Improving Credit Process with Personal Assets Acquisition Loans - THISDAYLIVE

Dearth of credit facilities has over the years remained the bane of business growth. This cuts across micro, small and medium scale businesses. In this report, Ebere Nwoji writes that deposit money banks have evolved ways of breaking this jinx through launch of an array of credit- facilitating products and simplification of credit processes for Nigerians

The Nigerian financial services sector has been doing its bit to improve credit penetration in Nigeria. For instance, the Central Bank of Nigeria has consistently sought to improve financial inclusion while also making special interventions to improve credit availability in critical sectors such as agriculture and manufacturing in line with the federal government’s diversification efforts.

Asset acquisition loans enable employees to procure personal assets such as cars, generators, and other household appliances and spread repayments over periods from one year to as much as seven years. As they enable the borrowing of substantially larger sums compared to the short term facilities and also address critical funding of lifestyle improvements, asset acquisition loans are in this wise more useful to employees and accordingly more desired.

The recently introduced asset acquisition offering from Stanbic IBTC for instance is an example of how Nigerian DMBs are making improvements to the credit process in Nigeria. This facility, christened Personal Asset Acquisition Scheme enables employees whose salaries are paid through Stanbic IBTC bank to acquire assets including cars, generators, laptop computers, and other household appliances but also redresses the aforementioned problems.

Furthermore, the robust list of prequalified vendors that PAAS provides leaves any intending borrower with several options to procure any items along with the added comfort that there is no risk of buying fake or substandard items.

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