Federal Government Registration For MSME Payroll Support Currently Ongoing

Please be aware that the Federal Government Survival Fund intervention as promised has been kicked of today, and registration is now ongoing.

What is the MSME ?

MSME  is an abbreviation which means Micro, Small and Medium Enterprises

To REGISTER, click https://www.survivalfund.gov.ng/auth/payroll-support  to get started.

Brief Introduction of the MSME

The CBN launched the MSME Development Fund on August 15, 2013 with a share capital of N220 billion. The Fund was established in recognition of the significant contributions of the Micro, Small and Medium Enterprises (MSME) sub-sector to the economy and the existing huge financing gap.

Eligible activities to be financed include agricultural value chain, services, cottage industries, artisans, trade and commerce and any income generating business as may be prescribed by the CBN from time to time.

Objectives of the MSME Development Fund

The broad objective of the Fund is to channel low interest funds to the MSME sub-sector of the Nigerian economy through PFIs to:

  • Enhance access by MSMEs to financial services;
  • Increase productivity and output of microenterprises;
  • Increase employment and create wealth; and
  • Engender inclusive growth

Eligible Activities under the MSME Development Fund

In line with the provisions of the Revised Microfinance Policy, Regulatory and Supervisory Framework for Nigeria, enterprises to be funded under the Scheme include:
a) Micro Enterprises
b) Small and Medium Enterprises (SMEs)

The following are the eligible categories activities under the Fund:

  1. Agricultural value chain activities
  2. Cottage Industries
  3. Artisans
  4. Services
  5. Renewable energy/energy efficient product and technologies
  6. Trade and general commerce
  7. Other economic activity as may be prescribed by the CBN

Please take note; You would need the following to fully complete the registration:

  • Your BVN Number, account details, contact details
  • Employee’s account numbers, contact number and BVN
  • Valid CAC Registration number
  • SMEDAN Registration number
  • Your business details , annual earnings and number of employees.

To REGISTER, click https://www.survivalfund.gov.ng/auth/payroll-support  to get started.

 

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