Access Bank PLC has begun to disburse loans to help the Health Sector in Nigeria.
The multinational commercial bank is set to release loans through the Central Bank of Nigeria (CBN) credit support scheme to ramp up the capacity of Nigeria’s pharmaceutical and healthcare industries.
The bank result in this as the country continues to tackle the evolving crisis of the Coronavirus pandemic.
Subsequently, the Bank is reaffirming a long-held and proven stance on fostering sustainable development across the country.
The loan scheme is part of a six-point palliative by the Central Bank of Nigeria (CBN), of which Access Bank is a participating financial institute (PFI).
It was developed to provide funding to indigenous pharmaceutical companies and other organizations in the healthcare value chain, enabling them to increase the capacity to meet the increasing demand for healthcare arising from the pandemic.
Earlier in the month, Access Bank’s Group Managing Director, Herbert Wigwe, had reassured the public of the Bank’s commitment to do everything in its power to address the needs of the Nation in these uncertain times.
However, the loan’s interest rate is set at a maximum of 5.0% per annum (all-inclusive) up to 28th February 2021, making it more accessible to a larger percentage of the sector.
Thereafter (from 1st March 2021), interest on the facility shall revert to 9% per annum (all-inclusive).