Access Bank Plc has increased its Micro, Small, and Medium Enterprises (MSMEs) loan scheme from N30 billion to N50 billion. This revision aligns with the forthcoming disbursement of N75 billion to MSMEs nationwide in January 2024, in collaboration with the Bank of Industry (BOI).
During a meeting with Vice President Kashim Shettima, Access Bank’s Group Managing Director, Roosevelt Ogbonna, emphasized the bank’s commitment to enhancing the creation and funding of more businesses in Nigeria. The bank aims to support 4 million MSMEs, women, and young individuals, offering loans at a 15 per cent discount with potential reviews based on performance after a year.
Vice President Shettima commended the bank for its generosity and highlighted the positive impact of the collaboration with the federal government. This upward adjustment of Access Bank’s loan to MSMEs is seen as a crucial development that will provide vital funding to boost business growth and employment creation.
