HASAL Microfinance Bank, Nigeria’s leading microfinance bank, has disbursed N77 million to over 400 customers under the Central Bank of Nigeria’s, CBN’s, Micro, Small and Medium Enterprises Development Fund (MSMEDF).
During the disbursement of the micro credit which formally flagged off the bank’s MSMEDF disbursement to customers on Monday in Abuja, eight groups and four individual customers received various amounts in credit, just as thousands of others finalized their applications for loans.
Some of the groups that benefited from the credit are, Correct Women Multipurpose Corporative Society, Glory Clouds Multipurpose Corporative Society; and Sylsol Plant & Harvest Multipurpose Corporative Society, amongst others.
In the corporate Small Medium Enterprises’ categories, some of the beneficiary companies are Upward Waters Nigeria Limited, Toprange Bakery Limited, Amomaja Global Services Limited and Chizel International Limited.
These customers received N5 million loan each from the fund to enable them grow their businesses.
Commenting on the CBN initiative targeted at providing credit access to MSMEs, Managing Director/Chief Executive Officer HASAL Microfinance Bank, Mr Rogers Nwoke described the apex bank’s MSME Development Fund as a welcome development.
He said: “We at HASAL believe in touching people’s life for good so this is a great opportunity to help small, micro business owners grow their business and become party to development of the economy”.
Nwoke, who sensitized the beneficiaries on how to repay back the loan, explained that the fund was not government grant or subsidy but rather a “development fund for the development of business and the money must be paid back to CBN as and when due.
With over 400 beneficiaries recorded on the flagging off of the credit disbursement by the bank, Nwoke, a seasoned banker, said that HASAL would continue to create access to credit to its customers on a sustainable basis to enable them grow their businesses and by so doing improve their contributions to the nation’s Gross Domestic Product, GDP, and job creation drive.
One of the beneficiaries, Mr. David Ejiofor Amadi, the group leader of Kugbo II Furniture Corporative Society commended HASAL Bank for championing the cause of its customers at all times, adding that the credit secured through the MSME Development Fund will go a long way in helping their entities to grow.
The leader of Sylsol Plant & Harvest Multipurpose Corporative Society, Chime Sylvia, thanked the CBN and HASAL Bank for making the fund accessible to them and making the “interest rate the least her group has ever enjoyed”
The MSME Development Fund is part of the CBN developmental interventions, which aims to promote financial inclusion in Nigeria through the provision of funding to micro entrepreneurs.
SOURCE: Businessday Online (Nigeria)
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