Development Bank of Nigeria to offer N5b loans to 20,000 SMEs

Must Read

Countries With The Highest Number Of Billionaires! See Nigeria’s Position!

These days, when new business opportunities are appearing every day, there is no shortage of billionaires around the world....

List of Guaranty Trust Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number that usually identifies both the bank and the branch where an account is...

Top 10 Most Expensive Universities In Nigeria

For many Nigerians, high-quality higher education is a luxury. There are many private universities who are known not only...

The Development Bank of Nigeria (DBN) is gearing up to provide N5 billion to 20,000 Small and Medium Enterprises (SMEs), its Managing Director, Tony Okpanachi, has said.

He said the lending started last November with loans to three of the largest microfinance banks in the country.

“DBN management is taking this phenomenal responsibility very seriously and we are determined to ensure that serious entrepreneurs get the support they need to grow so that the positive impact is felt in their businesses and the economy as a whole,” he said.

On repayment terms for DBN loans, Okpanachi said the institution will “provide funds for up to 10 years in terms of actual repayment period but when necessary we also provide a moratorium of up to 18 months”.

- Advertisement -

He said DBN loan cuts across all sectors. “Our mandate and operations seek to achieve the Nigerian Sustainable Banking Principles (NSBP) of the Central Bank of Nigeria (CBN), where financial inclusion ranks high, as well as the United Nations Sustainable Development Goals and are in line with the Economic Recovery and Growth Plan of the Federal Government of Nigeria,” he said.

Read Also:  UBA PLC: Leading the African Banking Renaissance

He said another step taken by the bank was the recent shortlisting of seven banks for loan disbursement to entrepreneurs across the country who meet the requirements.

The initial banks whose number is expected to be boosted by others, being processed include commercial banks – Wema, Ecobank, Sterling, Diamond, Fidelity, UBA, and FCMB.

- Advertisement -
Development Bank of Nigeria to offer N5b loans to 20,000 SMEsDevelopment Bank of Nigeria to offer N5b loans to 20,000 SMEs

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

LEAVE A REPLY

Please enter your comment!
Please enter your name here
Read Also:  Irish dairy company Ornua Foods launches Kerrygold Advantage in Nigeria

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Development Bank of Nigeria to offer N5b loans to 20,000 SMEsDevelopment Bank of Nigeria to offer N5b loans to 20,000 SMEs

Latest News

FGN Bond Yields Moderate for Most Maturities Tracked on Sustained Demand Pressure

In the just concluded week, the values of FGN bonds traded at the over-the-counter (OTC) segment appreciated further for...

FG Signs N10.8trn Budget amid Threats of Revenue Shortfall…

President Muhammadu Buhari on Friday, July 10, 2020, signed the revised N10.8 trillion 2020 national budget into law. A breakdown of the spending plan...

Naira Loses Against USD as CBN Devalues Official Rate to N381/USD

In the just concluded week, Naira depreciated against the USD at the Investors and Exporters FX Window (I&E FXW) by 0.13% to close at...

MoneyGram Digital Growth Maintains Strong Momentum and Market Expansion Continues

The Company achieved 106% year-over-year digital transaction growth in June driven by strong demand for the mobile app, high customer retention rates, and continued...

Puratos opens 4 new subsidiaries in Nigeria, Kenya, Ivory Coast and Ethiopia

The global provider of solutions for bakery, patisserie and chocolate, Puratos has opened four new African subsidiaries. The company aims to further establish a...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -Development Bank of Nigeria to offer N5b loans to 20,000 SMEsDevelopment Bank of Nigeria to offer N5b loans to 20,000 SMEs