Access Bank’s Head of Emerging Businesses, Ayodele Olojede, has revealed that the bank in 2018, disbursed about N37 billion as new loans to 12,000 SME customers and about N22 billion was given to 8,000 customers in 2017.
He attributed the loan decline to the inability of MSMEs to provide traditional collaterals as well as structured business plans and proper financial statements.
“At Access Bank, all we require to finance MSMEs essentially is a good credit report and proper keeping of sales records. We work with the asset type that you have and register it on the NCR.
“We are expanding our footprint in the service industry- specifically; Health, Education, Technology and Fashion. In 2019, the Nigerian Healthcare Excellence Award (NHEA) awarded the Bank with the “Outstanding Healthcare SME Friendly Financial Institution of the year” in recognition of its financial support to the Health sector in Nigeria. Pharmacies, Hospitals, Medical Laboratories and Diagnostic centres can access up to N3 million collateral-free. This has been enabled by our partnership with the Medical Credit Fund and JNCI. Over N2 billion has been granted to about 600 Health practitioners. For school owners -we support them with upgrade facilities, laboratory equipment, books, school uniforms and staff salaries. Over N500 million was granted to about 300 schools
Furthermore, Olojede said: “We have also been at the forefront of the recently introduced creative sector intervention loan for the movie, IT, music and fashion industry granting long term loans at a single-digit interest rate”
With this, we are helping them with their finances, business management practices, helping them with understanding alternative methods of how to be able to sell their businesses and also supporting them with loans
We have also been at the forefront of the recently introduced Creative sector intervention loan for Movie, IT, music and fashion industry granting long term loans at a single-digit interest rate” Olojede noted.