Just In: MSMEs To Enjoy Loans At 5%, As CBN Supports Micro Finance Bank with 5 billion Naira

In line with one of its mandates to stimulate the economy by creating conducive atmosphere for Micro, Small and Medium Enterprises to thrive, the Central Bank of Nigeria, has lend its weights on the newly established NIRSAL Microfinance Bank to provide loans to petty businesses at single digit interest rate of five per cent. The CBN Governor, Godwin Emefiele who disclosed this during an inspection of the bank’s facilities located in Gwagwalada, a satellite town in the Nigeria’s Capital Abuja said the initiative was a brainchild of the Bankers’ Committee, the Nigeria Incentive-Based Risk Sharing System and the Nigerian Postal Service. The Apex bank Governor emphasised that the new Micro Finance Bank is expected to expand available options and empower MSMEs across Nigeria.