CBN pays out N50 billion loans through MFBs’ IT platform

Adebayo Obajemu

Finally the apex bank has started disbursing the N50billion COVID-19 Targeted Credit Facility meant for Households and Micro, Small and Medium Enterprises (MSME) that are affected by the killer disease via the Integrated National Association of Microfinance Banks Unified IT Platform (NAMBUIT) deployed by Inlaks.

NAMBUIT is a unified information technology set up by Inlaks to service Microfinance banks on behalf of CBN and NAMBs.

This was designed to boost financial access, inclusion and sustainability of the microfinance institutions on value chain financing and ensure the growth of the small and medium scale enterprises. The NAMBUIT Platform, according to the Inlaks, is powered with a sophisticated Loan module for the management of the total life cycle of the over 80,000 loans that will be disbursed for this scheme.

Chief Executive Officer, African Operations, Inlaks. Femi Adeoti, hinted that the template runs on Temenos T24 Inclusive Banking Suite (IBS).

The implementation is being handled by Inlaks, a system integrator in Sub-Saharan Africa, in line with global best practices, with support from the CBN.

The CBN introduced the N50bn Targeted Credit Facility as a stimulus incentive to support households and Micro, Small and Medium Enterprises affected by the COVID-19 pandemic. The N50bn intervention is financed from the Micro, Small and Medium Enterprises Development Fund.