E-Financial
Access Bank to Boost MSMEs with N30bn Funding
The Micro, Small and Medium Enterprises sector in the country will soon get a N30 billion boost from Access Bank PLC.
The funds are to be disbursed in the form of soft loans to women and youth entrepreneurs.
Roosevelt Ogbonna, Group Managing Director of the bank, made the disclosure while fielding questions from State House Correspondents, after he led the management of the bank on a visit to Vice President Kashim Shettima on Friday.
According to him, “Working with the office of the Vice President, we want to change the lives of small businesses belonging to women and youths. We do agree and determine that about 66 percent of MSMEs in Nigeria are owned by women and the youth.
“And I think one of the challenges that they face is finance. Therefore, working with the office of the Vice President; we have agreed today that Access Bank will provide about N30 billion towards supporting women and MSME’s and the youth.
“We will expect that this money will be done at discounted rate to commercial terms and we want to see how we can truly have a positive impact to this segment of the Nigerian economy. So we are excited to be part of that process and we thank the Vice President and his office for giving us this opportunity to be a partner,” he explained.
The Access Bank Group Managing Director further disclosed that the scheme would impact at least four million people, adding that the entire process would be kick started immediately as directed by Vice President Shettima.
“We are starting from today. We just have to look for the deserving MSMEs. We have been supporting SMEs and women for the last 16 to 17 years and all we are doing with this partnership is to give us significant impetus to do more.
Also speaking, Senior Special Assistant to the President on Medium and Small Scale Enterprises, Temitola Adekunle-Johnson, reiterated that Nigeria’s business environment is very condusive for businesses to thrive. He explained that the scheme will help strengthen partnership between the public and private sectors.
E-Financial
NDIC Begins Auction of Defunct Heritage Bank’s Landed Assets
Nigeria Deposit Insurance Corporation (NDIC) has commenced process for the sale of landed properties and chattels of failed Heritage Bank, in a bid to ensure timely declaration of liquidation dividends to uninsured depositors.
The exercise is pursuant to the corporation’s statutory powers as liquidator of failed banks under section 62 (1)(d) of the NDIC Act, 2023. It also comes after the exercise for the sales of physical assets of the defunct bank at its leased locations nationwide
According to a statement that was issued by NDIC, the sale of landed assets is by competitive bidding and will take place at the 36 affected locations of the bank across the country, from Wednesday, December 4, 2024.
The statement said buyers who wish to participate in the auction are expected to follow laid down guidelines aimed at ensuring transparency, fair competition, equity and accountability to enable recovery of commensurate values from the exercise. This is vital for the payment of liquidation dividends to eligible claimants.
In order to allow the continuation of provision of financial services to the Nigerian public at the locations of the closed bank towards bolstering financial inclusion, preference shall be given to financial institutions who are willing to buy any of the properties at the highest auctioned prices along with all the physical assets at wholesale value.
However, corporate bodies and private individuals willing to compete are equally eligible to compete in the process without prejudice, as the auction shall be open and competitive to all bidders.
Furthermore, bidders will be given opportunity to inspect the properties and chattels across all locations prior to disposal.
All interested parties are to make available 10% bid security of the value of their sealed bids to be dropped in the bid box provided at the various centres of the Corporation.
Interested bidders are advised to submit their bids at any of the designated NDIC offices in Abuja, Lagos, Bauchi, Kano, Enugu and Port Harcourt.
E-Financial
African Fintech Sector Grows, Enhancing Access to Finance
A new European Investment Bank (EIB) research released yesterday shows the number of fintech companies in Africa has nearly tripled since 2020, boosting access to finance for people and businesses across the continent.
The report Finance in Africa 2024 highlights both developments in the African financial sector and constraints to the region’s economic progress.
According to the report, Africa’s fintech sector is prospering as digital finance grows at a faster rate than traditional banks.
The EIB report says the number of African companies offering new financial services increased from 450 in 2020 to 1,263 at the beginning of 2024.
“Fintech is revolutionising the way we think about finance in Africa,” says EIB vice-president Thomas Östros. “By leveraging technology, we can improve access to finance for millions and foster sustainable economic growth.”
The Finance in Africa report includes data from the ninth annual EIB Banking in Africa survey that details diverse challenges and confirms resilience of the African banking sector.
“While we see some signs of improvement, the high cost of finance remains a source of concern,” says EIB chief economist Debora Revoltella. “As we navigate the dual challenges of climate change and the digital transformation, the role of multilateral development bank lending is even more relevant in supporting sustainable growth on the continent.”
E-Financial
CBN’s New Directive: Banks to Trade Foreign Currency Deposits
Central Bank of Nigeria (CBN) has authorized banks to trade with foreign currency deposits made under its new amnesty initiative, the “Disclosure Scheme.”
This directive, intended to boost transparency and economic resilience, was issued on November 5 and signed by CBN officials John Sonojah and Adetona Adedeji.
The “Disclosure Scheme,” launched on October 31, offers individuals and businesses a nine-month window to deposit foreign currencies with amnesty assurances, aiming to strengthen Nigeria’s financial sector.
According to CBN’s guidelines, banks—including commercial, merchant, and non-interest banks (CMNIBs)—can trade these foreign currency deposits, known as Internationally Tradable Foreign Currencies (ITFCs), unless participants choose to invest them directly.
However, banks must ensure the funds remain available to depositors upon request.
CBN outlined the role of banks in facilitating this scheme. Responsibilities include opening designated domiciliary accounts, issuing receipts within 24 hours of deposit, and maintaining confidentiality as per Nigerian data protection laws.
Additionally, banks are required to report all ITFC transactions and ensure compliance with regulatory frameworks, including anti-money laundering and terrorism financing laws.
Participants in the scheme can convert foreign currency deposits to naira at the prevailing exchange rate without restrictions on withdrawals.
The scheme’s transparency measures, combined with the flexibility for participants to manage their foreign deposits, are designed to build confidence and encourage wider participation.
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