The Central Bank of Nigeria (CBN) has temporarily halted new applications for loans under the CBN development finance intervention funds programme.
The halt was confirmed by Access Bank Plc in a memo to its customers on Monday.
The CBN development finance intervention funds programme
program encompasses various existing initiatives such as NIRSAL, AADS, ABP, AGSMEIS, and RSSF, among others.
Access Bank, in their statement, assured that the interest rates for all approved CBN development finance intervention funds will remain unchanged and must be fully repaid following the established terms and conditions.
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The statement read:
“This is to notify you that the Central Bank of Nigeria (CBN) has discontinued the processing of new loan applications under its existing development finance intervention funds program such as Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), Accelerated Agricultural Development Scheme (AADS), Anchor Borrowers Program (ABP), Agri-Business/SME Investment Scheme (AGSMEIS), Real Sector Support Fund (RSSF) etc.
“However, all existing CBN development finance intervention funds with approved interest rates remain unchanged and are to be fully repaid in line with the terms and conditions.
“In the event that you need additional funds at any time, please explore our suite of available loan products and services tailored to meet your banking needs.”
