Richway beat a host of other banks at the International Standards Excellence Award 2021, to take home the Award for performing exceptionally in a tumultuous year characterized by the negative impacts of COVID-19 pandemic.

The Central Bank of Nigeria, through NIRSAL Microfinance Bank, has announced the reopening of its portal for Micro Small and Medium Enterprises and households affected by COVID-19 to access up to $70,000.

The government previously allocated NGN 2.3 trillion (USD 6 billion) to pandemic relief efforts, including microfinance and other programs.

Mobile money firms across Africa are ramping up plans to bring banking to millions after the pandemic caused a surge in the use of digital financial services.

IFC announced a $50 million loan to Nigeria’s First City Monument Bank (FCMB) Limited to help it expand lending to small and medium enterprises (SMEs) so they can sustain business activities disrupted by the COVID-19 pandemic.

As part of measures to cushion the impact of the coronavirus pandemic, the Chief Executive Officer of FirstBank Nigeria, Dr. Adesola Adeduntan, has disclosed that banks are currently offering customers access to low interest funds.

In March 2020, the Central Bank of Nigeria released Guidelines for the Implementation of the NGN 50 Billion Targeted Credit Facility aimed at providing succor to households and MSMEs that have been adversely affected by COVID-19.

The Central Bank of Nigeria has announced its first set of policies to cushion the negative impact the deadly Coronavirus on Nigerian businesses and economy. 

The measures include a moratorium of one year on all principal repayments as well as interest rate reduction on all applicable CBN intervention facilities from nine to five percent per annum for one year effective 1 March, 2020.