The Central Bank of Nigeria has suspended new applications of loans under the CBN development finance intervention funds programme, Access Bank Plc confirmed in a memo on Monday to its customers.
The CBN existing development finance intervention funds program include 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), amongst others.
The Access Bank while announcing the suspension of the programme on Monday in a statement, however announced that 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.
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.”