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DBN To Expand Opportunities For MSMEs




As part of efforts to expand the opportunities available to operators in the Small and Medium enterprises sector, the Development Bank of Nigeria (DBN) will soon sign on Deposit Money Banks (DMBs) and more Micro Finance Institutions (MFIs) before the end of the year.

Disclosing this while receiving a delegation of the KFW Development Bank of Germany, in Abuja, at the weekend, the managing director, DBN, Mr. Tony Okpanachi, said discussions with some DMBs and more MFIs had advanced stage and would culminate in signing deals with them.

He also said the bank is currently in discussion with several of them and that before the end of the year, it will sign on more Micro Finance Institutions and some commercial banks.

He also said his team undertook a study tour to Germany in order to take advantage of the long experience of KFW which in order to run a sustainable development bank in Nigeria.

“About September, we undertook a study tour to KFW to understand, because we are more like sister firms, working together.  So we undertook a study tour there to be able to understand how they have been able to sustain this model for all these years.

“The culmination of that is the technical support that came from them and experience sharing with us, in addition to the funding they provided for us.”

“We want the assistance to continue.  They have a long history of successful operations and DBN wants to learn a lot from them.  We want a continuous assistance from them.  We want their willingness to support us as we continue in the journey.”

Earlier, the leader of the delegation and Director of  West Africa and Madagascar, Mr. Michael Wehinger, who expressed satisfaction over the operational model adopted by the DBN, said that his organization was ready to provide more funding for the bank.

Meanwhile, DBN has called the attention of the public to be weary of fraudulent multi-purpose scheme that are purportedly scheming to defraud unsuspecting persons by erroneously canvasing that the World Bank is giving out grants to individuals to do business in Nigeria through DBN.

According to a statement from the bank, members of the public are advised to note that it is not involved in this fraudulent scheme and that the bank only disburses loans to MSMEs through Participating Financial Institutions (PFIs).



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