The Central Bank of Nigeria on Friday said it would set up the N200bn Small and Medium Scale enterprises fund in October. The CBN Governor, LamidoSanusi, disclosed this at the African Women’s Economic Summit titled, ‘African Women Financing the Future’ in Lagos.

According to the CBN, the fund is expected to replace the old agricultural credit guarantee scheme. He said, “I am not one of those that believe that all men are better than women or that women are better than men. You need to have diversity on the board. Any board that has a combination of men and women is better than any one that has men only or women only.

“When this fund is launched, at least 60 per cent of the loan will go to women business owners at single-digit interest rate. Hopefully, by October this year, when we all come back from the World Bank meetings, it will be inaugurated.”

The CBN had earlier proposed to set up an SME fund, which 60 per cent would be for women entrepreneurs. Meanwhile, Access Bank Plc has expressed commitment towards championing women empowerment by increasing funding to SMEs created by women. The bank said about $30m had been committed to enhancing capacity building and funding for women entrepreneurs in its partnership with the International Finance Corporation since 2006.

Precisely, the bank noted that with about 500 entrepreneurs already trained by the bank, it hoped to widen the net by absorbing more women entrepreneurs in its fold.

The Group Managing Director, Access Bank, Mr. Aigboje Aig-Imoukhuede, said the bank was deploying revolutionary business tools to aid its financial inclusion strategy.

Aig-Imoukhuede, who was represented by the bank’s Executive Director, Institutional Banking, Mr. Okey Nwuke, noted that the bank was working towards enhancing financial literacy in order to ensure entrepreneurs’ access to loans.

The bank’s boss said, “Experience has shown that many people lack the skill to develop bankable proposals. We have gone the extra mile to ensure that we train entrepreneurs, with preference for women entrepreneurs, so that we don’t just provide the money but ensure that the funds are properly managed. This can only be achieved through effective capacity building.”

Source: Punch/Ademola Alawiye