The move is to avoid continuous surge in bad loans.
The Competition Commission in a two-year investigation said the banks united and coordinated fabricated bids and offers in order to control the market.
The agreement will boost trade finance in Africa.
The loan will boost the bank’s capital base and its outreach to the economy.
The law will allow clients to use movable assets as security to access credit.
The Central Bank of Nigeria (CBN) hosted the training workshop on “Crisis Management and Banking Resolution” in Abuja Nigeria, from 16 – 20 January
Farmers default over N$500 million which is the highest ever.
The fund will be raised from 5 percent of banks’ Profit After Tax (PAT) savings.
Banks called for bailout packages as oil slumps cut liquidity.
The firm will enhance access to financial services across Africa.