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Banks fund 273,435 businesses with N1.8tr loan –CBN

The Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele, on Tuesday disclosed that commercial banks in Nigeria have pooled about N1.80 trillion, $1.36 billion and €10.92 million as loans to 273,435 borrowers through the Collateral Registry initiative of the apex bank.

Emefiele made the disclosure in Abuja at a virtual workshop themed; The Role of the Judiciary in ensuring the effectiveness of the Secured Transactions in Movable Assets and Credit Reporting Acts, 2017”, which was organised to sensitize Judges on efforts so far made to boost funding of entrepreneurs using movable assets as collateral for credit.According to him, the loans were given to 262,904 individuals; 1,421 large, 4,260 medium, 1,433 micro and 3,417 small businesses. He recalled that the CBN, in 2017, latched on the Secured Transactions in Movable Assets Act to launch the National Collateral Registry with a mandate to receive, register, store and provide information about security interests in movable assets.

 

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