Nigeria’s primary wholesale development finance institution, Development Bank of Nigeria (DBN) said it has disbursed 482 billion to Micro- Small- and Medium-Scale Enterprises in the country.
The amount Elanza News gathered is since inception of the company’s operations in Nigeria.
DBN Nigeria said about 65% of the money was shared to women and youths who owned businesses.
DBN Nigeria Managing Director, Tony Okpanachi, had told stakeholders that the fundamentals of the Bank’s finances are robust.
Okpanachi, who attributed the Bank’s financial performance to “its robust corporate governance framework, business model as well as its top-notch enterprise risk management, added that in Nigeria, they have highly committed Board, Management and Staff”.
Okpanachi said the Bank in Nigeria has continued to focus on its mandate of providing access to finance through Participating Financial Institutions to Nigeria’s most critical, but underserved Micro- Small- and Medium-Scale Enterprises and provision of partial credit guarantees to encourage lending to MSMEs.
“Our cumulative disbursement of N482 billion, especially to women-owned or managed businesses, is something that we are particularly delighted about from the perspective of women empowerment and poverty alleviation,” Okpanachi said of what they are doing in Nigeria.
Okpanachi who expressed gratitude to the Nigeria Bank’s shareholders, development partners, PFIs, Board of Directors and employees for their continued support, promised to remain focused on the Bank’s mandate and to sustain efforts toward achieving sustainable financing and capacity building for the MSMEs.