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AGSMEIS: CBN releases guidelines for intervention schemes

by Kunle Awosiyan

The Central Bank of Nigeria (CBN) has unveiled series of guidelines for Non-Interest Financial Institutions under its Agri-Business, Small and Medium Enterprise Investment Scheme (AGSMEIS), Micro, Small and Medium Enterprises Development Fund (MSMEDF), the Accelerated Agricultural Development Scheme (AADS) and seven other intervention schemes in its bouquet.

The ten guidelines are sequel to plans geared towards developing a framework that will integrate non-interest window in all its intervention programmes aimed at supporting businesses and households that have been impacted negatively by the coronavirus (COVID-19).

This will bring about the creation of a Fund to be known as ‘AGSMEIS Non-Interest Fund’ to be domiciled in a dedicated account with the CBN, with guidelines stipulating that each Non-Interest Deposit Bank (full-fledged or window) sets aside 5% of its profit after tax (PAT) annually as a contribution to the Fund.

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