People & Money

#EndSARS: Access Bank to Support SMEs With N50bn Loans

The management of Access Bank has announced a N50 billion interest-free loans and grants support for small and medium-sized enterprises (SMEs) in Nigeria.

The arrangement is to support the rebuilding of businesses affected by #EndSARS protests.
The bank disclosed this information via its Twitter handle on Saturday.

In Context

Earlier in the week, the #EndSARS protests took a violent turn as arsonists took over major areas of Lagos, looting shops and malls.
The development followed incidents of shootings in the Lekki area of the state Tuesday night.
Some residents of the state also invaded a warehouse where Covid-19 palliatives were kept in Maza-maza area of the state.

Also Read: #ENDSARS: Nigeria Loses N700bn to Protests, Unrest – LCCI

On Saturday, Access Bank said helping businesses recover losses was its ‘responsibility and duty.’
“The events of recent days and weeks have been a difficult period in our country’s history. We have all been anxious, worried, and pained at what we have seen in the media and what we have heard from our customers, our colleagues, and loved ones,” the bank said.
“As one of Nigeria’s largest businesses serving every part of our society, it is our responsibility and duty to make a difference. Corporates cannot simply stand by and send messages of solidarity, and go back to ‘business as usual’ without helping get their customers and communities back on-track.

Also Read: #EndSARS Protests Could Hurt Nigeria’s Oil Output, Demand Recovery – S&P Global Platts

“Supporting business, large and small, is in our DNA and in recent years we have seen entrepreneurial spirit that filled us with hope and confidence in the future. Our young technology entrepreneurs have been building businesses that are celebrated globally and we have seen SMEs flourish and innovate across the country.

The bank said there has been a setback on the journey toward business development for many entrepreneurs.
“We are committed to restarting businesses quickly but even more importantly to ensure we come out of this stronger and more successful together,” the bank said.

Abimbola Agboluaje

Abimbola is Managing Director of WNT Capitas . He consults on strategic communications and investment risk.

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