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As a matter of fact, CBN unveils non-interest guidelines for AGSMEIS, MSMEDF, others
- To create AGSMEIS non-interest fund
- To increase productivity, create jobs, engender inclusive growth
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- Sample Business Plan Template for NYIF
- Approved Business Plan Template for CBN/AGSMEIS/BOI Loans
Guidelines for Non-Interest Financial Institutions Involved:
The Central Bank of Nigeria (CBN) has unveiled a series of guidelines for Non-Interest Financial Institutions under its;
- Agri-Business, Small and Medium Enterprise Investment Scheme (AGSMEIS),
- Micro, Small and Medium Enterprises Development Fund (MSMEDF),
- The Accelerated Agricultural Development Scheme (AADS)
- And seven other intervention schemes in its bouquet.
Approved Business Plan Templates for CBN AGSMEIS-MSMEDF-Other Schemes
Furthermore, the issuance of the ten guidelines is a sequel to plans disclosed by the Bank in its June 2020 meeting to unveil a framework that will integrate a non-interest window in all its intervention programs aimed at supporting businesses and households that have been impacted negatively by the coronavirus (COVID-19). Find out more about Approved Business Plan Templates for CBN AGSMEIS-MSMEDF-Other Schemes
In addition, the Bank, in the guidelines for the Operations of the Agri-Business, Small and Medium Enterprises Investment Scheme (AGSMEIS) for Non-Interest Financial Institutions (NIFIs) issued in Abuja, revealed the;
- Creation of a Fund to be known as ‘AGSMEIS Non-Interest Fund’ to be domiciled in a dedicated account with the CBN.
- The guidelines stipulate that each Non-Interest Deposit Bank (full-fledged or window) is to set aside 5% of its profit after tax (PAT) annually as a contribution to the Fund.
- It added that each Non-Interest Deposit Bank is also to transfer its contribution to the CBN not later than 10 working days after the Annual General Meeting (AGM) of the participating bank.
- Eligible activities under the Scheme are businesses across the agricultural value chain, covering production, inputs supply, storage, processing, logistics and marketing;
- MSMEs in the real sector including manufacturing, mining and petrochemicals;
- MSMEs in the service sector including information and communication technology (ICT)
- And the creative industry as well as
- Other activities as the Central Bank of Nigeria (CBN) may determine from time to time.
- Approved Business Plan Templates for CBN AGSMEIS-MSMEDF-Other Schemes
2. Furthermore, according to the guidelines, financing under the Scheme will be for start-ups, business expansion or revival of ailing companies and shall be in compliance with provisions of BOFIA (1991) as amended and the principles underpinning operations of NIFIs
3, The MSMEDF for NIFIs guidelines are aimed to channel low-return funds to the MSME sub-sector of the Nigerian economy through participating Financial Institutions (PFIs) to enhance access by MSMEs to financial services.
4. Similarly, the non-interest guidelines for the AADS are aimed at engaging a minimum of 370,000 youths in agricultural production across the country between now and 2023, in order to reduce unemployment among the youths in the country.
Approved Business Plan Templates for CBN AGSMEIS-MSMEDF-Other Schemes
In addition, while the specific objectives of the MSMEDF for NIFIs are to increase the productivity and output of microenterprises, job creation, and engender inclusive growth, those of the AADS are to increase agricultural production towards food security, job creation, and economic diversification.
Therefore, the non-interest guidelines for the AADS, which’s targeted at Nigerian youth between 18 and 35 years, seek to promote interaction among state governments, the CBN, and other stakeholders in the agricultural value chain in each state to enhance job creation in the agricultural sector, with focus on two crops where States have a comparative advantage, among others. Find out more about Approved Business Plan Templates for CBN AGSMEIS-MSMEDF-Other Schemes
Other non-interest guidelines issued by the CBN were for
- The Anchor Borrowers’ Programme:
- The Credit Support for the Health Sector;
- Intervention in the Textile Sector;
- The Real Sector Support Facility (RSSF) revised guidelines (V3);
- The Real Sector Support Facility (RSSF) through CRR;
- Non-Oil Export Stimulation Facility (ESF) and
- The Creative Industry Financing Initiative (CIFI).
Speaking on the guidelines issued by the CBN, the Director, Corporate- Communications-Department, Isaac Okorafor, said the establishment of the non-interest-windows had opened more opportunities for eligible beneficiaries to be considered for funding under all the Bank’s loan schemes
For more information click here And, find out more about Approved Business Plan Templates for CBN AGSMEIS-MSMEDF-Other Schemes
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How to Start this Business:
Finally, now that you have an idea of what you want, what else? Was the write-up of any help to you? If the write-up was of any help to you, then, now is the time to put it into practice. That is to say, it’s time to really generate your business idea. We will help you moderate it. And, if you have one already, it’s time to ride on with your start-up processes. Read more about Approved Business Plan Templates for CBN AGSMEIS-MSMEDF-Other Schemes
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The Approved Business Plan Template:
Do you know that our business plan templates are of world-class and re-auto-generated? In fact, it comes along with all the financial variables and parameters required to start and grow your business. In other words, the charts show you the direction of your business and point your way to improvement.
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Deacon Anekperechi Nworgu, a seasoned economist who transitioned into a chartered accountant, auditor, tax practitioner, and business consultant, brings with him a wealth of industry expertise spanning over 37 years.