paddyDIGITAL:
All the banks are feeling the heat. It's just about 'the survival of the fittest'.

DeZoro:
Please can someone tell me if Access Bank has gone broke:

In 2020 precisely October, Access Bank and my company had a joint agreement on assets finance. That is the bank brings in 70% and we brings 30% to procure a mini printing machine while we share profit every month with 15% interest rate because the loan was design for women micro business. This is the 4th time they have been financing this kind of project and we have never defaulted.

To my surprise, a staff of Access bank came to our office and brought a letter that which states as follows: Due to economic situation in the country, the bank has increased the interest rate from 15% to 19%. I personally was shock to see a bank telling a small scale business that economic has made them increase interest rate, not minding what the small business is passing through. The guy who brought the letter told me that this was the first time they themselves are seeing this kind of letter. According to the agreement, yes! It was stated that the loan may be reviewed, not stating either upwards or downwards. We have come to a conclusion that if the CBN is aware of this development, it means they are just trying to shut down SMEs. For six months, the machine bought could not generate its interest thereby relying on our sister company to pay the loan because it is a new business. Now the interest has been increased! Is ACCESS BANK BROKE? Is Access bank trying to frustrate her customers? Did they release cash to the vendor? The machine was procure by their certified vendor. Why are they now increasing interest. What do I do pls.