The National Credit Guarantee Company Limited on Tuesday in Abuja said it has backed N64.13bn in loans to 174,495 borrowers across all 36 states and the Federal Capital Territory since it began operations last year.\n<\/p>\n
The company\u2019s Managing Director\/Chief Executive Officer, Dr Bonaventure Okhaimo, disclosed this while briefing the State House correspondents in Abuja on NCGC\u2019s first year of operations.\n<\/p>\n
Okhaimo said the figures, drawn from NCGC\u2019s programme performance report as of 21 October, showed every N1 of guarantee had unlocked about N2.12 in loans through 19 participating financial institutions, comprising commercial banks, microfinance banks and development finance institutions.\n<\/p>\n
He explained, \u201cWe provide partial guarantees that de-risk lending, expand the supply of credit and catalyse economic growth. We do not lend directly.<\/p>\n
\u201cWhen one of our Participating Financial Institutions lends to an eligible borrower, we guarantee part of the loan and share the loss if the borrower cannot repay.<\/p>\n
\u201cThis allows lenders to say yes to borrowers they would otherwise turn away, often with less collateral and on better terms.\u201d\n<\/p>\n
He said 74,503 of the borrowers, or 42.7 per cent, were women, while 22,616, representing 12.96 per cent, accessed formal finance for the first time.<\/p>\n
Another 7,731 borrowers were recorded under youth empowerment. <\/p>\n
Trade and commerce, alongside agribusiness and agro-processing, accounted for just over 80 per cent of beneficiaries.\n<\/p>\n
\u201cOur PFIs reported 175,481 direct jobs associated with the borrowers we support, and our report estimates a further 739,310 indirect jobs, bringing total jobs impacted to 914,791,\u201d Okhaimo stated.\n<\/p>\n
Okhaimo also revealed that the NCGC launched GuaranteeHer, a blended-finance, gender-responsive credit guarantee framework, on July 29, with the Minister of Women Affairs and Social Development, Imaan Sulaiman-Ibrahim, as special guest.\n<\/p>\n
It was formally unveiled at the company\u2019s first anniversary stakeholders\u2019 forum on September 3.\n<\/p>\n
He explained that rather than create a new product, GuaranteeHer strengthens existing women-focused lending programmes such as Access Bank\u2019s W Initiative, FirstBank\u2019s FirstGem, FCMB\u2019s SheVentures, Sterling\u2019s Smart Women and Fidelity\u2019s FundHer, by layering on a guarantee that allows lenders to offer lower interest rates, less collateral and longer tenors.\n<\/p>\n
\u201cRather than create yet another product, we strengthen the programmes women already know, so lenders can offer lower interest rates, less collateral and longer tenors,\u201d the MD stated.<\/p>\n
Source: <\/p>\n
The National Credit Guarantee Company Limited on Tuesday in Abuja said it has backed N64.13bn in loans to 174,495 borrowers across all 36 states and the Federal Capital Territory since… <\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"class_list":["post-2032","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/posts\/2032","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/comments?post=2032"}],"version-history":[{"count":0,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/posts\/2032\/revisions"}],"wp:attachment":[{"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/media?parent=2032"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/categories?post=2032"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/tags?post=2032"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}