JAIZ Bank Offers Forex Lifeline To SMEs

BY VICTOR OSOWOCHI, ABUJA – Determined to open up businesses and boost the nation’s economy amid the current Coronavirus (COVID-19) pandemic crisis, Nigeria’s foremost non-interest bank, Jaiz Bank Plc, has resumed selling of foreign exchange to operators of Small and Middle Enterprises (SMEs).

Also, the Bank says the foreign exchange transactions is available to parents seeking to pay their children and wards’ school fees as well as those settling medical bills.

In a statement released in Abuja yesterday, the Bank management stated that areas also covered by the Forex support include; Personal Travel Allowances (PTA) and Business Travel Allowances (BTA) among others.

According to the bank, SMEs importers will get up to $20,000 per quarter, adding that items of importation must however not fall under those prohibited, as directed by the Central Bank of Nigeria (CBN).

“While the pandemic is being fought with lockdown and economies are opening up, we are committed to providing services that would encourage small and medium sized businesses because we strongly believe they are the fulcrum for economic growth and development”, the bank said in its statement.