The Managing Direcor of Development Bank of Nigeria (DBN), Tony Okpanachi has disclosed that the financial institution has enlisted over 35,000 Micro Small and Medium Enterprises (MSMEs)/end borrowers within its first full year of operation.
Okpanachi said the figure translated to a 75 per cent increase over the 20,000 MSMEs projection earlier announced for the year.
According to the DBN boss, the development further underscored the significant progress which the institution had made since it commenced formal lending activities in October 2017.
Okpanachi said the institution had granted loans to about 10,000 small businesses this year, accounting for half its target. The MD described the current increase in enrolment as “a vast improvement over projections.”
Nairametrics had reported that Wema Bank Plc partnered DBN to make available a credit facility of N153 million and N610 million respectively to MSMEs.
The partnership, according to Funmilayo Falola, Wema Bank’s Brands and Marketing Department, was to improve access to cheaper funds for small businesses in Nigeria.
While saying the bank prioritises support for smaller businesses, Falola added that under the new development, DBN will fund MSMEs through participating financial institutions, of which Wema Bank is one the selected institutions.
About DBN
The Development Bank of Nigeria (DBN) was conceived by the Federal Government of Nigeria (FGN) in collaboration with global development partners to address the major financing challenges facing Micro, Small and Medium Scale Enterprises (MSMEs) in Nigeria.
DBN’s objective is to alleviate financing constraints faced by MSMEs and small Corporates in Nigeria through the provision of financing and partial credit guarantees to eligible financial intermediaries on a market-conforming and fully financially sustainable basis.
DBN was established to provide structured and sustainable financing to small businesses.
