Let us know the complete details of the Micro, Small, and Medium Enterprises Development Fund.
The Central Bank of Nigeria launched the MSMEDF on Aug 15, 2013, with a share capital of ₦220 billion.
10% of the Fund has been devoted to developmental objectives such as grants, capacity building, and administrative costs.
90% of the Fund has been devoted to Participating Financial Institutions(PFIs) for on-lending to MSMEs
Activities to be financed: agricultural value chain, services, cottage industries, artisans, trade and commerce, etc.
The objective of the Fund is Enhance access by MSMEs to financial services, Increase productivity, and employment, and create wealth.
MSMEDF Scheme includes Micro Enterprises, Small and Medium Enterprises (SMEs), and Microenterprises.
Participating Financial Institutions (PFIs): 1- Microfinance Banks 2- NGO-Microfinance Institutions 3- Finance Companies 4- Financial Cooperatives
5- Micro borrowers 6- SME borrowers 7- Deposit Money Banks and Development Finance Institutions
For more information about CBN's MSMEDF, visit the official website of the Central Bank at cbn.gov.ng/MSME.