DBN Disburses N31 Billion To Small Businesses

Must Read

REGIONAL ROAD: Lagos Govt Revokes Titles of Lekki Land Encroaching Right-of-Way

…Elegushi Royal House loses part of family land to road construction Sequel to the order by the Lagos State Governor,...

South African Insurance Group Takes Full Ownership of FBN Insurance in Nigeria

South African Insurance group Sanlam becomes the only shareholder in the Nigerian life insurance company FBN Insurance and its...

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...
DBN Disburses N31 Billion To Small BusinessesDBN Disburses N31 Billion To Small Businesses

Development Bank of Nigeria (DBN) disbursed N31 billion to Micro Small and Medium Enterprises (MSMEs) in the country in its first full year of operation in 2018.

DBN Disburses N31 Billion To Small Businesses

Managing Director of the bank, Mr. Tony Okpanachi, disclosed this at the on-going Spring Meetings of the International Monetary Fund (IMF) and the World Bank in Washington DC, USA.

He said DBN has changed the landscape of MSMEs funding in the country with its innovative lending and focus on long-term loans to that sector of the economy.

- Advertisement -

In a presentation to a team of the World Bank Group and international investors on the achievements of DBN and its plans for the future, Okpanachi said that his team was working assiduously to achieve a disbursement level of about N100 billion at the end of this year, which could be scaled up to N389 billion at the end of 2023, when the bank marks five years in active lending operations.

According to him, the Partnering Finance Institutions (PFIs) had grown from two in 2017, when DBN started operations to 22 at the end of 2018, adding that the target for 2019 was to raise the number of PFIs to 30. Okpanachi stated: “Financial sustainability is our key focus from first day with steady profits in the last two years and a robust projection for 2019 and beyond.”

Read Also:  Winners of Afriland Properties Plc ArtFrica Competition Announced (Photos)

He told the investors and stakeholders that the bank had taken risk management seriously in its frameworks and policies and had recorded zero Non-Performing Loans, (NPL), so far.

- Advertisement -
DBN Disburses N31 Billion To Small BusinessesDBN Disburses N31 Billion To Small Businesses

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

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

DBN Disburses N31 Billion To Small BusinessesDBN Disburses N31 Billion To Small Businesses

Latest News

Impact of COVID-19 Pandemic will be Minimal on Lagos – Commissioner

… Says First Quarter of 2020 Budget Performance Better Than 2019 Lagos State Commissioner for Economic Planning and Budget, Mr....

COOCAA TV Bounce Back Sale | Up to 50% Off on Lazada Philippines

MANILA, PHILLIPINES - ACCESSWIRE - June 4, 2020 - We all know that we should be staying safe at home. What better way to...

Singapore’s LABMED shipped over 20 million masks to meet global demand

Rising Singapore medical equipment company has been supplying much needed masks, PPEs to Covid-19 hotspots worldwide SINGAPORE - Media OutReach - 4 June 2020 - Singapore based LABMED...

Guinea’s smartphone manufacturer Kunfabo signs deal with MTN for the distribution of its products

Created by Fadima Diawara, Kunfabo is a Guinean manufacturer of low-cost smartphones. It signed an agreement with a consignment store with the mobile operator...

Top Five Robot Movies

5. I-Robot In this movie, Will Smith really immersed himself in the character and deliver almost perfectly. He hated Robots and was highly motivated to...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -DBN Disburses N31 Billion To Small BusinessesDBN Disburses N31 Billion To Small Businesses