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Access Bank Plc will today commence the disbursement of the N50 billion interest-free loan and grant it set aside for micro, small and medium size enterprises (MSMEs) that were destroyed by hoodlums in the wake of the protest against police brutality in the country last week.

 

 

The Deputy Group Managing Director, Access Bank, Mr. Roosevelt Ogbonna, in a telephone interview with THISDAY, yesterday, said: “From tomorrow (Monday), we would start collecting application from customers. There is an interest-free loan as well as a grant also embedded in that.”

 

 

 

He stated that the loan would be targeted at customers of the financial institution across its MSME business, commercial banking customers as well as corporate banking customers affected by the looting and arson in some parts of the country last week.

 

According to him, the idea is to support working capital as well as access finance.

He explained: “It has a maximum tenor of 24 months for the access finance and 12 months for the working capital. The structure is flexible and it is to align with the customers’ cash flow. The term facility would have a moratorium period of six months and then we would structure the repayment following the customers’ own cash flow cycle. Both are interest-free.

 

 

 

“For the grant, we have broken it into two. Firstly is that for youth empowerment and community development. The youth empowerment is in two parts. We have a segment of the grant that is focused on supporting the tech industry and we have another that is focused on skill development, which is for those that are for tailors, barbers, mechanics, criteria.

 

“The idea is that our branches are all over the country, so whatever skill you have, go to any of our branches and you will get whatever support you require.”

 

The bank had explained in a notice to announce the fund that: “Now more than ever, we remain committed to our purpose of impacting lives positively. In light of the recent occurrences, we will be supporting Nigerian businesses with N50 billion interest-free loans and grants.”

 

 

 

The creative industry comprising the advertising, architecture, the arts and antiques market, crafts, design, designer fashion, film, interactive leisure software, music, performing arts, publishing, software, television, and radio can bridge the unemployment gap in Nigeria if commercial banks in the country are much more receptive to financing them, the Group Managing Director of Access Bank, Mr. Herbert Wigwe, had said.

 

However, if your business was affected by the recent vandalization and looting, First Bank is requesting you fill their survey form as you stand a chance of receiving financial assistance. Fill form here.

 

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GTBank suffers mass staff resignation

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The  IT division at GTBank has suffered a continual decrease in personnel within the last six months. It has caused a significant technical lacuna and work overload for current employees. Reports reaching 1st News have it that GTBank has been slow in promoting its staff; inadvertently triggering a wave of exits into the labour market which had attractive offers for their talent.

The shortage in manpower is bringing about increased workload; and mounting pressure on the remaining IT employees.

One staff said, “I was handling one application then it doubled as a result.”

Another one also: “There’s a particular team where three members left in the space of one month. Now, four people’s responsibilities are being juggled by one person.”

Also Read: Banking tech is all about digital disruptions, financial services

And yet another staff said, “The pressure is crazy. One person is doing three people’s jobs all in the name of efficiency. That’s why our cost to income ratio will always be the lowest in the industry.”

An undisclosed source said the frequent loss of experienced workers without commensurate hiring resulted in gaps in technical capabilities.

He said: “The application I am managing was handled by two people; but my partner has gone to join another team. If I’m leaving now, a new person can’t cram; and get a good grip of everything in my handover note within 3 weeks. We simply need more people on the team!”

This gap is often reflected when there is a service downtime towards the end of the month caused by server overload. During this period, transaction volume increases due to salary payments; and other month-end payments; leading to more pressure on existing resources.

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Pyramids’ Road Trip Video to Aba Stadium, a Wake up Call, Says Egbe

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The Chief Executive Officer of Monimichelle Group, Ebi Egbe, has called on the federal government to do something on the state of the roads in the country, declaring that the state of the Port-Harcourt Aba Road has become a bad advertisement for the country.

The poor state of the federal highway came to the fore over the weekend when Egyptian side, Pyramids Football Club who flew in the club’s private jet landed

at the Port Harcourt Airport and made a video of the horrible road trip to Aba and posted it on the social media, calling it a shame.

Pyramids held Enyimba 1-1 in Aba yesterday but qualified 5-2 aggregate for the semi final of the CAF Confederation Cup.

But Egbe whose outfit constructed the Enyimba Stadium turf noted that the Egyptians deliberately wanted to paint the country in bad light by showing the video to the world.

Egbe was however quick to add that government on its part also need to avoid the country being embarrassed by her international visitors by fixing our roads.

“That video by Pyramids is to me, a wake up call for us to not only fix our stadiums but also fix our roads.

“Teams that come to Aba to play have always commended the playing turf. We need to get it right on all fronts. This is why I am appealing to the federal government to get our roads fixed.

“Our teams would return to the continent next term and it would be a shame if teams from other countries that are far less endowed come in and mock us that we ve got no good roads in the country,” Egbe stressed

He further charged the various state governments to also upgrade their stadium facilities just like other countries are doing.

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