Tony Okpanachi, managing director, Development Bank of Nigeria (DBN), says in its first year of operations, the bank exceeded its projected performance with a total loan disbursement of N31.36 billion to 35,000 micro, small and medium enterprises (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.
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 N31.364 billion 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.”
Okpanachi said the bank’s disbursement target for 2019 has increased to N70 billion and is expected to help deepen its penetration in the MSMEs sector of the economy.
DBN was set up as a wholesale development finance institution (DFI) to provide sustainable financing through eligible participating financial institutions (PFIs), who would in turn, lend to end-borrowers – MSMEs for the development of that segment.
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