Imo yet to access N220bn MSME Fund – CBN

The Central Bank of Nigeria (CBN) Tuesday lamented the inability of some states in the federation to access their lot in the N220billion Micro Small and Medium Enterprises (MSME) Development Fund initiated by the Federal Government.

Speaking Tuesday in Owerri, the Imo State capital, during the CBN Fair themed, ‘Promoting Financial Stability and Economic Development’, Hajia Halima Lawal of the Development Finance Department of the CBN informed that the state was yet to access the MSME fund while 24 states have so far taken advantage of the development fund by accessing and commencing process of disbursement to their people. 

Explaining that the CBN was aware that access to fund was a major issue for small and medium scale businesses and so designed the loan package with only nine percent interest rate to encourage entrepreneurship and development.

According to Hajia Lawal, 60 percent of the fund amounting to N132billion has been earmarked for women only while two percent of the fund would be set aside for economically active persons living with disability.

With a maximum of N2billion to each state, Lawal informed that only about N42billion have been drawn so far from the MSME fund.

While also addressing stakeholders at the fair, Mr. Damola Atanda of the Consumer Protection Department of the CBN stated that qualitative service is a right to every bank customer and not a privilege, adding that it was erroneous to assume that the bank has the final word in any dispute with customers.

Said he: “If you have an issue with your bank, you have a right to complain to your bank in writing. And if after two weeks nothing satisfactory is done to solve the problem, you can write to the CBN. Nobody can enforce your right in this case except you.”