Regulatory Alerts2019-07-03 | FPR/PRD/GEN/PAR/04/050Circular on Modalities for the Implementation of the Creative Industry Financing Initiative (CIFI)
The Central Bank of Nigeria (CBN) and the Bankers' Committee have introduced the Creative Industry Financing Initiative (CIFI) to improve access to long-term, low-cost financing for entrepreneurs and investors in the Nigerian creative and IT sectors, with the aim of boosting job creation, especially among youth. The initiative will be funded through the Agri-Business Small and Medium Enterprises Investment Scheme (AGSMEIS), with a seed fund of N22.9 billion. All deposit money banks are eligible to participate in the initiative, and there will be regular joint monitoring and evaluation of financed projects by the CBN and participating financial institutions.
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monetary
credit
fintech