The Nigeria Association of Microfinance Banks (NAMB) says it will not forward any application which fails to meet the guidelines for sourcing the N220 bailout fund for MSMEs.

The President of the association, Mr Jethro Akun, told the News Agency of Nigeria (NAN) on Friday in Lagos that the association was determined to follow the guidelines strictly.

NAN reports that the Governor of the Central Bank of Nigeria, Malam Lamido Sanusi recently launched the intervention fund for MSMEs – Micro, Small and Medium Enterprises.

The CBN gave NAMB the duty to disburse the fund to its members and members of MSME.

The Federal Government announced the bailout at the 7th MSMEs? Conference/Entrepreneurship Awards ceremony in Abuja.

Akun said: “We have sent an electronic copy of the guidelines for disbursement of the funds to all our members.

“Microfinance banks that are interested in participating have to apply based on those guidelines.

“The association will in turn forward the applications with our recommendations to the appropriate quarters for approval.”

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