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‘Stringent conditions for CBN’s N220bn MSMEs fund discouraging access’

Contrary to impression by the Central Bank of Nigeria (CBN) that it’s N220bn Micro- Small and Medium Enterprises (MSMEs) Development Fund is being accessed by business owners seamlessly, President of the Abuja Chamber of Commerce and Industry (ACCI), Prince Adetokunbo Kayode has punctured the claims.

Speaking at the International Women’s Month Seminar held in Abuja, Prince Kayode lamented observed slow rate of disbursing by partnering banks using stringent conditions.

He averred that since he assumed office as the President of ACCI, none of his members has been able to access the fund due to unmeetable conditions introduced by the apex bank.

According to him, “the idea of routing development funds through commercial banks to fund SMEs is not working as they are not structured to give out long term intervention funds.

“The difficulty associated with accessing government intervention fund made the ACCI to establish its cooperative society to aid its members with funds to grow their businesses.