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CBN Pledged Finance Intervention To Start-ups and SMEs

Published

3 years ago

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Godwin Emefiele on banking

The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele has pledged the Bank’s readiness to increase its development finance interventions to further support start-ups and Small and Medium Enterprises (SMEs) in the country.

Emefiele made the pledge while delivering the 51st Convocation Lecture of the University of Lagos, Lagos, on Monday, noting that increased access to finance for start-ups and SMEs was highly essential for the nation’s economy to grow.

Speaking on the topic: “National Development and Knowledge Economy in the Digital Age: Leapfrogging SMEs in the 21st Century,” he stressed that special consideration should be given to the strengthening of physical and ICT infrastructure to enable SMEs to perform more efficiently and become globally competitive.

He highlighted the critical role of vibrant and growing SMEs in the growth of the economy and the creation of jobs for Nigerian youth, noting that special consideration needed to be given to the strengthening of physical and ICT infrastructure to enable SMEs to perform more efficiently and become globally competitive.

Emefiele enjoined the Government and the private sector to provide more support in addressing the challenges of SMEs in the country. He said, “the potential of SMEs in enhancing economic growth is hampered by limited access to finance, inadequate infrastructure and poor digital penetration. I urge the government and the private sector to provide more support in addressing the challenges of SMEs in the country.

Specifically, as users of new technology, I advise that policies that would incentivize the adoption of innovations that will improve SMEs competitiveness and productivity should be made.”

He also tasked all relevant stakeholders to deepen reforms that will improve human capital development through skills enhancement and proper linkage of research to the SME sector.

Citing examples of other climes that have continued to harness the benefits of the knowledge economy to accelerate economic growth, through the contributions of SMEs, Emefiele charged tertiary institutions in the country to tap into the educational trends that are significant drivers of productivity in advanced and emerging markets, in order to reshape the existing curriculum, enhance the learning experience of students and foster innovation amongst the faculty and staff in Nigerian institutions.

The CBN Governor further opined that enhanced collaboration between universities and players in key sectors of the economy such as agriculture, manufacturing and ICT were necessary to enable the implementation of sound ideas generated from the universities.

However, he noted that universities in many developing countries had little or no formal linkages to industry, thereby, resulting in the production of ill-equipped graduates.

Emefiele, therefore, challenged Nigerian tertiary institutions to ensure effective collaboration with industry players in key sectors of our economy, in the training of relevant manpower to minimize mismatches between the skills required by firms and the educational qualifications of Nigerian graduates.

Speaking on the role of the CBN in the development of SMEs in Nigeria, the Governor reiterated that the Bank had rolled out massive developmental interventions in some critical sectors of the Nigerian economy, especially in agriculture, manufacturing and SMEs.

He said attention had also been paid to advancing knowledge and innovation through various initiatives targeted at promoting youth’s entrepreneurship, research and development.

Congratulating the graduating students, Emefiele urged them to take advantage of some of the Bank’s directly aimed at supporting SMEs such as the SME Credit Guarantee Scheme (SMECGS); Micro, Small and Medium Enterprises Development Fund (MSMEDF); Youth Entrepreneurship Development Programme (YEDP); Agri-business/Small and Medium Enterprises Investment Scheme (AGSMEIS); Creative Industry Financing Initiative (CIFI); Targeted Credit Facility (TCF) and the Nigeria Youth Investment Fund (NYIF).

Emefiele, who disclosed that the CBN had also prioritized financial inclusion as a deliberate strategy to reduce the percentage of adults excluded from financial services, urged the graduating students to be part of the solution to a greater Nigeria.

According to him, “…despite the hues, cries and complaints about this country, this remains the land of indescribable opportunities, the land where finding a simple solution to a common problem can lead to unimaginable financial prosperity.”

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Banking Sector

NDIC Issues Fresh Directives to Unpaid Heritage Bank Customers, List Requirements for Refund

Published

7 hours ago

on

November 8, 2024

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The Nigeria Deposit Insurance Corporation (NDIC) has issued fresh directives to customers of the defunct Heritage Bank who are yet to receive the refund of their money deposited in the bank.

The managing director of NDIC, Bello Hassan, through the director of communications and public affairs, Nuhu Bashir, issued the fresh directive during the corporation’s ‘special day’ event at the 36th Lagos International Trade Fair.

Urging unpaid customers to come forward, Hassan said that the requirements needed to claim a refund include the customer’s BVN, proof of account ownership, and alternative account details.

He detailed that affected customers can process their claims via the NDIC website, email, and social media platforms.

Highlighting the corporation’s role in liquidating Heritage Bank and facilitating the ongoing recovery and refund of depositors’ funds, Hassan stated, “Depositors who are yet to receive their payment should come forward with their BVN, proof of account ownership, identification, and alternative account details.”

NDIC reaffirmed its commitment to protecting depositors and ensuring financial stability.

“Our mandate is to safeguard depositors and ensure financial stability,” he stated.

Hassan assured customers that banks that are still in operation are safe saying, “All banks with active licenses from the CBN are safe and healthy,” Hassan said.

He pledged the corporation’s commitment to providing a safe and stable financial environment for Nigerians.

According to him, a stable financial environment will boost public confidence in financial institutions and enable businesses to thrive.

He stated, “The NDIC is committed to ensuring a stable financial environment that safeguards depositors and builds public confidence, enabling businesses to thrive and contribute to our nation’s economic development.”

Gabriel Idahosa, the president of the Lagos Chamber of Commerce and Industry (LCCI) praised the NDIC for its vigilant monitoring of banks and its proactive intervention in distressed institutions.

Idahosa said, “The corporation’s vigilant monitoring of banks, proactive intervention in distressed institutions, and ongoing commitment to depositor protection have instilled confidence in the banking sector.

“These ensure that banks can continue to serve businesses and individuals even in uncertain economic times.

“Its unwavering commitment to depositor protection and financial stability has been vital in navigating recent economic challenges and safeguarding the integrity of Nigeria’s banks.”

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Banking Sector

Zenith Bank Commends Customers After Successfully Unveiling Upgraded Enhanced Tech infrastructure

Published

2 days ago

on

November 6, 2024

By

Zenith Bank - Investors King

Zenith Bank Plc has announced that it now boasts the best technology infrastructure in the banking industry, positioning itself to provide an exceptional customer experience and superior service delivery moving forward. This upgrade follows a recent comprehensive technology enhancement.

The bank expressed its heartfelt gratitude to customers for their support and patience throughout the upgrade process, while also extending apologies for any inconveniences experienced during this time.

This announcement was made in a social media post on Wednesday, signed by Dame Dr. Adaora Umeoji, OON, the Group Managing Director/CEO.

In her message, the GMD/CEO emphasized the bank’s commitment to delivering an unparalleled service experience, stating, “We undertook this upgrade to ensure we can offer our customers the best possible service.”

Umeoji pledged that Zenith Bank will continue to innovate, ensuring that customer needs are met swiftly, safely, and conveniently.

The post read in part: “On behalf of the Board, Management, and Staff of Zenith Bank PLC, I would like to thank you for your patience and support during our IT infrastructure migration to a new and more robust operating system.

“We are truly grateful for the trust and confidence you have placed in us. The primary reason for undertaking this extensive endeavor was to better position Zenith Bank PLC for improved service delivery to all our valued customers and to create memorable banking experiences at all our touchpoints.

“While I regret the inconveniences and challenges you faced during and immediately after our migration, I am pleased to inform you that Zenith Bank PLC now has the best technology infrastructure in the industry. We are committed to ensuring you experience superior service delivery going forward.

“Rest assured, you remain our top priority, and Zenith Bank will continue to innovate and offer value-added products and services to meet all your banking needs quickly, safely, and conveniently.”

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Finance

President Tinubu Orders Release of Minors Prosecuted for #BadGovernance Protests

Published

4 days ago

on

November 5, 2024

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Following a recent viral video on the X app regarding the prosecution of minors who protested during the #BadGovernance movement, President Bola Ahmed Tinubu has ordered the immediate release of all prosecuted minors.

This was announced by the Minister of Information and National Orientation, Mohammed Idris, in a statement to the State House Correspondents in Abuja.

In a show of concern over the detention of minors, President Tinubu directed the Ministry of Humanitarian Affairs and Poverty Reduction to investigate and ensure that the law is fully applied to law enforcement agents involved in the unlawful act.

It was noted that the arrests violated human rights and the Child Rights Act, as the 32 detainees are under 18 years old.

Activist organizations, including the Arewa Consultative Forum (ACF), National Human Rights Commission (NHRC), Civil Society Legislative Advocacy Centre (CISLAC), Resource Centre for Human Rights and Civic Education (CHRICED), and Concerned Parents and Educators (CPE), condemned the actions and denounced the treason charges filed against the detained minors.

In a call to action, the Socio-Economic Rights and Accountability Project (SERAP) urged the president to instruct the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, SAN, to immediately and unconditionally release all protesters arrested during the #EndBadGovernance movement.

SERAP stated, “The immediate and unconditional release of all #EndBadGovernance protesters, including 32 hungry and malnourished children, is necessary.”

According to SERAP, for the peaceful exercise of fundamental human rights, including freedom of expression, assembly, and association without fear of persecution or undue restriction, all detained protesters should be released.

In response to the president’s directive, the Attorney General of the Federation (AGF), Lateef Fagbemi, commented that his office “will need to review the matter to enable me to make an informed decision.”

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