Breaking News

CBN releases guidelines for regulation, supervision of Credit Guarantee Companies

The Central Bank of Nigeria (CBN) on Tuesday released guidelines for registration and supervision of Credit Guarantee Companies (CGCs) in Nigeria.

The guidelines are contained in a circular by Ibrahim Tukur, CBN’s Director, Financial Policy and Regulation Department, addressed to Commercial Banks, Other Financial Institutions and Stakeholders in the Financial Services Industry.

Tukur said that the guidelines were in furtherance of effort to improve lending for Micro, Small and Medium Enterprises (MSMEs).

He said that the guidelines seek to ultimately reduce credit risk, stimulate lower interest rates on loans and complement other initiatives of regulatory authorities aimed at stimulating lending to MSMEs.

An exposure draft of the guidelines is hereby issued for comments and observations. The document may be obtained from the CBN’s website, www.cbn.gov.ng,’’ the director said.

He urged stakeholders to send their comments and observations on the guidelines within three weeks.(NAN).

About MediaWaves Editor

Check Also

More winners emerge in 7th UBA Bumper Savings Account promo

United Bank for Africa (UBA) Plc, has again rewarded its loyal customers in its Bumper …

Leave a Reply

Your email address will not be published. Required fields are marked *