KngGezy:
Hmmm

Nawa oo

Which kain policy be this nau?

I always knew that this BVN stuff is anti-business. It is not to secure funds but to further impoverish the people. A link connecting multiple accounts together. It has always got me thinking

Now the Govt started with the 2% charge on bank transactions above 500 thousand. Then this, a broad daylight robbery!

So what if I default and the little cash in my other a account is what I am using to source for funds and upkeep. Then by the time the bank takes all the money left with me. Then the reason I obtained the loan is destroyed and the bank's interest is still there.

Is that not Instant and Quick One way to Bankruptcy

Modified: A lot of things is wrong with this country. But then if you cant help alleviate the problems. Then why add to it? Toks cars are gradually becoming unaffordable for the average earner thanks to the closing of borders and imposition of taxes. New cars are dreams, only politicians, super rich and companies can afford it. Now Entrepreneurs cant find solace in bank loans, because with this loan condition The Business is Failed Ab initio (from the beginning)

one of the stupid nigerians that think they are smart ...........
why wont u service ur loan

chidaddy1198:
Only defaulters have problem with this policy. Some customer take loan with the intention of not paying back. This policy will help instill discipline on customers also it will help impact in interest rate since risk of default is relatively low.

Not everyone wants to default. At times we may have a sure window of repaying a debt as at the time of obtaining the loan. Suddenly such window of servicing the loan closes or becomes unavailable maybe because of natural disasters, theft , scam, etc. All these happen and are more common in MSMEs . Even if you insure, We are Nigeria that insurance can decide to litigate instead of paying up for the loss. All these can make one default in payment. So if this happens and temporarily you are unable to pay the loan. Then all that is left is the remaining capital with which you plan to startup something in a business account. Then a small balance for family upkeep in another account. Then the Bank suddenly takes all the money in the accounts. Leaving the promising entrepreneur high and dry devoid of any hope and collateral.

I may be wrong

lakesider:



one of the stupid nigerians that think they are smart ...........
why wont u service ur loan

I hope you are able to follow the thread. And this is just an opinion. And we cannot presume to be right at all times. And we cannot also presume the wind to flow in the same direction at all times. Even Worlds Top Markets are hit with unexpected loses

chidaddy1198:
Also the beauty of this policy I think will place less emphasis on collateral.

yes that is true. Most Banks these days do not collateralize loans less than #5M in as much the customers history is credit worthy and the Bank has evidence that d customer is really into business or gainfully employed under a reputable organization; so they deal.

like u said, I think this policy will increase the volume of loan a customer can access to a more reasonable value (like#20M) which will be very important to SME businesses.

KngGezy:



Not everyone wants to default. At times we may have a sure window of repaying a debt as at the time of obtaining the loan. Suddenly such window of servicing the loan closes or becomes unavailable maybe because of natural disasters, theft , scam, etc. All these happen and are more common in MSMEs . Even if you insure, We are Nigeria that insurance can decide to litigate instead of paying up for the loss. All these can make one default in payment. So if this happens and temporarily you are unable to pay the loan. Then all that is left is the remaining capital with which you plan to startup something in a business account. Then a small balance for family upkeep in another account. Then the Bank suddenly takes all the money in the accounts. Leaving the promising entrepreneur high and dry devoid of any hope and collateral.

I may be wrong

Its not like that. Before a Nigerian bank can give out loan to businesses or an entrepreneur, such business or person must be established and there must be a minimum period of relationship between the Bank and the customer.

Banks don't just give out loans just like that.....let me say most banks don't give loans to startups. The only organization that give out loans to startups is the government through bank of industry- and this process requires a lot of business plan writeup and even so, the business must have been established up to a certain level.

Also, UBA does this through the Tony elemelu foundation and of course, ur business has to be established.

MiztaYouneek:
Wait. It seems many members of this forum are uneducated or just lack common sense. Sometimes a lot of comments just doesn't add up to what a post is about and its usually based on condemning anything they read. I think the owner of the site and the moderators should do a better job to screen comments that are always based on unnecessary ranting.

Is there any form of development that can happen without a change in certain policies or ways of doing things. If we all stick to that particular way of life we are used to and still complain about it, then there is a change to such policy to bring development and we still complain then we the masses have a big problem being that we hardly spend time to think about the positive aspect of any new development but quickly rush to exhibit our ignorance by condemning it.

If we continue in this matter and line of thinking then I will be forced to say that we all deserve an iron hand government like this government of PMB who pushes whatever they deem fit to bring a positive development without having to listen to what the masses say because the masses say a lot of trash sometimes out of ignorance.

You have a good comprehension of these people. They just don’t want to discipline themselves and don’t want any policy to discipline them.

bmcariyo:
Thumbs up for CBN, Alot of loan defaulter who has money in others bank gbege don dey ..Thumbs up for CBN

no gbege like that abeg.
Defaulters will transfer any money they have in other banks to their friends or family member's account and the banks will continue to wait till eternity for money to show up in a defaulter's account in other banks.
The policy is not water tight and well thought out.
I see gaps and loopholes and the banks should not increase their risk exposure as a result of this layman policy to manage bank credit.

romenna:
no gbege like that abeg.
Defaulters will transfer any money they have in other banks to their friends or family member's account and the banks will continue to wait till eternity for money to show up in a defaulter's account in other banks.
The policy is not water tight and well thought out.
I see gaps and loopholes and the banks should not increase their risk exposure as a result of this layman policy to manage bank credit.

And live the life of a fugitive abi? Lol

Virus99:
We need a loan so bad for our tech startup.
We already created our web and App.

Pls I will appreciate to work with anyone. Or any info about getting a start up loan from banks or Angel investors.
Thanks.

Where do you reside?

Neduzze5:


Where do you reside?

We are headquartered in Ilorin