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CBN
The Director of Finance for Development of the Central Bank of Nigeria (CBN), Yusuf Philip Yila, has said that the main bank has launched several initiatives to support financing to allow micro, small and medium-sized enterprises (MSMEs) survive the COVID-19 pandemic and beyond. .
Yila, who spoke at the virtual launch of the first Pan African Academy of MSMEs, said that MSMEs are an important sector, which is why the CBN and the bankers committee have launched combined stimulus packages aimed at them.
He said that the CBN’s N50 billion Target Credit Facility (TCF) has been increased to N100 billion with the interest rate reduced to 5% from 9% to keep MSMEs in business.
He encouraged the country’s MSMEs to take advantage of the various financing windows of the CBN to meet the demands of their businesses, as the government strives to renew the economy as soon as possible through its efforts.
Also speaking, the Managing Director of Ecobank Nigeria, Patrick Akinwuntan, promised the bank’s support for small businesses operating in the country, and highlighted that the sub-sector of micro, small and medium-sized enterprises (MSMEs) continues to be the most affected by the COVID-19 pandemic and needs support. in the renewal of the nation’s economy.
Akinwuntan argued that MSMEs are the drivers of the post-COVID-19 economic recovery for Nigeria, noting that the subsector should leverage technology, financial services and government support to drive the survival and growth of its businesses.
In addition, Akinwuntan said that the MSME Academy, which is an initiative of the African Union Development Agency – AUDA-NEPAD in partnership with the Ecobank Group, provides easy access to practical training and resources on financing opportunities in various countries in Africa. , how to build a digital presence for businesses, and how to adapt business operations in the era of the COVID-19 pandemic.
In his words, “as a friendly bank of MSMEs, we have been helping them with capacity development; provide simple and easy access to loans in various sectors, including agriculture, creative industry, health and commerce, among others; access to markets through our simple but robust e-commerce solutions and digital platforms for collections and payments. We have also provided a channel to allow MSMEs to open multiple accounts through self-service on our website. I encourage all MSMEs in the country to take advantage of this opportunity to grow their business. “
On behalf of AUDA-NEPAD, Amine Idriss Adoum, director of program execution and coordination, explained that the Academy for MSMEs aims to develop the capacities of MSMEs in Africa through a combination of relevant content library, a network from institutions specialized in supporting MSMEs, such as incubators and accelerators and a community of peers, mentors and advisers.
He noted that the academy’s key goals are to radically expand access to finance by adding smaller financial institutions such as microcredit institutions and credit unions that have access to micro-businesses, standardizing their processes, and building confidence in their capabilities.
“The MSME Digital Platform is a one-stop shop for all MSMEs in Africa to access these three programs that jointly address the challenges of MSMEs with access to the development of capacities, markets and capital.” He explained.
The first Pan-African Academy for MSMEs is open to medium, small and micro enterprises in Nigeria and Africa. The program supports African MSMEs and is structured around three pillars, namely: the academy for MSMEs, the MSMEs market and the financial support program for MSMEs, which will be delivered through a digital platform for MSMEs. MSMEs.
The Academy provides easy access to hands-on training and resources on financing opportunities in various African countries, how to build a digital presence for businesses, and how to adapt business operations in the era of the COVID-19 pandemic.
It also offers free access to market intelligence, mentors with diverse backgrounds, and help with accessing funding opportunities.
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