Access Bank on Monday urged its customers to promptly repay any outstanding debts acquired under the Central Bank of Nigeria loan scheme.
The directive comes as part of the bank’s efforts to ensure timely and responsible loan repayment, aligning with regulatory guidelines.
The bank in an email encouraged customers to fulfill their financial obligations to maintain a healthy and sustainable banking relationship with Access Bank.
Access Bank said all existing CBN development finance intervention funds with approved interest rates remain unchanged and are to be fully repaid in line with the terms and conditions, the statement noted.
The bank also advised customers in need of funds to consider alternative loan products and services tailored to their banking needs.
The CBN had in December issued a circular to Deposit Money Bank to stop accepting new loan applications and recover previously granted loans under the scheme.
The circular titled ‘Suspension of Acceptance of New Applications under the Existing Central Bank of Nigeria, CBN Development Finance Intervention Programme.
“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.
“In consideration of the above, the CBN wishes to inform you that it has stopped accepting new loan applications for processing under any of its existing intervention programs and schemes.
“It is important that you communicate this to your customers. And, kindly note that the interest rates, as well as other terms and conditions on all existing facilities, remain as contained therein in their respective approval letters.
“You may also wish to note that your bank shall be responsible for the recovery of the outstanding balance on all facilities previously accessed through your bank.”
