “If you empower these group of people, the economy will move faster because they will also employ others.”
The apex bank’s spokesman further stated that they are being encouraged to apply for the loan since it would be difficult for them to access such in commercial banks, where they are expected to produce collaterals.
According to him, “This is the reason we made provision for this loan for them to access through their cooperative organisations. All they need to do is open an account with a bank, operate it for some time and apply.
“The loan is without collateral and the interest is only nine per cent.”
Okorafor, who challenged Nigerian youth to embrace farming activities and make money out it, said; “In CBN, we do not give grant to people, but we show you the way to follow and make money.”
Making a presentation at the event, Assistant Director, Consumers Protection Department at the CBN, Mr Oludaramola Atanda, said it is important for customers to know their right in order to enjoy better services from Deposit Money Banks (DMBs).
He also urged banks’ customers to always report incidents of improper and weird transactions concerning their accounts,
Atanda further warned that every bank customer must avoid giving his or her ATM pin and BVN numbers to other people in order to guard against being defrauded dubious people
