Nigerian deposit money banks have ceased accepting new loan applications under the Central Bank of Nigeria’s (CBN) development finance intervention funds. Access Bank conveyed this development in a notification to customers on Monday. The decision follows the CBN’s official announcement in December 2023 discontinuing the processing of new loan applications under its existing development finance intervention funds.
The affected programs include the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), Accelerated Agricultural Development Scheme (AADS), Anchor Borrowers Program (ABP), Agri-Business/Small and Medium Enterprises Investment Scheme (AGSMEIS), and the Real Sector Support Fund (RSSF).
Access Bank’s communication emphasized that all existing CBN development finance intervention funds with approved interest rates will remain unchanged. Customers are expected to fully repay these existing loans according to agreed terms and conditions.
This unexpected decision to suspend new applications for CBN funds raises questions about potential implications for businesses and individuals seeking financial support amid economic challenges. Stakeholders are closely monitoring the situation for further developments.