Banks Provided N1.8trn, $1.36bn, €10.92m Loans To MSMEs – CBN

Based on the financing statements registered on the National Collateral Registry in respect of movable assets offered as collateral, lending banks availed credit amounting to N1.80tn, $1.36bn and €10.92m to Micro, Small and Medium Enterprises in Nigeria.

According to the Central Bank of Nigeria, a total of 273,435 MSMEs got the loans from the lending financial institutions.

CBN Governor, Godwin Emefiele, disclosed this at an e-workshop for judicial officers on the secured transactions in movable assets and credit reporting reforms in Nigeria.

The theme of the virtual workshop was “The role of the judiciary in ensuring the effectiveness of the secured transactions in Movable Assets and Credit Reporting Act, 2017.”

Emefiele also stated that as of September 30, a total of 694 financial institutions had registered on the NCR portal, which was the first step towards buy-in to the registry’s operations.

He outlined the registered institutions to comprise 22 Deposit Money Banks, four merchant banks, five Development Finance Institutions, 580 microfinance banks, 37 non-bank financial institutions, 43 finance companies, one primary mortgage bank and two non-interest financial institutions.

He said, “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.