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Home Financial Literacy Small Business

CBN to integrate non-interest window in its loans to SMEs, households

Emmanuel Abara Benson by Emmanuel Abara Benson
June 18, 2020
in Small Business, Spotlight
CBN reduces over-the-counter withdrawals to N100k, N500k per week for individuals, companies
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The Central Bank of Nigeria (CBN) announced today that it has 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 released by the apex bank said the integration will focus mainly on its Anchor Borrowers’ Programme (ABP) as well as the Targeted Credit Facility (TCF). Note that the CBN’s Anchor Borrowers’ Programme mainly provides financial and other supports to smallholder farmers in a bid to boost productivity. You may learn more about it by clicking here.

particularly the Anchor Borrowers’ Programme (ABP) and the Targeted Credit Facility (TCF) to support households and Micro, Small and Medium Enterprises (MSMEs) affected by the COVID-19 pandemic.

— Central Bank of Nigeria (@cenbank) June 18, 2020

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What this means: This simply means that the CBN is putting measures in place that will ensure to provide loans to Medium, Small and Medium Enterprises (MSMEs) without requiring borrowers to pay interests on such loans. The CBN’s guidelines on Non-Interest Window defines it thus:

“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.”

In the meantime, the CBN will be deploying the sum of N432 billion to fund the value chains of nine commodities during the 2020 farming season. This is part of the government’s commitment to reinvigorate the country’s agric sector by providing necessary support to farmers, all with the ultimate goal of averting a recession in the economy. Part of the statement by the CBN said:

“CBN earmarks N432bn to fund the value chains of nine commodities in the 2020 wet season farming. CBN committed to aggressively fund its agricultural programmes and spur farmers along select crop value chains to prevent the country from sliding into a recession.”

At least, more than 1.1 million farmers (cultivating more than one million hectares of arable lands) will benefit from the CBN loans. This should enable them to collectively produce as much as 8.3 million metric tons of assorted produce.


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Tags: CBNCBN Intervention ProgrammeCBN LoansNon-Interest Window
Emmanuel Abara Benson

Emmanuel Abara Benson

Emmanuel Abara Benson is an experienced business reporter and editor. He currently edits articles at Nairametrics. Reach him via email on Emmanuel.abara@nairametrics.com and follow him on Twitter @Mr_Abara for his personal opinions.

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Comments 26

  1. Olisa chizoba says:
    June 19, 2020 at 9:45 pm

    Pls sir I applied for the covid19 support loan under households but as am talking to you now i have not received any message like others, please help me I really need the loan to help my family especially in this pandemic that I lost my job, please. God bless you

    Reply
  2. Ugwueze john says:
    June 20, 2020 at 12:02 am

    I here by apple for the loon for agricultural purpose or use pourtry or farming

    Reply
  3. Jovita Chinwe Okeke says:
    June 22, 2020 at 11:16 am

    Good morning sir, please I applied for covid-19 loan and I have validated my BVN since last two weeks Wednesday but I have not been paid till now please sir I need your help . thank and God bless you sir

    Reply
  4. YUSUF AMINU says:
    June 24, 2020 at 9:28 am

    Please can somebody give the link to access the loan

    Reply
  5. Yakubu Yusuf says:
    June 25, 2020 at 1:47 am

    How would you know that your application has been successfully sent to Central Bank

    Reply
  6. Aykems says:
    July 21, 2020 at 5:36 am

    Please,I need a link to non interest version of the loan

    Reply
  7. Musa zaria says:
    July 26, 2020 at 9:05 am

    Please sir when the loan will be release?

    Reply
  8. Jabir Hudu says:
    October 7, 2020 at 5:47 am

    Please Sir when the loan will be release

    Reply
  9. Folashade Adelek says:
    May 16, 2021 at 8:16 pm

    Pls sir, I applied for the covid19 support loan under households but have not received any message like others, because so many people are testifying that they have received their money please something should be done sir

    Reply
  10. Halira Muhammed says:
    May 16, 2021 at 10:09 pm

    I need loan pls

    Reply
  11. Omowumi hope bayo says:
    May 20, 2021 at 3:51 am

    Please how you know that your request has been sent to CBN sir

    Reply
  12. Omowumi hope bayo says:
    May 20, 2021 at 3:57 am

    Am entrepreneur. Please really need the loant to invest into the country economy. And also to create jobs around my community, thank you.

    Reply
  13. abubakar Suleiman says:
    June 16, 2021 at 10:33 am

    Abubakar Suleiman binginde gidan askarawa takai l g Kano state

    Reply
  14. Auwal Lawan says:
    June 19, 2021 at 9:49 am

    I need a loan to help more people to get jobs and to depend on there self

    Reply
  15. YAHAYA AUWAL AHMAD says:
    June 25, 2021 at 2:20 pm

    Ineed a loan to growth my business

    Reply
  16. Nura says:
    July 9, 2021 at 7:40 am

    nuraa8541@gmail.com
    Am nura abdullah ineed to invest my business

    Reply
  17. Michael Okon says:
    August 13, 2021 at 5:30 pm

    I have applied for the SMS loan but I have not received any massage in response to my application, please help.

    Reply
  18. FATEH SAGIR says:
    September 6, 2021 at 9:26 pm

    Am very appreciative for covid 19 interest loan portal

    Reply
  19. Hassan Rabiu says:
    September 14, 2021 at 2:38 pm

    I have Nigeria certificate in Educatiom

    Reply
  20. Hamidu hamidu says:
    October 5, 2021 at 11:26 pm

    Thanks for your time

    Reply
  21. Abubakar abdullahi musa says:
    October 21, 2021 at 9:33 am

    I need a loan to. Expand my business

    Reply
  22. Abdulkabir says:
    October 30, 2021 at 11:18 am

    When will they be reaching out to us I have do the apply for the non interest loan since but received nothing till now please review my profile sir God bless federal government and God bless Nigeria

    Reply
  23. Isyaku Bala Saleh says:
    November 9, 2021 at 4:55 pm

    I like money because I defending my self

    Reply
  24. Yunusa Adamu says:
    November 10, 2021 at 2:47 pm

    Hi my name is yunusa

    Reply
  25. Nuaraddeen says:
    November 14, 2021 at 3:09 pm

    Is good

    Reply
  26. Agim Janet says:
    November 20, 2021 at 1:39 pm

    Good day sir/madam, I wish to know if my application was successful?

    Reply

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