First Bank engages SMEs on CBN forex window

First Bank of Nigeria limited has engaged Small and Medium Enterprises (SMEs) on sensitisation programme for easy access to foreign exchange window created recently by the Central Bank of Nigeria (CBN).

The Apex Bank had on April 10, 2017 opened a special Forex window SMEs for import of eligible finished and semi-finished items not exceeding $20,000 for an enterprise per quarter.

Aligning with the CBN as agent of implementation of the policy, First Bank gathered SME operators in Lagos to acquaint them with the knowledge on the requirements and procedures for accessing the forex window.

“We invest heavily in sustainability programmes. A lot of entrepreneurs lack knowledge. We do not have critical thinking as part of education. We support SMEs ideas in a way that allows us function as a bank”, Ibukun Awosika, chairman, chairman board of directors of the bank said at the SME forum tehemed, “FX for SMEs: eligibility and exploitation”.

She said of all the banks operating in the country, FirstBank is most committed to SMEs, adding that the bank is critical in supporting the growth of the sub-sector.

“We have invested in making sure you understand it. We always think about your interest. If your plan is for your business to grow, you must find sustainable way to get fund”, she told participants.

Awosika advised SMEs to structure their business properly so that they can access various kinds of intervention funds. “If your business is not properly structured, you will be disadvantaged”, she said.

The bank’s senior staff took turn to explain to SME operators that the sum of $20,000 per SME customer per quarter can be effected by telegraphic transfer subject to completion of Form ‘Q’ supported with offshore proforma Invoice and the importer’s Bank Verification Number (BVN).

They also explained that SMEs are enterprises that have asset base of between N5 million and N500 million and a labour force of between 11 and 300.

One of the questions asked by participants was on the issues of charges, Awosika explained that the CBN has directed that banks should not take charges but there is associated cost by offshore bank.

One of the participants suggested that FirstBank should set up SME fored desk at all their branches for easy and faster attention to customers’ needs.