Business

CBN sets aside N220bn as Enterprises Development Fund

 

 

The Central Bank of Nigeria (CBN) has set aside N220 billion to be disbursed as loans to cooperative organisations under the Micro Small and Medium Enterprises Development Fund (MSMEDF).

CBN Director, Corporate Communications Department, Mr. Isaac Okorafor, made the disclosure while addressing newsmen during the bank’s programme on Promoting Financial Stability and Economic Development.

Okorafor stated that the loan was set aside specifically to encourage artisans, including  people into vulcanising works,  hair dressing and barbing among others, especially those who have other people in their employment.

 

[penci_blockquote style=”style-2″ align=”none” author=””]“The loan is without collateral and the interest is only nine per cent.” he said.[/penci_blockquote]

“If you empower this group of people, the economy will move faster because they will also employ others,” he said.

The spokesman added that they were discouraged to apply for the loan because they would not be able to access such in commercial banks, where they needed to present collateral.

“This is the reason why we made the provision for this loan for them to access through their cooperative organisations. All they need to do is to open an account with a bank, operate it for sometime and apply.

“The loan is without collateral and the interest is only nine per cent.” he said.

Okorafor called on the youth to embrace farming activities and make money out it.

 

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“In CBN, we do not give grant to people, but we show you the way to follow and make money,” he said.

CBN Assistant Director, Consumers Protection Department, Mr Oludaramola Atanda, who made a presentation, said that customers should know their right to be served better by their banks.

He implored them to always report any case of strange transactions concerning their account.

Atanda, however, urged them to desist from giving their ATM pin and BVN numbers to others, saying such action to result in their being defrauded.

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