The Central Bank of Nigeria (CBN) says it has revised the guidelines for Commercial Agriculture Credit Scheme (CACS), to include Non-Interest Financial Institutions (NIFIs). CBN stated this in a circular posted on its Website last week Wednesday.
The circular said that the review was part of efforts to deepen access to finance and reduce exclusion rate. It added that the CBN would look at the possibilities of revising guidelines for other intervention funds to the interest of the public. “It is expected that the review of the guidelines for other intervention funds will follow in due course. “Please note that the CBN will continue to review the guidelines for other intervention funds currently managed by the bank to factor the needs of the non-interest banking public.”
The scheme is aimed at fast tracking the development of the agricultural sector by providing credit facilities to large scale enterprises with a minimum asset size of N50 million at a single digit interest rate of 9 per cent. The scheme is also targeted at enhancing national food security by increasing food supply in the country.