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BoI unveils plans to de-risk loans to small businesses

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The Bank of Industry (BoI), has opened discussions with the Small and Medium Enterprise Development Agency of Nigeria (SMEDAN), and the Nigeria Export and Import Bank (NEXIM). The BOI wants to de-risk its loan portfolios to small scale businesses, the Managing Director, Olusegun Pita, has said.

BOI is also working closely with these agencies to embark on SMEs rating. Also, it seeks ways to ensure easier credit to those that meet risk-acceptance criteria for loans from BOI.

Pitan gave the indication on Tuesday in Abuja. This was when he met officials of the Secretariat of the Presidential Council on the Ease of Doing Business.He expressed confidence that efforts are ongoing to ensure easier access to credits for small scale businesses. Furthermore, he said that the credit behaviour of small and medium enterprises was being considered.

He said: “We are working with SMEDAN and NEXIM together to have a credit registry data. We will have that data by the end of the year. Then, it would help us to monitor credit behaviour of people and improve access of credit to them.

“People say accessing credit from the Bank of Industry is difficult because we are asking for Bank guarantees. Yes, we do ask for bank guarantees, but it is not in all our credits that we ask for such guarantees.” Click here to read more.

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BoI unveils plans to de-risk loans to small businesses

 

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