Banks suspend new applications for CBN Anchor Borrowers, other funds

  • Video
  • January 9, 2024
  • 0 Comments

Banks suspend new applications for CBN Anchor Borrowers, other funds

Tamarauemi Ebimini

Nigerian deposit money banks have halted accepting new loan applications under the Central Bank of Nigeria’s (CBN) development finance intervention funds. This development was disclosed through a notification sent to customers by Access Bank on Monday.

This followed an earlier announcement in December 2023 by the CBN officially discontinuing the processing of new loan applications under its existing development finance intervention funds.

These programs include the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), Accelerated Agricultural Development Scheme (AADS), Anchor Borrowers Program (ABP), Agri-Business/Small and Medium Enterprises Investment Scheme (AGSMEIS), and the Real Sector Support Fund (RSSF).

The communication from Access Bank also emphasized that all existing CBN development finance intervention funds with approved interest rates will remain unchanged. Customers are expected to fully repay these existing loans in accordance with agreed terms and conditions.

This unexpected decision to suspend new applications for CBN funds raises questions about the potential implications for businesses and individuals seeking financial support amid economic challenges.

Stakeholders are closely monitoring the situation for further developments.

  • Related Posts

    Independence Day: Economic Reforms Spark Fresh Political Debate.

    Nigeria’s 66th Independence anniversary has opened a fresh debate over the impact of the Federal Government’s economic policies, with the ruling APC highlighting signs of recovery while opposition parties point…

    Rivers 2027: ADC Candidate Raises Alarm Over Political Participation.

    With the 2027 governorship contest in Rivers State beginning to take shape, concerns over the freedom of political parties to campaign and participate in the electoral process are emerging as…

    Leave a Reply

    You Missed

    Senator Faduyile preaches universal health insurance as Bishop Olayinka gifts Osi Ekiti Medical Center

    Senator Faduyile hails Mimiko at 72

    Independence Day: Economic Reforms Spark Fresh Political Debate.

    Independence Day: Economic Reforms Spark Fresh Political Debate.

    Rivers 2027: ADC Candidate Raises Alarm Over Political Participation.

    Rivers 2027: ADC Candidate Raises Alarm Over Political Participation.

    Free Student Data: NCC Clarifies Access As Rollout Begins.

    Free Student Data: NCC Clarifies Access As Rollout Begins.

    Ekiti At 30: Oyebanji Unveils 30-Year Plan For Economic Transformation.

    Ekiti At 30: Oyebanji Unveils 30-Year Plan For Economic Transformation.