Access Bank Plc Urge All Its Customers to Pay back the CBN Loan

Access Bank Plc has instructed all its customers to repay all their outstanding debts from the Central Bank of Nigeria loan scheme.

The directive comes as Access Banks plan to target timely and responsible loan repayment in line with the regulatory guidelines.

The Bank emailed all its customers to encourage them to pay their financial obligations to maintain a more healthy and sustainable banking relationship with Access Bank.

Access Bank said the statement noted that all existing CBN development finance intervention funds with approved interest rates remain unchanged and are to be fully repaid per the terms and conditions.

The Bank has also asked customers looking for funds to check alternative loan products and services tailored to their banking needs.

In December, the CBN released a circular to all Deposit Money Banks to halt new loan applications and recover previously granted loans under the scheme.

The circular is titled ‘Suspension of Acceptance of New Applications under the Existing Central Bank of Nigeria, CBN Development Finance Intervention Programme.’

It reads,

• In furtherance of the Central Bank of Nigeria's new policy thrust focusing on its core mandate of ensuring price and monetary stability, the Bank has commenced its pullback from direct development financing interventions.

• Accordingly, the CBN would be moving into more limited policy advisory roles that support economic growth.

• Considering the above, the CBN wishes to inform you that it has stopped accepting new loan applications for processing under any existing intervention programs and schemes.

• You must communicate this to your customers. Kindly note that all existing facilities' interest rates and other terms and conditions remain in their respective approval letters.

• You may also note that your Bank shall be responsible for recovering the outstanding balance on all facilities previously accessed through your Bank.