Access Bank Increases Loan to Small Businesses to Complement FG’s N75bn Intervention

• Access Bank has increased its loan to small businesses to N50 billion from N30 billion
• This would complement FG's N75 billion loan to Micro, Small, and Medium Enterprises (MSMEs)
• It is expected that the loan will improve more lives by expanding the pool of people who can benefit

Legit.ng journalist Zainab Iwayemi has over three years of experience covering the Economy, Technology, and Capital Market.

Access Bank Plc has reviewed its Micro, Small, and Medium Enterprises (MSMEs) loan scheme from N30 billion to N50 billion.

This was said in a statement released in Abuja by Temitola Adekunle-Johnson, Senior Special Assistant to the President on MSMEs and Job Creation, Office of the Vice-President, according to a report by The Sun.

This is expected to corroborate government plans to disburse N75 billion to Micro, Small, and Medium Enterprises (MSMEs) nationwide in January 2024 in partnership with the Bank of Industry (BOI).

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Loan to support MSMEs

Earlier in November, Access Bank said it would be providing N30 billion to support four million MSMEs, women, and young people in Nigeria.

According to Adekunle-Johnson, the revelation was made by the bank's Group Managing Director, Roosevelt Ogbonna, at a meeting at the Presidential Villa with Vice President Kashim Shettima.

The presidential assistant said the loan's upward review aims to improve more lives by expanding the pool of people who can benefit from the bank's lending program.

Additionally, he clarified that the beneficiaries would receive the loans at a 15% discount.

He states that any subsequent review will be predicated on how well the loan performs a year later.

He stated that Shettima was grateful for the bank's generosity and praised the influence of its collaboration with the federal government on MSMEs.

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Full List: FG Announces 50 New Loan Apps, Monitors 84 Others as Google Removes 45 From Play Store

Legit.ng reported that the Federal Competition and Consumer Protection Commission (FCCPC) has announced that the total number of approved loan apps in Nigeria is now 211 as of the end of October 2023.

The commission disclosed this in a statement signed by Babatunde Irukera, its Executive Vice-Chairman/Chief Executive Officer.

According to details from the statement, the approved loan apps comprise 172 with full approval and 39 others with conditional approval, DailyTrust reports.

Source: Legit.ng