CBN sensitises market women, others on N220bn SME loans

The Central Bank of Nigeria (CBN) has carried out various sensitization exercises in Osogbo, the Osun State capital, to enlighten operators of micro, small and medium enterprises on its N220 billion loans on how they could benefit from the loan without stress.

Speaking different sensitization programmes for traders at the Ayegbaju International Market and the Leisure Spring Hotel in Osogbo, the Assistant Director in charge of Development and Finance Department at the CBN, Mr. Babatunde Okulaja, explained that the sensitization exercise became

at necessary because most of the operators of SMEs are ignorant of the activities of the CBN.

Okulaja explained, “The CBN has discovered that many people don’t understand many of our initiatives. People must have a good knowledge of the available funds and the categories they fit in. If you are a petty trader, you won’t need a huge loan like those in mechanised farming will.”

Okulaja added that the sensitization programme tagged, “Promoting Financial Stability and Economic Development,” was aimed at enlightening the participants on their rights and how they can channel whatever complaint they have while attempting to source funds through many of the apex bank’s initiatives.

He advised the people of Osun state to take advantage of the scheme by joining or forming cooperative societies.

One of the beneficiaries of the previous loans from the CBN, Alhaja Ashiat Oyekan narrated to the Daily Trust how she gained from the facility.

“The CBN gave us the loan after satisfying the necessary prerequisites, including the issue of collateral. We got the money on the platform of the Owonikoko Cooperative Society and it was for a period of 12 months on a zero interest. We enjoyed the loan and we are already paying it back. We are very grateful to the CBN for this intervention,” she said.