Bayelsa State Government has directed Participating Financial Institutions (PFIs) on the Central Bank Micro, Small and Medium Enterprise Development Fund (CBN MSMEDF), to provide detailed financial reports to fast-track the recovery of the loan earlier disbursed to Bayelsans under the MSMEDF scheme.
The Director General, Bayelsa State Microfinance and Enterprise Development Agency (BYMEDA), Mr. Woyengikuro Daniel, disclosed this during a meeting with the Management of the various Participating Financial Institutions in Yenagoa.
He noted that BYMEDA sourced the N2 billion MSMEDF from the Central Bank of Nigeria to aid the development of Micro, Small and Medium Enterprises in the state hence, the agency has been mandated to front its recovery since the funds under the MSMEDF scheme were given as loan and not as grant by the CBN.
The BYMEDIA boss added that repayment of the MSMEDF loan was necessary as it would pave way for Bayelsans to access similar loans and interventions from CBN.
He advised the various Participating Financial Institutions to comply with the directive in order to sustain the harmonious working relationship between the Agency and their institutions.
Responding, the representatives of the various Participating Financial Institutions promised to comply with the directive, adding that they were willing to support the DG and ensure a smooth working relationship with the agency.
They lauded the agency boss for the professional, orderly and peaceful manner the matter was being handled.
The Participating Financial Institutions on the CBN MSMEDF include, Bayelsa State Cooperative Financial Agency LTD; Equator Microfinance Bank; Izon-Ibe Microfinance Bank; Crystabel Microfinance Bank LTD and NUN Microfinance Bank LTD
The last administration in the state had initiated the scheme to support the growth and sustainability of SMEs and a lot of Bayelsans benefitted from it.