Access Bank has issued a call to its customers, urging them to promptly settle any outstanding debts acquired under the Central Bank of Nigeria (CBN) loan scheme. This directive is part of the bank’s proactive efforts to ensure responsible and timely loan repayment, aligning with prevailing regulatory guidelines. In an email communication, customers were encouraged to fulfill their financial obligations to foster a healthy and sustainable banking relationship with Access Bank.
The statement emphasized that all existing CBN development finance intervention funds, featuring approved interest rates, remain unchanged and should be fully repaid in accordance with the established terms and conditions. Access Bank also provided alternative options for customers in need of funds, suggesting consideration of alternative loan products and services tailored to their specific banking needs.
The move follows the CBN’s December circular to Deposit Money Banks, instructing them to cease new loan applications and initiate the recovery process for previously granted loans under the CBN Development Finance Intervention Programme. The circular, titled ‘Suspension of Acceptance of New Applications under the Existing Central Bank of Nigeria, CBN Development Finance Intervention Programme,’ outlined the central bank’s shift in policy focus. The CBN communicated its intention to transition into a more limited policy advisory role that supports economic growth, signaling a pullback from direct development financing interventions.
Customers were informed that the CBN has stopped accepting new loan applications for processing under existing intervention programs and schemes. The circular stressed the importance of communicating this information to customers and highlighted that interest rates and other terms and conditions on all existing facilities would remain unchanged. Banks were reminded of their responsibility for the recovery of outstanding balances on facilities previously accessed through their institutions.