Succour is coming in the way of Nigerians who have been subjected to various forms of hardship as a result of circumstances not of their making. The fresh hope is courtesy of the country’s banks, which today announced their establishment of a Victims Support Fund for this purpose. Briefing journalists after the 317^th meeting of the Bankers’ Committee in Lagos, South-West, Nigeria, Herbert Wigwe, CEO of Access Bank plc, described the fund as a contributory scheme by the banks aimed at alleviating the suffering of the vulnerable in the society. He said the fund is considered critical in the system.

“Victims of Boko Haram insurgency are not the only beneficiaries,” Wigwe said. “The fund is for the vulnerable group within the system. We are aware that if you don’t contribute to the system it will come and hurt you, hence it is important we contribute.”

Wigwe said that the Central Bank of Nigeria would also contribute to the fund to ensure that the banks are not over-burdened.

Also speaking, CBN Director of Banking Supervision, Tokunbo Martins, disclosed that as part of encourage growth in the economy, the federal government of Nigeria will on Monday, August 18, launch a N220 billion finance scheme aimed at making funds available to small and medium scale entrepreneurs. She noted that this became imperative following the financial challenges entrepreneurs face in the economy.

Martins said that the fund would be made available through the banks at a 9% interest rate, while 60% of the fund would be dedicated to the women and female entrepreneurs.

The Bankers Committee frowned at the pace at which the National Biometric Verification Number (BVN) and the cashless banking policy projects are being carried out. It, however, encouraged banks to deepen the enrolment of their customers noting that the BVN will check online fraud related cases “since no two people can have the same biometric details.”

•Photo shows Access Bank CEO, Herbert Wigwe.

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