Finance expert, Professor Uche Uwaleke, has described the N50 billion interest-free loan scheme of Access Bank for businesses affected by the recent crisis as highly commendable. Uwaleke described the bank’s gesture as exemplary and a demonstration of empathy on the part of the bank. He admonished other banks to borrow a leaf from the great show of corporate social responsibility demonstrated by Access Bank.
“Extending this kind gesture in the form of reduced interest rate and moratorium to those who already borrowed money should equally be considered. Much as the CBN has done a lot to cushion the impact of COVID’19 on small businesses, it can equally devise a way to encourage Access bank and others that would eventually emulate this gesture”. “There is no doubt that the implementation of this plan will be at a cost to the bank.
This cost should be borne by the shareholders ultimately and not the customers by way of higher bank charges. It is the responsibility of the CBN to ensure that deposit money banks, as financial intermediaries, do not give with one hand and take with another,” he said.