#EndSARS crisis: Stakeholders commend Access Bank for N50bn interest-free loan

Access Bank Plc will at the close of business on Monday come up with the modalities for accessing the N50 billion interest-free loan and grant for small and medium-sized enterprises and youth affected by the #EndSARS crisis.

The bank had at the weekend through its official LinkedIn page announced that it has set aside a minimum of N50 billion interest-free loans and grants to support communities, Micro, Small and Medium-sized businesses, and the youth.

BusinessDay findings shows that the bank has not commenced the disbursement of the fund but working on the modalities at the moment.

Herbert Wigwe, Group managing director/CEO had at the weekend disclosed to BusinessDay that the bank would issue the guidelines this week.

“Let them come up with the guidelines then we will know whether they are being realistic or not”, Uju Ogubunka, president, Bank Customers Association of Nigeria (BCAN) said by phone.

However, some of the affected businesses have indicated an interest in the fund, while analysts in the financial services sector have commended the bank for the move.

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An official at one of the branches of Spar who wishes to be anonymous noted that they would be interested in the loan but that their head office would be the one to have the final say on it.

The N50bn interest-free loan scheme of Access Bank for businesses affected by the end SARS crisis is highly commendable,” said Uche Uwaleke, professor of the capital market and president Capital market Academics of Nigeria.

Uwaleke said the move is quite exemplary and a demonstration of empathy on the part of the bank. Other banks should borrow a leaf from this great show of corporate social responsibility.

Responding to BusinessDay’ question, Ayodele Akinwunmi, relationship manager, corporate banking, FSDH Merchant Bank Limited, said, “I think it is a good gesture from the bank to assist businesses affected by the crisis to recover faster by offering financial assistance to the affected businesses”.

He said the strategy will also help the bank to win new customers because customers will see them as a bank that can stand with them even in a crisis. And in the long-run, it is a win-win for both parties and the economy.

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.