National Collateral Registry facilitates N1.2trn loan to 155,000 SMEs

By
By Babajide Komolafe

The National Collateral Registry has assisted over 154,000 Micro, Small and Medium Enterprises (MSMEs) to access N1.2 trillion loans from 628 financial institutions.



The Central Bank of Nigeria (CBN) disclosed this in a report made available to Vanguard yesterday.

The NCR is an initiative of the CBN in collaboration with the International Finance Corporation (IFC) designed to foster financial inclusion and sustainable and inclusive economic growth.



The Central Bank of Nigeria, CBN, headquaters, Abuja
Among other things the NCR seeks to deepen credit delivery to MSMEs through enhanced acceptability of movable assets such as equipment, machinery, vehicle, tricycle, crops, livestock, account receivables, inventories, jewelleries, amongst others, as collateral for loans by financial institutions.

The report showed that the number of  MSMEs that have used their movable assets to obtain loans from financial institutions through the NCR rose  to 154,827 as at December 19, 2018  from 100,049 in the first year, 2017,  indicating increase of 54 percent. The report also showed that 22,251 of the MSMEs were female entrepreneurs.

Further breakdown showed that 146,777 of the borrowers were individuals, 3,416 were micro businesses, 2,169 were medium      businesses, 1,777 were small businesses and 687 were large businesses.

Lending under the NCR rose by 146 percent per cent to N1.2 trillion in 2018 from N487 million in 2017. The upsurge in lending activities, according to the CBN was due to the increase in the number of microfinance banks on the NCR portal as well as increased participation of deposit money banks and non-bank financial institutions.

As a result the number of participating financial institutions in the NCR rose to 628 in 2018 from 103 in 2017.

The number of participating Deposit Money Banks (DMBs) rose to 21 from three in 2017, microfinance banks rose to 551 from 96, Development finance institution rose to four (4)    from one(1), merchant banks rose four from one, finance companies rose to 13 from 2 while non interest bank rose to one from zero in 2017.

Analysis of lending by participating banks showed that DMBs led with N1.07 trillion, followed by Non-Bank Financial Institutions with N340.3 billion, Development Finance Institutions with N52 billion, MfBs with N21.6 billion, and Merchant Bank with N400 million.

Source:https://samueljackson12.blogspot.com/2019/02/national-collateral-registry.html

Comments

Post a Comment

Popular posts from this blog

Prostitution; Nigerian Women At Growing Risk From Human Traffickers In Germany.

By
Image
According to InfoMigrants, Nigerian women are at growing risk from traffickers in Germany who exploit and engage them in prostitution. Read the full report below by InfoMigrants. The new prostitute protection law in Germany was meant to identify victims of human trafficking – most of them migrant women. More than 18 months after the law came into effect, thousands continue to be targeted for exploitation, and the risk for Nigerian women seems to be increasing. There are campervans parked by the roadside. Some have hearts painted on them, one says “girls, girls” in red letters. It’s an easy matter for someone to stop for a quick transaction in one of these Love-Mobiles – sex with one of the “girls” in exchange for the going rate. Prostitution is mainly legal in Germany, as are these mobile brothels. But many of the women in the business – including those working from the Love-Mobiles – are victims of illegal human trafficking. Most of the women are from Eastern Europe or Nige...
Read more

FULL TEXT: A sacrifice for our new political order – Ezekwesili

By
Image
“When the ACPN leadership approached me in a series of visits to appeal that I run for office on their platform, the party appeared to be a good fit. It was founded by some disgruntled PDP members some years ago, but when its prime founder decided to return to the PDP, a core of its membership refused to move back with him. I was told that they stayed back because of their opposition to the ways of the PDP. Considering my vocal disapproval of the PDP and the APC, I admired the ACPN’s decision to stand firm and refusal to be co-opted.” It has been an interesting one week since I made the tough but necessary decision to suspend my campaign for the presidency. I have been truly overwhelmed by the reactions to my announcement from Nigerians. Even in airports outside the country as I travelled last week, Nigerians walked up to me with questions, concerns, encouragement, and motivation. I also saw disappointment by some who had poured their hearts and hopes into actualising our mission ...
Read more

Update On Slay Queen Who Was Stripped Naked And Tortured Over Missing Phone.

By
Image
The League of Patriotic Lawyers has given Edo State Commissioner of Police, Mr. Olusegun Odumosu, 24 hours to unravel those behind the torture and insertion of pepper into a girl’s private part in Benin City over alleged stealing of a mobile phone.  Chairman of the platform and former Student Union President of the University of Benin, Mr. Abubakar Yesufu, who said this in a statement yesterday, also urged the state Director, Department of State Services, DSS, to be involved in the investigation. A video of the incident, seen by Vanguard yesterday, showed the girl being stripped naked by a group of people, who inserted pepper into her private parts for allegedly stealing a phone. The unidentified girl was heard crying and saying she didn’t steal any phone, while she was being humiliated by the crowd. Yesufu said: “The League of Patriotic Lawyers has given the Edo State Commissioner of Police 24 hours to arrest and commence prosecution of all the street urchins behind thi...
Read more