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CBN New Intervention Schemes for Non-interest Financial Institutions

By James KaseJuly 24, 20205 Comments Business
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CBN New Intervention Schemes for Non-interest Financial Institutions: The Central Bank of Nigeria (CBN) has recently launched a total of eleven intervention schemes aimed at increasing access to finance by non-interest financial institutions.

A circular that was signed by the apex bank’s Director in charge of the Financial Policy and Regulation Department, Kevin Amugo, said the overall objective of these interventions is to promote financial inclusion in the country.

READ ALSO: Nigerian Air Force Recruitment 2020 For Airmen/Airwomen Commences

Contents

  • 1 Here are the intervention schemes
  • 2 Further details
  • 3 The backstory

Here are the intervention schemes

  • Non-Interest Guidelines for Accelerated Agriculture Development Scheme (AADS)
  • Non-Interest Guidelines for Intervention in Textile Sector
  • Guidelines for the operation of the Agri-business, Small and Medium Enterprise Investment Scheme (AGSMEIS) for Non-Interest Financial Institutions
  • Non-interest Guidelines for Non-oil Export Stimulation Facility
  • Non-interest Guidelines for Anchor Borrowers’ Programme
  • Non-interest Guidelines for Real Sector Support Facility Revised Guidelines.
  • Non-interest Guidelines for the operation of the Credit Support for the Healthcare Sector
  • Modalities for the implementation of the Creative Industry Financing Initiative (Non-interest version)
  • Non-interest Guidelines for the implementation of the N50 billion Targeted Credit Facility

 

Further details

Note that each of these intervention schemes has various purposes and objectives. The first scheme, for example, is aimed at reducing unemployment in Nigeria by funding agriculture production initiatives that will engage as much as 370,000 youths over the next three years.

READ ALSO: Nigerian Aiforce Registration Portal – https://nafrecruitment.airforce.mil.ng

The backstory

Recall that back in June this year, MEDIANGR reported that the apex bank had unveiled a framework that will integrate a non-interest window in all its intervention programmes aimed at supporting businesses and households that have been impacted negatively by the COVID-19 pandemic.

A statement by the CBN had specifically noted that the integration will focus mainly on its Anchor Borrowers’ Programme (ABP) as well as the Targeted Credit Facility (TCF).

A previous article had also explained that “a non-interest window operation is defined as part of a conventional financial institution (which may be a branch or a dedicated unit) that provides fund management (investment accounts), financing, investment and other banking services that are Shariah-compliant,” according to the CBN’s guidelines on Non-Interest Window which may be found here.

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5 Comments

  1. Timi on July 25, 2020 1:07 pm

    Pls am interested in the loan how do I go about it

    Reply
    • James Kase on July 25, 2020 1:49 pm

      Click on any of your desired loan on this article (above) to get relevant information on how to apply.

      Reply
  2. Yahaya abubakar on July 25, 2020 8:54 am

    When the agric loan will release

    Reply
    • James Kase on July 25, 2020 9:35 am

      We will update you once relevant information is gotten by Mediangr.

      Reply
  3. Kolo Abacha .A. on July 25, 2020 6:40 am

    Non oil export fund (NESF)

    Reply

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