Access Bank Moves To Ease Access To CBN’s Creative Sector Loans

Access Bank Moves To Ease Access To CBN’s Creative Sector Loans

Access Bank Plc has organised a sensitisation programme for players in the creative industry with a view to make access to the CBN Creative Sector Intervention Fund, CIFI, more seamless.

The Central Bank of Nigeria, CBN, recently rolled out the CIFI as part of its efforts to open up the creative sector and improve its contribution to the economy.

The CBN has already earmarked N20 billion for disbursement in the first phase of the exercise with three to 10 years pay back plan and maximum of nine percent interest rate per annum.

The Fund, targeted at players in fashion, information technology, movie production, movie distribution, music and software engineering student loan, has the main objective of creating 10,000 jobs in the next five years.

Speaking at the at the sensitisation programme in Lagos, Abidemi Adeboye, Zonal Head, SME Banking, Lekki Region of Access Bank, the bank decided to engage the players in order to address some of the challenges they would likely face in assessing the fund.

He stated: “We are at the front burner of the initiative; we are the lead bank that worked on this project. So, as the lead bank, we understand the product and we know all the features very well; we worked closely with the Bankers Committee on it.’’