The N220 billion Micro Small and Medium Enterprises, MSMEs, fund being packaged by the Central Bank of Nigeria, CBN, would be given to entrepreneurs without the conventional collaterals to make it easier for them to access capital for their businesses.
.
CBN's Director of Development Finance, Mr. Paul Eluhaiwe, said this at the end of the MSME Financing Conference and D-8 workshop in Abuja, weekend.
.
He said that entrepreneurs would be able to use movable collaterals to secure credits from financial institutions from next year.
.
According to him, the necessary approval of management of CBN had been secured and "we will ensure that collateral registry are movable collateral and we would be able to use it beginning from next year in this country."
CBN must just make sure they improve on whatever they are doing right now. We've got their back big time as citizens!