Monday, Nov 18th 2019 4:16 PM
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Market Digest Nigeria

Finance

Access Bank to ease entertainers to access CBN fund

Access Bank

Access Bank Plc has reiterated its commitment to ensure the entertainment industry has access the Central Bank of Nigeria (CBN), intervention fund to support the production and distribution of quality Nigerian films.

To this effect, the bank, through the CBN, on Tuesday, unveiled intervention fund that would enable operators to finance activities in its entire value chain in the industry. The Executive Director, Business Banking at Access Bank, Mrs. Chizoma Okoli, said lending to this sector will boost its capacity to attract foreign exchange, and create jobs for Nigerians. Okoli, while addressing operators in the creative industry at an interactive session in Lagos said the CBN Creative Industry Financing Initiative Fund (CIFI) was established in collaboration with the Bankers’ Committee to enable businesses in the industry obtain loans up to the tune of N500 million.

She said the bank was committed to making the CIFI a huge success, noting that Fashion, Information Technology, Movies, and Music are the four segments in the scheme. Furthermore, she added that the loan would be given at a single digit interest rate, and can be accessed at a maximum interest rate of nine per annum (all charges inclusive) on all loans at any bank.

To access the loan, Okoli said interested borrowers must have businesses in fashion, information technology, movie production, movie distribution, music and software engineering.

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