Business
CBN To Review Guidelines For Accessing N220bn MSME Fund
The Central Bank of Nigeria (CBN) says it will soon review the guidelines for accessing the N220 billion Micro, Small and Medium Enterprises (MSME) Development Fund to ensure easy access.
The Acting Director, Development Finance Department of CBN, Mr Mudashir Olaitan, said this at a workshop organised by the Nigeria Deposit Insurance Corporation (NDIC) for business editors and finance correspondents in Kastina.
The theme of the workshop is: “Recent Development in the Nigeria Banking System”.
Olaitan, who spoke on “Framework for the N220 billion MSMEs Development Fund”, said that five commercial banks had already signed Memorandum of Understanding with the CBN on the way forward.
According to him, the banks are United Bank for Africa (UBA), Skye Bank, Guaranty Trust Bank, Zenith Bank and Fidelity Bank.
Olaitan said the commercial banks were, however, “foot-dragging” because the small volume of the lending under the fund and the little profit margin from their intermediation role.
The Tide source reports that the CBN gave out the loan at three per cent interest rate but commercial, micro finance and development banks want nine per cent.
He added that the CBN launched the fund to close the financing gap of the sub-sector estimated at N9.6 trillion as at 2010.
Olaitan said that the bank recognised that access to finance remained the most critical challenge to MSMEs development and could not play their roles effectively.
He said the MSMEs globally served as engine of economic growth, vehicle for job creation, drivers of production and income generation as well as tools for poverty reduction and wealth creation, among others.
The assistant director said that 60 per cent of the fund had been earmarked to provide financial services to women for their peculiar financial exclusion circumstances.
Olaitan said the CBN wanted a ratio of 50:50 for on-lending to micro enterprises and Small and Medium Enterprises (SMEs).
He added that the 20 per cent of the wholesale component of the fund was meant for economically active persons with disabilities.
He also said that eligible enterprises in agricultural value chain activities, services, artisans, cottage industries, trade and general commerce and any other income generating projects could benefit.
“The MSMEDF is to provide long-term affordable funding for the MSMEs.
“This will require the commitment of all stakeholders to achieve the desired objectives of the real sector growth of the Nigerian economy.
“The fund disbursed is to be repaid while the CBN has put in place a robust strategy to ensure compliance with the guidelines for operations of the fund.” (NAN)
Dr Abba Ibrahim, Commissioner, Government and Consumer Affairs, NERC (left) on arrival with Johnkin Achiefe, Director Distribution Services, PHED at the commissioning of the New Customer Service Centre in Port Harcourt recently.
MoniePoint Inc. a digital financial firm in Nigeria, has said it is empowering community pharmacists across the country with innovative payment solutions to improve access to drugs.
The financial firm said it had also provided loans for pharmacists under the aegis of the Association of Community Pharmacists of Nigeria (ACPN) to drive healthcare delivery in the country.
MoniePoint in a release titled, “Inside Nigeria’s community pharmacies: How Moniepoint drives healthcare access with payments and funding”, has reaffirmed its commitment to providing digital payment solutions to improve health outcomes in Nigeria.
The release examined how community pharmacies play a crucial role as vital access points for medical care in Nigeria, especially in areas with limited hospital or clinic access.
According to the release, the ACPN National Chairman, Ambrose Igwekwam, highlighted the critical role played by community pharmacies in Nigeria’s healthcare system over the years.
Igwekwam, however, expressed concerns over the challenges confronting the nation’s pharmaceutical industry which he said was hindering access to affordable medicines.
The pharmacist listed poor infrastructural systems, power, transportation, regulatory bottlenecks, importation dependency, and limited research opportunities as major challenges facing the pharmaceutical sector.
He also stressed the need for robust collaborative efforts with institutions like Moniepoint to strengthen the sector.
“As Nigeria continues to grow, improving local pharma manufacturing to meet the demands of this growth presents a key opportunity for us all.
“There is also the African Continental Free Trade Area Agreement, which is expected to boost our industry, especially when we start producing our drugs locally, which will provide the much needed foreign exchange from exports.
“We are also seeing advancements in digital health and technology which would hopefully deepen the practice of e-prescription in Nigeria”, the ACPN boss said.
Corlins Walter
In order to enhance customer service and streamline operations, the Chartered Insurance Institute of Nigeria (CIIN) has called on stakeholders in the insurance industry to embrace Artificial Intelligence (AI).
The President of the institute, Yetunde Ilori, made this call at the 2024 Office Representatives Committee (ORC) Workshop, organised by the institute, with the theme “AI and the Future of the Insurance Industry”, in Lagos.
Ilori at the event, emphasised the importance of AI adoption, noting that it was not a threat to jobs but rather a tool to improve efficiency across the insurance sector.
“It is not about AI taking over our jobs, but about us using AI to simplify processes and give maximum satisfaction to all the customers we serve whether as underwriters, brokers, loss adjusters, or in educating our members”, she said.
The workshop, which brought players in the insurance sector together, aimed to address how AI could be leveraged to transform business processes and improve customer interactions.
The Chairman of the ORC, Monica Nwachukwu, underscored the role of AI in modernising the industry, adding, “AI can automate customer and claims processes, allowing insurers to provide faster and more efficient services to their customers”.
She explained how AI could help extract data from legacy systems, enhancing decision-making processes.
“By integrating AI with APIs, insurers can feed valuable data into AI solutions to improve operations and customer service”, she added.
In his address, the Managing Partner of A4S and Training Heights, Orlando Odejide, stressed the need for companies to align their strategies with future technologies like AI, especially as they prepare for 2025.
“Any organisation that wants to grow into the future must have its strategic plan in place. If your strategy for 2025 is not ready, it should be done by October”, he advised.
He encouraged participants to think critically about how AI could be integrated into their business models to ensure they remain competitive.
“The idea is for you to use this workshop as a platform to think about your organization and how AI can help streamline your processes and improve growth”, Odejide noted.
In order to gain global respect and recognition, the National Space Research and Development Agency (NASRDA) has reaffirmed its determination to pursue its goal in ensuring that Nigeria’s space capabilities are recognised on the world stage.
The agency also reaffirmed its commitment to positioning Nigeria as a key player in the global space economy.
In a statement by the Director of Media and Corporate Communications, Dr. Felix Ale, NASRDA revealed that the Director-General of the agency, Matthew Adepoju, emphasised this during recent engagements at the 79th United Nations General Assembly and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and Global Alliance Business Association international conference in Michigan, United States.
The statement noted that Adepoju outlined a forward-thinking agenda, stressing the importance of Nigeria’s space programme as a leader in research, exploration, and technological innovation.
“Our goal is to ensure that Nigeria’s space capabilities are recognised on the world stage.
“We must foster collaborations with global space agencies to enhance our satellite capabilities and technological infrastructure”, he stated.
The NASRDA boss said the agency is focusing on enhancing satellite capabilities, expanding international collaborations, and leveraging space science for national development.
He said NASRDA will have no stone unturned in pursuit of excellence, ensuring the agency secures the necessary resources and recognition to propel it forward.
“The relationships we build today will pave the way for tomorrow’s advancements in space science.
“Innovation and progress thrive in an environment built on collaboration and inclusivity”, he stated.
He emphasised that with the support of the government, international partners, and a dedicated team, NASRDA is poised to make significant strides in the evolving global space landscape.
“We are on the brink of a new era for Nigeria’s space agency. Together, we will ensure our nation stands out in the global space economy”, he said.
Corlins Walter