Tue. Sep 29th, 2020

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CBN Release N50bn Loans Through Microfinance Bank Platform

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The Central Bank of Nigeria is set to release the N50bn COVID-19 credit facility to households and Micro, Small and Medium Enterprises distrupt by the pandemic via the Integrated National Association of Microfinance Banks Unified IT Platform deployed by Inlaks for NIRSAL microfinance bank.

Inlaks in a statement on Tuesday described the NIRSAL National MFB as an initiative of the CBN, in collaboration with the Bankers Committee, Nigeria Incentive-Based Risk Sharing System for Agricultural Lending and the Nigerian Postal Service.

It said that the purpose of the bank was to complement the efforts of the CBN towards addressing the needs of Nigerians at the bottom of the pyramid and deepen financial inclusion.

According to the company, NAMBUIT is a unified information technology built by Inlaks to service microfinance banks on behalf of the CBN and NAMBs.

It said the platform aimed to enhance financial access, inclusion and sustainability of the microfinance institutions on value chain financing and ensure the growth of the Small and Medium Enterprises.

The Managing Director/Chief Executive Officer, African Operations, Inlaks, Mr Femi Adeoti, said the 54 branches of NIRSAL MFB were currently connected on the platform.

“NAMBUIT is software as a service platform that reduces operational costs as well as improves the bank’s ability to provide necessary information to agencies such as the CBN and the NDIC. The unified platform comprises a core banking system and sub-systems for agent banking, non-interest banking, and mobile payment among other services.”

According to the statement, the CBN N50bn Targeted Credit Facility is financed from the Micro, Small and Medium Enterprises Development Fund and the loan amount is determined based on the activity, cash flow and industry size of the beneficiary, subject to a maximum of N25m for the SMEs.

It added that households with verifiable evidence of livelihood adversely impacted by COVID-19 could access the loan to a maximum of N3m.

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