SMEs Received Loans Worth $150m In Six Months From Ecobank

SMEs Received Loans Worth $150m In Six Months From Ecobank

Over the last six months, Ecobank has earmarked about $150 million. This money would be given out as loans for Small and Medium-scale Enterprises (SMEs) in the country.

Emmanuel Ikazoboh, the Chairman of Ecobank Transnational Incorporated (ETI), disclosed this in Abuja. This was when some delegates from Ecobank paid a courtesy visit to President Muhammadu Buhari.

Before President Buhari was re-elected, he asked Ecobank to work with him in providing funding for the country’s agricultural sector.

The President felt doing this would help to establish Ecobank’s legacy as a major player in the quest to build the country’s economy.

However, Ecobank is faced with the challenge of non-performing loans while providing credit facilities for small businesses.

Ikazoboh said: “The major problem confronting the bank today is the debtors. We have a number of debtors both corporate and individuals. And we need to put in place a framework to ensure that people do not just take loan and not pay pack. Banks are under pressure because if you have a lot of unpaid loans, it means you don’t have enough money to also support other borrowings or other small and medium enterprises.”