Access Bank PLC recently partnered with the Central Bank of Nigeria as Financial Institute to distribute loans to the Health sector so as to enable an increased and efficient battling of the ongoing coronavirus pandemic crisis in the country. Throug...
accessbank, loans, coronavirus, healthsector
Access Bank PLC recently partnered with the Central Bank of Nigeria as Financial Institute to distribute loans to the Health sector so as to enable an increased and efficient battling of the ongoing coronavirus pandemic crisis in the country.
Through the above, Access Bank PLC has started to dole out loans through the Central Bank of Nigeria credit support scheme to elevate the strenght and capacity of pharmaceutical and healthcare industries here in Nigeria following the upsurge of cases due to the covid-19 pandemic.
Furthermore, the first rate financial institution has affirmed that in a bid to support the nation’s efforts to tackle corona virus, the disbursement of funds is a move to enable adequate funding to domestic and indigenous pharmaceutical companies and other organisations in the healthcare value chain, so as to aid them increase their capacity to meet the increasing demand for efficient healthcare infrastructure to tackle the covid-19 pandemic.
In early August, an assurance from Herbert Wigwe, Access Bank’s Group Managing Director, has proposed an outlined plan of action showing Access Bank's commitment to do everything possible within its power to cater to the needs of the nation in this time of dread and great challenge.
In a bid to clarify eligibility for the loan, Nigeria’s healthcare industry and product manufacturers, adds into context the pharmaceutical drugs and medical equipment; healthcare service providers and various medical facilities, including hospitals and clinics, diagnostic centres, laboratories, fitness and wellness centres, rehabilitation centres, dialysis centres, blood banks, amongst others are eligible to access loans to enhance local drug manufacturing, increased bed count in hospitals across the country, funding of intensive care units as well as training, laboratory testing, equipment, research and development.
Access Bank's Management has specified that the loan’s interest rate is set at a maximum of five percent per annum (5%) up until February 28, 2021. This will make it more accessible to a much more larger percentage of the sector. Also, the management has made it known that from March 1, 2021, the interest rate on the facility loans will subsequently change to nine percent per annum (9%).
Herbert Wigwe said, "It has become clear to all and sundry that Nigeria’s healthcare sector is in dire need of revitalization and Access Bank, under the auspices of the Central Bank of Nigeria, will be investing heavily in this sector in the coming months.
“We would be looking to grow Nigeria’s capacity to not only manufacture drugs and other medical supplies locally but also encourage entrepreneurs to take advantage of the opportunities that lie within the sector." The above was reportedly quoted by Access Bank’s Group Managing Director, Herbert Wigwe, in early August 2020.