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CBN issued 50 billion loans through MFB’s IT platform

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The Central Bank of Nigeria (CBN) is distributing 50 million naira of COVID-19 target credit line (NAMBUIT) to families and micro, small and medium-sized enterprises (MSME) affected by killer disease through the unified IT platform of the National Microfinance Bank and the IT platform ) Deployed by Inlaks.

NAMBUIT is a unified information technology built by Inlaks, and provides services for microfinance banks on behalf of CBN and NAMB. The innovation aims to promote the financial access, inclusiveness and sustainability of microfinance institutions in value chain financing and ensure the growth of small and medium-sized enterprises. According to Inlaks, the NAMBUIT platform is equipped with a complete loan module to manage the total life cycle of more than 80,000 loans to be paid for the program.

Chief Executive Officer of Inlaks Africa Business. Femi Adeoti explained that the platform runs on the Temenos T24 Inclusive Banking Suite (IBS) and that implementation is managed by Inlaks, a system integrator in sub-Saharan Africa, supported by CBN in accordance with global best practices.

“NAMBUIT is a software-as-a-service (SaaS) platform that reduces operating costs and improves the ability of banks to provide necessary information to institutions such as CBN and NDIC. The unified platform includes a core banking system and is used for agency banks, non-interest banks, and others Subsystem of mobile payment in service.

“A core benefit of the NAMBUIT platform is the smooth on-boarding of the microfinance banks (MFBs) into the national payment system lowering the operating costs of MFBs significantly. This has been significant, especially in the context of developing economies, where many low-income households and micro-enterprises do not have ready access to financial services.”

CBN launched a $50 billion targeted credit facility as a stimulus plan to support households and micro, small and medium enterprises affected by the COVID-19 pandemic. The N50 billion intervention funds come from micro, SME development funds. The loan amount is determined according to the activities of beneficiaries, cash flow and industry size. The maximum loan amount for small and medium-sized enterprises is N25 million Naira. There is verifiable livelihood evidence that households adversely affected by COVID-19 can obtain up to N3m of loans.

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