Stanbic IBTC trains agribusiness enterprises to be able to access N26bn AGSMEIS Fund

Business News

“Stanbic IBTC’s commitment to building capacity among enterprises stems from its deep understanding of the important role enterprises play in providing linkages to industries, employment generation and driving growth of the economy.”

Head, Enterprise Banking, Stanbic IBTC Bank PLC, Ayodele Ojosipe, stated this at the ongoing capacity building series tagged Agri-Business Small and Medium Enterprises Investment Scheme (AGSMEIS) capacity training, which is targeted specifically at the agribusiness enterprises ecosystem in the country.

The training commenced on Tuesday, 26 February 2019 and will end on Wednesday, 06 March 2019.

He said that the training is aimed at offering it’s wide array of banking solutions as well as funding, skills acquisition and other support to the SME sector.

He reiterated the Bank’s commitment to providing the right support and solutions for individuals and businesses to achieve their goals.

Head of Business Banking at Stanbic IBTC Bank Plc, Remy Osuagwu, added : “Our key mandate of financial intermediation ensures that we are mindful of providing the right support and solutions for individuals and businesses to achieve their goals and this workshop represents another opportunity for Stanbic IBTC Bank to help develop and sharpen participants’ business skills.”

“As part of its support for small and medium scale enterprises, Stanbic IBTC regularly organizes trainings for enterprise operators. Among other benefits, the trainings seek to equip enterprise operators with financial, marketing, and management skills that they can readily apply to transform their businesses to grow their bottom lines and ensure business continuity,” he said.

The Agri-Business Small and Medium Enterprises Investment Scheme is an initiative of the Bankers’ Committee to provide support to and complement the Federal Government’s efforts at promoting Agri-businesses/Small and Medium Enterprises as a vehicle for sustainable economic development and employment generation. The scheme essentially addresses capacity building, technical assistance to Micro, Small and Medium Enterprises (MSMEs) and their funding challenges through Participating Financial Institutions (PFIs).

“The AGSMEIS initiative requires all deposit money banks to set aside 5% of their annual profit after tax (PAT); and as of December 2017, about N26bn had been accrued from all deposit money banks for the scheme.

” The fund is domiciled with the Central Bank of Nigeria and applicants are expected to be trained and certified by any of the CBN approved Entrepreneurial Development Centres which include the Lagos Business School, House of Tara, Fate Foundation, Thrive Agric and others to access the loan.”

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