In its drive to facilitate customers’ access to the various Agricultural funding provided by the Central Bank of Nigeria (CBN), Enterprise Bank Limited (EBL) has set a 24-hour turnaround time for processing customers’ applications.
Managing Director, EBL, Ahmed Lawan Kuru who addressed the banks’ customers at an interactive forum in Abuja yesterday said that the bank has a dedicated Agric Banking Group to help them take advantage of the opportunities present within the sector and facilitate access to incentives offered by the CBN and the Federal Government to sufficiently fund the sector through subsidised loans, intervention funds and guarantee schemes.
According to him, the bank’s agricultural banking system covers a wide range of agricultural activities spanning the entire value chain from production to processing and marketing.
Recall that the CBN set up the Commercial Agriculture Credit Scheme (CACS), the Agriculture Credit Guarantee Scheme (ACGS) and Agricultural Development Fund (ADF) as well as the Agricultural Credit Support Scheme (ACSS). These funds are disbursed to banks for on-lending to their clients for agricultural purposes.
Kuru maintained that the bank set a timeframe or milestone for which each procedure should be concluded to ensure that the 24-hour turnaround time is achieved.
In addition to agricultural loans, the bank is also out to facilitate customers’ access to the N200 billion manufacturers intervention fund provided by the CBN for the manufacturing sector and SMEs.
The EBL boss said that following the recapitalisation of the bank by the Asset Management Corporation of Nigeria (AMCON) with over N100 billion in August 2011, the new management have worked assiduously for over six months to stabilise the new financial institution, adding that the bank was now stable, with total assets estimated at about N300 billion and shareholders’ fund of approximately N30 billion, to continually deliver quality service to all stakeholders.
“Having run the bank for over six months, we deemed it necessary to hold this meeting with you to thank you immensely for your support thus far,” he stated.