Access Bank has launched a new product to relieve importers of logistics and financial difficulties associated with importation business.
Addressing importers at the weekend in Abuja, on the scheme known as FLOWS, the bank’s Chief Executive Officer, Mr. Herbert Wigwe represented by Adeyemi Olusanya, Group Head, Business Banking, Lagos, said this scheme was developed with the interest of importers in mind.
Olusanya told the importers that “once you open your Form M and submit everything we take over from there and your goods will be delivered at the designated warehouse also it makes it accessible for you to access the kind of lending you hitherto could not with this.”
Access Bank he said has “control of the entire process, it means that we can give you money without collateral and when the goods come, as you pay, you start collecting your goods so maybe you are doing N5 million before it means you can do N10 million and more importantly because it is a product that we developed for Small and Medium Enterprises (SMEs) even with the unavailability of FX and people taking different steps to secure FX, in Access bank as long as you come under this product, those issues will not arise.”
Access Bank he said is making deliberate attempts and putting structures in place to support this sector. “We recognise the fact that the sector has issues, there are a lot of risks that bedevil this sector but we believe that if we have put proper structures that will start de-risking the sector without the anticipated aspect of default.”