By Ahmad Umar:
Central Bank of Nigeria (CBN) says it has earmarked N220 billion to be disbursed as loan for micro Business , Medium and small scale Enterprises.
The Director, Corporate Communications Department of the Apex bank , Isaac Okorafor, disclosed this in an interview with news men in Gombe northeast of the country on Monday, during the bank’s programme on Promoting Financial Stability and Economic Development.
He said the loan which was tagged Micro business, Small and Medium Enterprises Development Fund (MSMEDF) was set aside to encourage people who were into businesses like Vulcanisers, Hair dressers, Babers who employ Others to work with.
“If you empower these groups of people, the economy will get faster because they will be employers of labor also.
He said people were discouraged to apply for loan because they do not have collateral .
“That was why we made provision for this loan for people to access through their cooperatives organizations, open an account with a bank, operate and the loan is without collateral and the interest is only 9 per cent” he said.
He called on youth to embrace farming activities and make money out it.
“In CBN, we do not give grant to people, but we show you the way you will follow to get money” he said
In a presentation, Oludaramola Atanda Asst. Director Consumers Protection Department CBN, reminded customers to know that it is the commercial banks’ responsibilities to serve them better.
He warned people to desist from giving their ATM pin and BVN numbers to others so as not to be defrauded.
