Sunday, April 15, 2018
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First Bank Earmarks N15bn For Collateral-free Loans To Schools
Emefiele
First Bank has set aside N15bn for loans to schools in Nigeria to acquire attractive educational facilities to support their business. The First Edu loan: targeted at private Nursery, Secondary and A-Levels schools offers opportunity for private schools to access flexible funding to meet urgent cash flow needs, replace old furniture and equipment, as well as refurbish dilapidated buildings and classroom blocks. With this product, school owners/proprietors can now stay ahead of competition in providing educational services and support to the target population as well as maintain acceptable standard infrastructure at all times. This product allows the customer access up to N20 million with no tangible collateral required apart from the domiciliation of school fees collection account with the Bank. This certainly reduces the cost of borrowing to the customer and eliminates the challenges posed by the provision of additional demanding collaterals.
FINANCE
Access Bank Introduces Loan USSD Code With a N1.99 trillion loan book, Access Bank is working on providing quicker and instant access to loans for its customers, as it launched a special USSD code *901*11#, a strategic tool for the recently-launched PayDay Loan product. Unveiled in partnership with Remita, PayDay Loan requires no collateral or guarantor, enabling customers to obtain loans instantly without visiting the bank – thereby enabling customers to meet their urgent financial needs before receiving their salaries. In a statement released by the Bank, executive director, Personal Banking, Victor Etuokwu said, “Acquiring loans in Nigeria has always been known to be limiting – either due to access, collateral issues, including the duration of the approval process. With our obligations to our customers especially during difficult economic periods, we are emphasizing Access Bank’s position in offering lifestyle products and services that meets their financial needs.” Access Bank’s PayDay Loan product offers customers and noncustomers easy access to a unique platform that gives them access to loans against their next salary payment, and enables customers to obtain a loan instantly by simply dialling a USSD Code *901*11# on their mobile phones. The PayDay loan can also be obtained to fulfil any financial and personal requirement to enhance their quality of life. The product is unique as recipients only have to be diligent salary earners who will now be able to obtain instant loans without stress or involving a guarantor. The bank’s 2017 full year financial showed that it’s loan book had grown from N1.809 trillion in 2016 to N1.995 trillion as December 31, 2017.
BUSINESS Agribusiness: CBN, Banks Commence N26bn Pay Out To SMEs The disbursement of credits under the Agribusiness Small and Medium Enterprises Investment Scheme (AGSMEIS) an initiative of the Central Bank of Nigeria in collaboration with Deposit Money Banks has commenced yesterday. The Bankers’ Committee at its 331st meeting held on February 9, 2017, came up with the AGSMEIS as an initiative to improve access to affordable financing for MSMEs, particularly those operating in the informal sector of the economy and to support the Federal Government’s efforts and policy measures to promote sustainable economic development and employment generation. All deposit money banks, voluntarily agreed to set aside and contribute 5 percent of their Profit After Tax (PAT) annually to finance eligible projects under the Scheme. Speaking yesterday at the launch of the program, the governor of the Central Bank of Nigeria (CBN), Godwin Emefiele said “the size of the Fund stands at about N26 billion as of today and this is expected to exceed N60 billion by June 2018.” “I am therefore very delighted that we have come to this stage where we are ready to begin the disbursement of these funds to deserving beneficiaries. These beneficiaries are youths who have been trained on various entrepreneurship, vocational and management skills across the country by Entrepreneurship Development Institutions and Centres, such as Fate Foundation, Lagos Business School, House of Tara and Thrive Agric.”The governor said. What differentiates this initiative with the past once, Emefiele said upon completion of their vocational training by the beneficiaries, the specific implements needed to practice their vocations, are procured under the scheme. The beneficiaries’ details including their Biometric Verification Numbers (BVN) are forwarded to the deposit money banks to confirm that they are their customers before accessing the fund.
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OIL & GAS
Non-Oil Export Gets N500bn From CBN Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, said the Apex Bank has finalised arrangement with Nigeria Export-Import Bank to assist local manufacturers who are interested in non-oil exports, according to its governor, Godwin Emefiele. The CBN Governor announced this at a seminar for Finance Correspondents and Business Editors, held in Uyo, Akwa Ibom on Monday. He was represented by the Deputy Governor and Head of Corporate Communication of the apex bank, Edward Adamu. Emefiele said the bank had repositioned itself to improve the economy after exiting recession. He said: “In order to continue our gains in local production and help boost non-oil exports, we are in the process of finalising the creation of a N500 billion fund with the Nigeria Export-Import Bank to assist local manufacturers interested in non-oil exports. “In the area of Development Finance, the bank will continue to provide access to much-needed credit to sectors with the potential to create jobs on a mass scale. “In this regard, we will explore opportunities to expand the Anchor Borrowers’ Programme to other crops and states.’’ He added that the Monetary and Exchange Rate Policy of CBN would sustain the tight policies that have helped reduced inflationary pressures. According to him, this is the reason the CBN has kept the Monetary Policy Rate at 14 per cent. He said that the inflationary pressure would continue to ease, stressing that this might return to very low double digit or high single digit levels during the year. He assured that foreign reserves would continue to grow following recent accretion to about US$50 billion later this year. Earlier, the Branch Controller of CBN in Uyo, Okafor Nwokoro, said the bank had been in the forefront of advancing the frontier of knowledge in all spheres of national life and promoting sustainable economic development. According to him, the CBN has ensured monetary and price stability, maintain external reserves to safeguard the international value of the legal currency. He said that the bank intervention in anchor borrower’s programme has revolutionised the production of rice in the country.
TECH
TECNO May Consider Assembly Plant In Nigeria Having established smartphone assembling plant in Ethiopia, serving the African markets for TECNO brand, the mobile phone manufacturer may consider establishing a second plant in Nigeria. The idea to establish smartphone assembling plant in Nigeria is coming on the heels of the call from Minister of Communications, Adebayo Shittu, who saw the huge opportunity for TECNO and for the Nigerian government, if TECNO situates smartphone assembling plant in Nigeria. Shittu had at the launch of the latest smartphone duo - the CAMON X and CAMON X Pro in Nigeria by TECNO, called on the mobile phone company to consider establishing smartphone assembling plant in Nigeria. Shittu, who congratulated TECNO for its accomplishments in Africa, appealed to the company to set up a production line in Nigeria just as they have done in Ethiopia in other to serve not only her almost 200 million population but also the West Africa sub-region and consequently create jobs for her teeming youths. “I want to appeal to TECNO Mobile that we are ready to partner you. We will assist you in every possible way to encourage you,” Shittu said. The General Manager of TECNO Mobile, Stephen Ha, reemphasised the brand’s willingness to look into setting up local production lines in Nigeria, but highlighted a couple of bottlenecks in the process. TECNO decided to choose Nigeria to launch its revolutionary smartphones across its African operations because of the large size of the Nigerian market that has continued to raise the sales of TECNO brand of smartphones. The new CAMON duo are the latest smartphones in the CAMON family and they both debut revolutionary camera advancements and design.