NCGC Aims to Reduce MSME Loan Interest Rates
The National Credit Guarantee Company Limited (NCGC) announced its credit guarantee scheme could lower interest rates on loans for micro, small, and medium-sized enterprises (MSMEs) by mitigating the risks banks face when lending. Dr Bonaventure Okhaimo, Managing Director and Chief Executive Officer of NCGC, stated this during a press briefing on Tuesday in Abuja.
The scheme aims to improve access to finance and make borrowing more affordable by addressing the risk premium banks typically charge. As of October 21, 2026, NCGC guarantees have supported loans totaling N64.13 billion, backed by N30.19 billion in guarantees, reaching 174,495 borrowers across all 36 states and the Federal Capital Territory through 19 financial institutions.
The program has enabled 22,616 beneficiaries to access formal financing for the first time, with women making up 42.7 percent of borrowers. NCGC has also launched GuaranteeHer, targeting over N100 billion in lending to women-owned MSMEs over five years.
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