Bank sees opportunity in lending to creative sector

Access Bank Plc has said that besides demonstrating its support for initiatives of the Central Bank of Nigeria (CBN), adopting the Creative Industry Financing Initiative (CIFI) is also a way of fostering entrepreneurship in the country.

CIFI, which has over N20 billion in the first tranche set aside to be disbursed to borrowers within the creative industry, was scripted by CBN, in collaboration with the Banker’s Committee to boost job creation, develop local capacity, preserve foreign exchange and ensure empowerment within the entertainment industry.

With a maximum interest rate of nine per cent per annum and repayment period of up to 10 years, Access Bank is keen on being the leading financial institution in the disbursement of the development intervention, just as it organized a two-day forum at its head office in Lagos, which brought together players from four sectors of the creative industry- music, movie, fashion and information technology.

The forum, which featured several panel sessions, had experts in legal, tax/financial, and business consulting and Access Bank’s representatives, who were on hand to answer questions on the loans’ eligibility criteria, as well as requirements.

The Executive Director, Business Banking at Access Bank, Mrs. Chizoma Okoli, assured various industry players present that CIFI will be a great boost for the entertainment industry, even as Access Bank became the first to have submitted applications to the CBN to provide these loans.

“CBN’s Creative Industry Financing Initiative (CIFI) was developed to support the creative sector and to enable it build capacity and create more jobs. Access Bank, being the first bank to have successfully submitted its application to the CBN, understands the necessary documentation required to access this loan.

This is why the bank put together this two-day forum to help our customers by simplifying and guiding them through the loan process,” she said. Also, Access Bank Zonal Head of Business BankingDivision, Lekki, Abidemi Adebayo, explained that CBN reviewed the creative sector and found that the sector had a lot of employment potentials.

“We are gathered here today at the Access Bank Creative Sector Loan forum to make sure we help you, our customers, understand how the loan works and to ensure seamless access to the loan” he added.In attendance at the forum were prominent stakeholders including the President of the Movie Producers Association of Nigeria, Ralph Nwadike; President of the Fashion Designers Association of Nigeria, Funmi Ladipo; Noble Igwe, a prominent face in the industry; veteran actors, Segun Arinze; Hilda Dokunbo; the former General Manager (Anglophone West Africa) Microsoft, who is now the Managing Partner of Grand Central, Chinenye Mba-Uzoukwu; D’Banj and a host of other key talents in the industry, attended the event.