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MSMEs to experience massive boost as CBN disbursed N159.21 billion

T.I Ukende
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Central Bank of Nigeria’s Governor Godwin Emefiele

Women owned businesses has received a major boost in the past few years as a total of 330,128 women across the country has collectively benefitted the sum of N159.21 billion disbursed to them through the Targeted Credit Facility (TCF) which the Central Bank of Nigeria designed in 2020 to support families or households and Micro, Small and Medium Enterprises (MSMEs) that were negatively impacted by the Coronavirus pandemic.

The Governor stated this when he gave a keynote at the ongoing “Gender Equality Today for a Sustainable Tomorrow’ held in the Federal Capital Territory (FCT) Abuja.

The Governor went on to say his administration as the head of the apex bank in Nigeria has carried women along, supporting them with various interventions such as the Micro Small and Medium Enterprises Development Fund (MSMEs), Agriculture Small and Medium Enterprises Investment Scheme (AGSMEIS), the Targeted Credit Facility (TCF) and a host of other Programmes. He said;

“Women at various levels have benefited hugely from the CBN’s intervention programmes such as the Agriculture Small and Medium Enterprises Investment Scheme (AGSMEIS), Micro Small and Medium Enterprises Development Fund (MSMEDF) and the Targeted Credit Facility (TCF). More of these similar programmes are expected to be rolled out and women will be considered as well.”

The CBN’s intervention programmes such as the Agriculture Small and Medium Enterprises Investment Scheme (AGSMEIS) and the Targeted Credit Facility (TCF) were handled and implemented by NIRSAL Microfinance Bank, a subsidiary entity of NIRSAL. They were charged with the responsibility to partially review loan applications and forward the application to the Central Bank for final review and approval, then successful applications were sent back to NIRSAL Microfinance Bank for disbursement.

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