NCGC Supports 174,495 Nigerians with N64.13bn Loans
The National Credit Guarantee Company Limited (NCGC) has reported backing N64.13 billion in loans for 174,495 Nigerians during its first year of operations. Dr Bonaventure Okhaimo, the Managing Director and Chief Executive Officer, shared these figures on October 21 while briefing State House correspondents.
The NCGC's guarantees enabled 19 financial institutions, including commercial banks and microfinance banks, to extend credit to eligible borrowers. The report indicated that for every N1 in guarantees, approximately N2.12 in loans was unlocked.
Women comprised 74,503 of the beneficiaries, accounting for 42.7% of the total. Additionally, 22,616 borrowers accessed formal finance for the first time.
The NCGC also launched a credit guarantee framework on July 29 to improve women's access to affordable financing, which was unveiled at a stakeholders' forum on September 3. This initiative aims to help lenders offer women lower interest rates and better loan terms.
Plus234Feed summary based on reporting from Legit.ng. Read the original report below.
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