Post by Trade Coach on Mar 2, 2022 9:12:59 GMT 1
FirstBank Secures $100 Million Credit Facility From Uk’s Government To Boost SMEs In The Country – Targets 59 Million Unbanked Nigerians
A UK Government’s Development Finance Institution, CDC Group, announced a One Hundred Million Dollars ($100m) finance facility to First Bank of Nigeria Plc.
In a statement issued by the institution, the new facility will direct funding to women-owned and led businesses as well as to local Small and Medium-Sized Enterprises (SMEs) in Nigeria.
The deal is to support FirstBank, one of Nigeria’s largest banking groups, to deliver financial solutions that help to address the challenge of limited access to capital faced by under banked and underserved groups in the country.
The new facility has it that a minimum of $30 million will be allocated in the form of credit lines to women entrepreneurs.
The facility will also be used to support FirstBank’s ‘FirstGem’ gender-focused services offering, which promotes gender-focused services offering, which promoted gender inclusion by improving lending and support to female entrepreneurs.
According to the statement, the new partnership between CDC/BII and FirstBank demonstrates a shared mission to spur sustainable, productive and inclusive growth in Nigeria.
The statement said “CDC’s commitment will facilitate an expanded offer by FirstBank to its clientele, which will accelerate financial inclusion and increase opportunities for marginalized groups, including an estimated 59 million unbanked Nigerians, to participate in the country’s formal economy.
As such, the partnership will capitalize on the FirstBank’s expansive network of over 700 branches and 150,000+ agents, leveraging its market leading expertise to scale financial solutions to under banked entrepreneurs and populations.
“In addition, CDC/BII will support FirstBank with a technical assistance programme which will build on the Banks knowledge base of the women-led and women-owned businesses in its portfolio, strengthening the bank’s technical capabilities and ability to reinforce its commitment to gender-based initiatives.
“This will enable the Bank to further leverage the facility to provide vital funding to scale business growth across Nigeria’s market – Increasing job creation and improving livelihoods throughout the country.”
The statement also noted that the facility’s target to increase financial inclusion and opportunities for women qualifies it under the 2X Challenge – a commitment by the development finance institutions (DFIs) of the G7 to mobilize capital to support increased economic empowerment for women in emerging economies.
In another development, United Bank for Africa (UBA) has informed their Nigerian customers that the limit on the Naira Card has been reduced to $20 per month from the $100 per month it was earlier.
According to an email sent out to its customers, this new policy is set to take effect on the 1st of March 2022.
The email read, “In line with our promise to keep you updated on services, we have reviewed Naira Card limits for international transactions and this will take effect 1st of March, 2022.”
The Bank reminded customers also that the UBA Dollar, Pounds or Euro Card can be used to facilitate international payments. The statement reads, “Remember you can use your UBA Dollar, Pounds or Euro Card for international POS, ATM and web transactions. If you do not have one and would like to subscribe, please visit a branch close to you.”
The Bank also said that it had published the names of its customers that have not satisfied the regulator conditions for obtaining foreign exchange at the CBN official rate.
It is equally worthy of note that some Nigerian banks have started publishing the names, Bank Verification Numbers (BVN) and account numbers of customers who have accessed foreign exchange under false pretense and failed to return it.
Recall that CBN had directed banks to start publishing names of the defaulters. The CBN directive to the banks was specific on offences bordering on customers buying foreign currencies with fake visas or genuine travel ticket under the pretext that they wanted to travel but cancel the ticket after obtaining the forex.
Our company is one of the best companies in Export and Importation businesses in Nigeria today, we train individuals and corporate organizations on how to do Export, Major and Mini Import business the right way; if you are interested, please contact the admin of this forum now.
A UK Government’s Development Finance Institution, CDC Group, announced a One Hundred Million Dollars ($100m) finance facility to First Bank of Nigeria Plc.
In a statement issued by the institution, the new facility will direct funding to women-owned and led businesses as well as to local Small and Medium-Sized Enterprises (SMEs) in Nigeria.
The deal is to support FirstBank, one of Nigeria’s largest banking groups, to deliver financial solutions that help to address the challenge of limited access to capital faced by under banked and underserved groups in the country.
The new facility has it that a minimum of $30 million will be allocated in the form of credit lines to women entrepreneurs.
The facility will also be used to support FirstBank’s ‘FirstGem’ gender-focused services offering, which promotes gender-focused services offering, which promoted gender inclusion by improving lending and support to female entrepreneurs.
According to the statement, the new partnership between CDC/BII and FirstBank demonstrates a shared mission to spur sustainable, productive and inclusive growth in Nigeria.
The statement said “CDC’s commitment will facilitate an expanded offer by FirstBank to its clientele, which will accelerate financial inclusion and increase opportunities for marginalized groups, including an estimated 59 million unbanked Nigerians, to participate in the country’s formal economy.
As such, the partnership will capitalize on the FirstBank’s expansive network of over 700 branches and 150,000+ agents, leveraging its market leading expertise to scale financial solutions to under banked entrepreneurs and populations.
“In addition, CDC/BII will support FirstBank with a technical assistance programme which will build on the Banks knowledge base of the women-led and women-owned businesses in its portfolio, strengthening the bank’s technical capabilities and ability to reinforce its commitment to gender-based initiatives.
“This will enable the Bank to further leverage the facility to provide vital funding to scale business growth across Nigeria’s market – Increasing job creation and improving livelihoods throughout the country.”
The statement also noted that the facility’s target to increase financial inclusion and opportunities for women qualifies it under the 2X Challenge – a commitment by the development finance institutions (DFIs) of the G7 to mobilize capital to support increased economic empowerment for women in emerging economies.
In another development, United Bank for Africa (UBA) has informed their Nigerian customers that the limit on the Naira Card has been reduced to $20 per month from the $100 per month it was earlier.
According to an email sent out to its customers, this new policy is set to take effect on the 1st of March 2022.
The email read, “In line with our promise to keep you updated on services, we have reviewed Naira Card limits for international transactions and this will take effect 1st of March, 2022.”
The Bank reminded customers also that the UBA Dollar, Pounds or Euro Card can be used to facilitate international payments. The statement reads, “Remember you can use your UBA Dollar, Pounds or Euro Card for international POS, ATM and web transactions. If you do not have one and would like to subscribe, please visit a branch close to you.”
The Bank also said that it had published the names of its customers that have not satisfied the regulator conditions for obtaining foreign exchange at the CBN official rate.
It is equally worthy of note that some Nigerian banks have started publishing the names, Bank Verification Numbers (BVN) and account numbers of customers who have accessed foreign exchange under false pretense and failed to return it.
Recall that CBN had directed banks to start publishing names of the defaulters. The CBN directive to the banks was specific on offences bordering on customers buying foreign currencies with fake visas or genuine travel ticket under the pretext that they wanted to travel but cancel the ticket after obtaining the forex.
Our company is one of the best companies in Export and Importation businesses in Nigeria today, we train individuals and corporate organizations on how to do Export, Major and Mini Import business the right way; if you are interested, please contact the admin of this forum now.
