The CBN informed that the president will do this during the 8th Annual
The statement by the
Participants expected at the conference include Micro, Small and Medium Entrepreneurs, Banks, Microfinance Institutions (MFIs), Microfinance Banks (MFBs), deposit money banks, State Governors, Federal Ministers, Heads of Government Agencies and Departments, International Development Agencies and captains of industries.
As a means of strengthening the link between entrepreneurship and access to financial services, the CBN plans to disburse the N220 billion MSMEs fund at an interest rate of 9 per cent to MFBs who would in turn disburse same to the beneficiaries.
As the 60 per cent of the funds would be given to women, the CBN also announced an interest rebate component for women in the fund so that women who borrow from MFBs are able to access these funds for interest rate subsidy to make sure that they do not pay more than 9 per cent interest on their loans.
The apex bank further affirmed that it would not be lending directly to businesses, but that the loan would be disbursed through the MFBs.
During the signing of Memorandum of Understanding (MoU) with the 36 State governments on
In spite of global recognition, he lamented that MSMEs in
He further said the state governments would be able to access up to N2 billion each for on-lending to eligible beneficiaries through participating financial institutions in their states.
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