Oceanic Bank Boosts Delta Micro Credit Scheme with N200m
The Delta State micro credit scheme has received a boost of N200 million from Oceanic Bank International Plc. The bank injected the fund to finance micro and medium enterprises in the state. The state government is providing N50 million as collateral for the facility.
The Special Adviser to the governor on Delta State Micro Credit Programme (DMCP), Dr. Anthonia Ashiedu, stated this last week in Asaba while addressing journalists at the unveiling of Delta-Oceanic Micro Credit Scheme account.
According to her, the bank would disburse small loans to cluster groups at an interest rate of 15 per cent per annum, while the Central Bank of Nigeria (CBN) would provide 75 per cent guarantee and 40 per cent interest rebate on accrued interest.
The DMCP unveiled on December 3, 2007 is one of major platforms the state governor intends to explore in achieving its set goals in sustainable human capital development. The Delta State government is determined to avoid the pit-falls of past initiatives in order to make a success of the scheme. According to the Special Assistant on Micro-Credit, failed micro-credit initiatives were usually scattered and uncoordinated and hope to learn from the mistakes of the past.
Oceanic Bank today is one of the banks that have been developing the country through its huge investment in the real sector.The bank has effectively disbursed well N3 billion, to the small and medium scale enterprises across the country and has also set up a franchise desk in the bank for the purpose of financing franchising in the country.
It would be recalled that Oceanic Bank has continued to channel the needed equity to the real sector of the economy, and actually increased the level of its commitment from N1.2 billion invested in 21 SME projects in 2005 to about N2 billion in 27 projects in 2006. So far, about N39.1 billion have been set aside by the banks, out of which N18.7 billion has been invested in 259 projects all over the country. These investments cover agriculture, services, telecommunications, food and beverages, tourism, printing and publishing,” she stated.
The Central Bank of Nigeria, CBN, had recognised Oceanic Bank International Plc. in 2003 and 2006 as the best bank in the funding of the real sector. Ibru is also the chairman of the Bankers Committee, sub-committee on Small Medium Industry Equity Investment Scheme (SMIEIS). This probably came as a result of various laurels the bank had won as the best financier of Small and Medium scale Enterprises across the country.