CBN issues guidelines for 11 non-interest schemes
The Central Bank of Nigeria, CBN, has issued guidelines for its bouquet of 11 non-interest financial schemes.
The apex bank, in a circular to all non-interest financial institutions signed by its Director of Financial Policy and Regulation Department, Kevin Amugo, said the move was in its efforts to increase access to finance by Non-Interest Financial Institutions and promote financial inclusion in the country.
The intervention schemes which are to cater for Non-Interest Financial Institutions, NIFIs, include: Non-Interest Guidelines for the Accelerated Agricultural Development Scheme, AADS, Non-Interest Guidelines for Intervention in the Textile Sector, and Guidelines for the Operations of the Agri-Business, Small and Medium Enterprises Investment Scheme, AGSMEIS, for NIFIs.
Others are Guidelines for Micro, Small and Medium Enterprises Development Fund for Non-Interest Financial Institutions, MSMEDF for NIFIs, Non-Interest Guidelines for Non-Oil Export Stimulation Facility, ESF, Non-Interest Guidelines for the Anchor Borrowers' Programme Non-Interest Guidelines for Real Sector Support Facility, RSSF, through CRR, Non-Interest Guidelines for Real Sector Support Facility, RSSF, Revised Guidelines, and Non-Interest Guidelines for the Operations of the Credit Support for the Healthcare Sector.
The bank also issued a non-Interest Version of the Modalities for the Implementation of the Creative Industry Financing Initiative, and Non-Interest Guidelines for the Implementation of the N50 billion Targeted Credit Facility, TCF.
CBN noted that the objective of the Accelerated Agricultural Development Scheme, AADS, is to engage a minimum of 370,000 youths in agricultural production across the country over the next three years in order to reduce unemployment among the youths in the country.
The regulator said it has put in place a N50 billion special mechanism for restructuring of existing facilities and provision of further facilities for textile companies with genuine need for intervention under its Intervention in the textile sector.