Development Bank of Nigeria, DBN started lending operations in October 2017 to provide financing to Micro, Small and Medium Enterprises, MSME businesses.

Since then, the bank said it has given loans to 35,000 MSMEs.

The Managing Director of the bank, Tony Okpanachi said in its first year of operations, the bank exceeded its projected performance with a total loan disbursement of 31.36 billion naira to 35,000 MSMEs.

He said this in Lagos while presenting a scorecard of the bank’s performance in its first year of operation.

Okpanachi said the bank formally commenced lending operations in October 2017 to its first two participating financial institutions(micro finance banks), but with a strong on-boarding exercise it carried out within the year.

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He added that the bank currently has a total of 29 participating financial institutions (PFIs) which include commercial banks at various stages of engagement.

“Our total disbursement-to-date stands at 31.364 billion-naira thus exceeding our year end projection of N30 billion,” he said.

“The total number of end borrowers stands at 35,000 which also exceeded our year-end target of 20,000 MSMEs.

“Women accounted for 73% of the end-borrowers of the DBN loans and received 27% of the total amounts disbursed.”

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