MSMEs: FG lauds review of access bank loans to N50bn

The Federal Government has commended Access Bank P.lc., for the upward review of its loan scheme for Micro, Small and Medium Enterprises (MSMEs) from N30 billion to N50 billion.

Mr Temitola Adekunle-Johnson, Senior Special Assistant to the President on MSMEs and Job Creation, Office of the Vice-President, stated this in a statement on Monday in Abuja.

Adekunle-Johnson recalled that in November, the bank announced the provision of N30 billion to support four million MSMEs, women and youths businesses in Nigeria.

He said the Group Managing Director of the bank, Mr Roosevelt Ogbonna, made the disclosure at a meeting with the vice- president, Kashim Shettima at the Presidential Villa.

Adekunle-Johnson said that the upward review of the loan was to increase the number of beneficiaries of the bank’s loan scheme and impact more livelihoods.

He also explained that the loans would be given to beneficiaries at discounted rate of 15 per cent.

According to him, any further review will be based on the loan performance after a year.

He said that Shettima appreciated the gesture by the bank and extolled the impact of its partnership with the Federal Government in the MSMEs space.