According to a post on Punch Nigeria website, First Bank of Nigeria has introduced non-collateral loans for Small and Medium Enterprises in an effort to drive the growth of the SME sub-sector.
The Head, SME Banking, Mr. Oluwafemi Akinfolarin, who spoke at the bank’s product fair event in Lagos recently, said the development would help the SMEs to overcome the challenge of lack of access to credit.
He said, “Getting loans without collateral is part of our contribution towards boosting the growth of the SME segment. Most SMEs don’t have collateral to secure loans. With this now, all a prospective borrower is asked to do is to go through a psychometric test. Once the SME passes it, we advance the loan. That is a cutting edge innovation.”
As part of its major initiatives for this year, Akinfolarin said the bank had outlined a number of capacity development events for the SME operators.
If you are interested, you can visit the nearest First Bank branch for enquiries.
You can also check out how to get loans without collateral at LAPO.