The Central Bank of Nigeria (CBN) has reported that commercial banks in the country supported the nation’s Micro, Small and Medium Enterprises (MSMEs) N1.80tn, $1.36bn and €10.92m credit.
The figures are based on the financing statements registered on the National Collateral Registry in respect of movable assets offered as collateral by the entrepreneurs.
The apex bank disclosed that in all, a total of 273,435 MSMEs got the loans from the lending financial institutions.
CBN Governor, Godwin Emefiele, made this disclosure during an e-workshop with the theme ‘The role of the judiciary in ensuring the effectiveness of the secured transactions in Movable Assets and Credit Reporting Act, 2017’ organized for judicial officers on the secured transactions in movable assets and credit reporting reforms in Nigeria.
Emefiele disclosed that as of September 30, a total of 694 financial institutions had registered on the NCR portal.
According to him, the registered institutions comprised 22 Deposit Money Banks (DMBs), four merchant banks, five Development Finance Institutions (DFIs), 580 microfinance banks (MFBs), 37 non-bank financial institutions (NFIs), 43 finance companies, one primary mortgage bank and two non-interest financial institutions.
The banker further clarified: “Based on a total of 113,153 financing statements registered on the registry in respect of movable assets offered as collateral, lending banks availed credit amounting to N1.80tn, $1.36bn and €10.92m to 273,435 borrowers.
“The borrowers comprise 262,904 individuals; 1,421 large, 4,260 medium, 1,433 micro and 3,417 small businesses”, Emefiele added.
