Tag Archives: Loan

FCCPC gives approval to 94 loan apps

The Federal Competition and Consumer Protection Commission (FCCPC) has approved the operations of 94 companies as digital money lenders in Nigeria. However, only 49 of the digital lenders were given full approval, while the remaining 45 got conditional approval. The Commission disclosed this in an update on its ongoing registration of digital money lenders in the country, an exercise targeted ...

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Wema Bank PLC moves to provide loan for renewable energy

To underscore its unwavering support for energy transition in Nigeria and to help businesses in the country to overcome the challenges posed by the rising costs of petrol and diesel in the country, Wema Bank PLC is making loans available for SMEs that desire to purchase clean and renewable energy solutions like solar panels, inverters, and batteries. This will be ...

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Minister advises artisanal miners on N100 million loan

The Federal Government has disclosed that artisanal miners can access N100 million loans at low-interest rates to boost the diversification of Nigeria’s mining industry. This was revealed in an interview by Nigeria’s minister of mines and steel development, Mr. Olamilekun Adegbite, recently in Abuja during a forum  Forum. He added that the first step towards accessing the loans is for ...

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CBN sheds light on provision of Dollars to airlines

The Central Bank of Nigeria (CBN) has informed foreign airlines that the apex bank is not compelled by any law to provide dollars to airlines. Central Bank governor, Mr. Godwin Emefiele, stated this at today’s monetary policy committee meeting. The apex bank also stated that it was determined to clear the forex backlog owed to the airlines as long as ...

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Loan Default: UBA takes over majority stake in AEDC

The United Bank for Africa (UBA) has taken over the majority stake in the Abuja Electricity Distribution Company (AEDC) and has received the endorsement of the federal government, the minister of power, Abubakar Aliyu, announced on Wednesday. Aliyu said the Deposit Money Bank had to take over the power firm due to the inability of the AEDC’s major investor (Kann ...

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DBN doles out N215.1bn loan to 136,000 SMEs

The Development Bank of Nigeria (DBN) has given out N215.1 billion loan to 136,000 Micro, Small and Medium Enterprises. This is despite the ravaging effect of COVID-19 pandemic in 2020. DBN, in a statement after Agusto and Co rated the bank ‘AAA’, said it will continue to “expand the scope of its operations, onboarding more Participating Financial Institutions (PFIs) and ...

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Access Bank pushes out more digital loans

Access Bank Plc has planned to surpass its 2020 record as the bank pushes out more digital loans. To achieve this, the bank has launched the Diamond Business Advantage (DBA) Lite to address the challenges of accessing digital loans for youth entrepreneurs. Speaking during the launch of the product in Lagos, Executive Director, Access Bank Plc, Retail Banking, Victor Etuokwu, ...

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Buhari seeks approval for N2.3trn loan from Senate

The upper legislative house, Senate has  received a request from President Muhammadu Buhari to raise the sum of N2,343,387,942,848 loans Acccording to the report the loan will be sourced from multilateral and bilateral lenders, as well as the International Capital Market (ICM) through the issuance of Eurobonds. The amount which is equivalent to USD$6,183,081,643.40 at the Budget Exchange Rate of ...

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CBN says households, businesses can access N50bn covid-19 loan

The Central Bank of Nigeria has said that households and businesses affected by the COVID-19 can now apply for loans under its N50bn Targeted Credit Facility. It said the stimulus package was to support households and Micro, Small and Medium Enterprises affected by the COVID-19 pandemic, adding that beneficiaries could access up to N25m. This was disclosed in a tweet ...

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