#ENDSARS: ACCESS BANK ANNOUNCES N50 BILLION INTEREST-FREE FACILITY FOR BUSINESSES

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Access Bank Nigeria Plc has announced plans to offer N50billion interest-free credit facility to individuals and businesses. 

This information was disclosed by the bank through its official LinkedIn page. 

The bank’s official statement read thus,

“Now more than ever, we remain committed to our purpose of impacting lives positively. In light of the recent occurrences, we will be supporting Nigerian businesses with 50 Billion Naira interest-free loans and grants. Watch this space for more information.”

Why it matters

The impact of the pandemic, coupled with the hijacked #EndSARS protests that led to the looting of businesses and destruction of properties has thrown so many Nigerians into debts.

This show of support from Access Bank will help alleviate and stimulate economic activities, as well as produce many positive multiplier effects on the economy.

Access Bank has announced a N50 billion support in form of interest-free loans and grants to small and medium-sized enterprises (SMEs) to support the rebuilding of businesses affected by #EndSARS protests.

The bank disclosed this information via its Twitter handle on Saturday.

The peaceful #EndSARS protests has degenerated into chaos with reports of vandalisation and looting of businesses across the country.

The bank said helping businesses recoup their losses was its ‘responsibility and duty.’

“The events of recent days and weeks have been a difficult period in our country’s history. We have all been anxious, worried, and pained at what we have seen in the media and what we have heard from our customers, our colleagues, and loved ones,” the statement read.

“As one of Nigeria’s largest businesses serving every part of our society, it is our responsibility and duty to make a difference. Corporates cannot simply stand by and send messages of solidarity, and go back to ‘business as usual’ without helping get their customers and communities back on-track.

“Supporting business, large and small, is in our DNA and in recent years we have seen entrepreneurial spirit that filled us with hope and confidence in the future. Our young technology entrepreneurs have been building businesses that are celebrated globally and we have seen SMEs flourish and innovate across the country.

“There has been a setback on this journey and we feel the hurt of our nation. We are committed to restarting businesses quickly but even more importantly to ensure we come out of this stronger and more successful together.”