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Access Bank moves to ease access to CBN’s creative sector loans

ACCESS Bank Plc has organised a sensitisation programme for players in the creative industry with a view to making access to the CBN Creative Sector Intervention Fund, CIFI, more seamless. The Central Bank of Nigeria, CBN, recently rolled out the CIFI as part of its efforts to open up the creative sector and improve its contribution to the economy. The CBN has already earmarked N20 billion for disbursement in the first phase of the exercise with three to 10 years pay back plan and maximum of nine percent interest rate per annum.

The Fund, targeted at players in fashion, information technology, movie production, movie distribution, music and software engineering student loan, has the main objective of creating 10,000 jobs in the next five years. The Access Bank Creative Sector Loan forum brought together players from four sectors of the creative industry namely music, movie, fashion and information technology.

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Speaking at the forum, Executive Director, Business Banking at Access Bank, Mrs. Chizoma Okoli, said: “Access Bank, being the first bank to have successfully submitted its application to the CBN, understands the necessary documentation required to access this loan. This is why the bank put together this two-day forum to help our customers by simplifying and guiding them through the loan process”

Also speaking at the forum, a member of the Banker’s Committee, Mr. Abidemi Adebayo, Access Bank Zonal Head Business Banking Division, Lekki, explained that, “The CBN reviewed the creative sector, and found that the sector had a lot of employment potentials. So, it identified four key components – music, movies, IT and fashion and invited key players in the industry for a discussion to understand the issues plaguing each of these sector. This resulted in the creation of the Creative Industry Financing Initiative (CIFI) which is aimed at boosting job creation, scaling up capacity and driving growth for the industry.

“We are gathered here today at the Access Bank Creative Sector Loan forum to make sure we help you, our customers, understand how the loan works and to ensure seamless access to the loan.”

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