CBN Apex bank distributes N60bn from N220bn MSME fund

This was disclosed on Tuesday, May 5, 2015, by the Special Adviser to the CBN Governor on Development Finance, Paul Eluhaiwe.

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CBN Governor Godwin Emefiele play

CBN Governor Godwin Emefiele

(Punch)
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The Central Bank of Nigeria (CBN) has distributed the sum of N60 billion out of the N220 billion allocated for the development of Micro, Small and Medium Enterprises (MSME).

This was disclosed on Tuesday, May 5, 2015, by the Special Adviser to the CBN Governor on Development Finance, Paul Eluhaiwe.

The fund was initiated in August 2014 with 60 per cent reserved for aiding women due to their unique financial challenges.

“There are conditions for Micro Finance Bank to meet before they can assess the fund, and entrepreneurs also have to meet the condition before the fund can be disbursed to them,” Eluhaiwe said.

“So it takes a lot of rigour to put on the table resources for entrepreneurs to use. As we speak, we have disbursed over N60bn out of this fund. We dont want to make mistake; we want to disburse the fund and make sure people pay back for others to assess the fund,” he added.

The fund was also created to address the financial needs of physically challenged people around the country.

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