CBN Suspends New Loan Applications Under the Development Finance Intervention

According to a memo issued by Access Bank Plc to its customers on Monday, the Central Bank of Nigeria (CBN) has halted new loan applications under the CBN development finance intervention funds programme.

Among the existing development finance intervention funds programs of the CBN are the Real Sector Support Fund (RSSF), Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), Accelerated Agricultural Development Scheme (AADS), Anchor Borrowers Program (ABP), and Agri-Business/SME Investment Scheme (AGSMEIS).

Access Bank issued the following statement on Monday, in addition to announcing the program’s suspension: All prevailing CBN development finance intervention funds, which bear approved interest rates, will continue to operate at their original terms and conditions and must be repaid in full.

Please be informed that the processing of new loan applications under the Central Bank of Nigeria’s (CBN) existing development finance intervention funds programs, including Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), Accelerated Agricultural Development Scheme (AADS), Anchor Borrowers Program (ABP), Agri-Business/SME Investment Scheme (AGSMEIS), Real Sector Support Fund (RSSF), and others, has ceased.

“However, in accordance with the terms and conditions, all existing CBN development finance intervention funds bearing approved interest rates remain unchanged and must be repaid in full.”

“Please investigate our suite of available loan products and services designed to meet your banking requirements should you ever require additional funds.”

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