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National Microfinance Bank Supports SMEs With Independence Day Gift – All Naija Entertainment
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National Microfinance Bank Supports SMEs With Independence Day Gift

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Do you want your business to grow but cannot find the means to access funding? Then this Independence Day gift from National Microfinance Bank is just for you. As Nigeria celebrates its 59th anniversary, the Bank has announced a call to Small and Medium Enterprises (SMEs) across Nigeria to access the Agri-Business/Small and Medium Enterprise Investment Scheme (AGSMEIS); an initiative to by the Banker’s Committee and the Central Bank of Nigeria to support the Federal Government’s efforts and policy measures for the promotion of agricultural businesses and small/medium enterprises (SMEs) as vehicles for sustainable economic development and employment generation.

Through the AGSMEIS, National Microfinance Bank offers loans of up to N10m to SMEs who want to build or grow their business and also supports their growth with business training delivered by Entrepreneurship Development Institutes and Centres (EDIs) which also guide and assist SMEs in getting all necessary documents required to secure loans from the scheme. According to the CBN Governor, Godwin Emefiele, during an event earlier in the year SME operators can access AGSMEIS loans without necessarily providing any collateral. He added that “The asset that we are financing for them will act as the collateral. That collateral will be registered in our national collateral registry as something that is eligible to serve as collateral or security for a loan that has been taken”

With Nigerian SMEs battling the effects of an economy just getting out of recession, access to finance remains one of the major impediments for their growth and the effects of this goes a long way to increase Nigeria’s unemployment figures. With the AGSMEIS, National Microfinance Bank believes it can help SMEs grow their business and offer them much-needed business training to scale their operations and compete with global counterparts.

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The National Microfinance Bank is a leading Nigerian financial institution licensed by the Central Bank of Nigeria (CBN) in Nigeria. The Company was incorporated as a Private Limited Company in 2019 and commenced operations following the grant of a licence by the Central Bank of Nigeria to operate as a National Microfinance Bank in the same year. It is Owned 50% by the Bankers Committee, 40% by NIRSAL and 10% NIPOST. So far the bank has disbursed approximately 776 million in loans to eligible SMEs under the AGSMEIS.

The AGSMEIS loans are available to SMEs across the Information Technology, Creative, Arts, Industrial, Agricultural, Manufacturing and hospitality industries. Loans amounts can be as much N10m and the annual interest rate is set at a single-digit 5% rate to put more ease on entrepreneurs. Interested SMEs and entrepreneurs can apply now at www.nmfb.com.ng/sme or visit any of the 56 National Microfinance Bank branches nationwide. An additional 718 branches of the bank will be opened soon.


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