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CBN New Intervention Schemes for Non-interest Financial Institutions

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.

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Here are the intervention schemes

 

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.

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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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