Non-Performing Loans Decreasing – CBN 

Non-performing loans in the banking industry fell marginally from 5.8% in May to 5.7 percent in June, indicating that the banking sector is more resilient. This was revealed in the personal statements of members of the Monetary Policy Committee by the Central Bank of Nigeria. According to Robert Asogwa, a member of the MPC, the banking system remained stable with ample liquidity. “Even though aggregate domestic credit grew by only 4.30 percent in June 2021 compared to 4.79 percent in May 2021, system liquidity remained ample,” he said. “At the same time that credit to the government was declining, credit […]



Sterling Has Launched ‘i Go Trade’ To Make It Easier For Micro-traders To Get Loans

Sterling Bank has announced the launch of its new loan product ‘I Go Trade’ to help close the financial inclusion gap and provide client-centric solutions to its diverse customer base. The product would make low-interest, collateral-free loans up to N300,000 more accessible to artisans and other small business owners throughout communities. This loan will provide beneficiaries with financial flexibility, allowing them to receive the finances they need to acquire inventory, working capital, and other assets that will help them stay afloat and eventually make a profit. Shina Atilola, Divisional Head, Retail and Consumer Banking, commented on the new product, explaining[…]



The Bank Of Industry Has Given Loans Totaling N969.7 Billion Since 2015

The Bank of Industry (BoI) has said that it has disbursed approximately N1 trillion in loans to various firms since 2015. Mrs Aderonke Akinluyi, the Bank of Industry’s Deputy Head, Business Development, revealed this at a webinar hosted by the Lagos Chamber of Commerce and Industry (LCCI) on Tuesday, where she said the bank disbursed loans worth N969.7 billion between 2015 and 2020. According to the Nigerian News Agency, Akinluyi stated that the monies were distributed to almost three million Micro, Small and Medium Enterprises (MSMEs) and 653 major enterprises throughout the time period, resulting in the creation of 6.98[…]