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Nairaland Forum / Nairaland / General / Business / Access Bank Is Broke? (473 Views)
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Access Bank Is Broke? by DeZoro(m): 8:29pm On Apr 28, 2021 |
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. |
Re: Access Bank Is Broke? by sholatech(m): 8:52pm On Apr 28, 2021 |
First, for your headline, I believe you know the answer yourself. Access Bank is not broke. This happens in the industry a lot. Once cost of funds rises, they increase interest rates. You can easily meet them to negotiate the rate downwards. 1 Like |
Re: Access Bank Is Broke? by fineboynl(m): 12:14am On Apr 29, 2021 |
is like you are not in the country. there is massive inflation going on now. you can wake up one morning and the things selling for 1k will moved to 2k within an hour. ok in that kind of economy people are afriad to give loans as tomorrow it can depreciate further. except in dollars or stable currency. 1 Like |
Re: Access Bank Is Broke? by paddyDIGITAL(m): 7:33am On Apr 29, 2021 |
All the banks are feeling the heat. It's just about 'the survival of the fittest'. |
Re: Access Bank Is Broke? by Nobody: 8:52am On Apr 29, 2021 |
paddyDIGITAL: In as much as they are feeling the heat, they are leveraging on the collapsing economy as well.... |
Re: Access Bank Is Broke? by sonofthunder: 10:00am On Apr 29, 2021 |
DeZoro: How can others partake in this loan system? What are the requirements? 1 Like |
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