SME financing: DBN joins SME Finance Forum

The Nigeria Development Bank (DBN) has joined the SME Finance Forum, a global membership network uniting financial institutions, technology companies and development financing institutions to share knowledge, stimulate innovation and promote the growth of small and medium enterprises (SMEs)

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The SME Finance Forum was created by the G20 Global Financial Inclusion Partnership (GFI) in 2012 as a knowledge hub for data, research and best practices in SME finance and is managed by the International Finance Corporation (IFC).

Expressing admiration for joining DBN to the Forum, Managing Director / General Director of Development Bank of Nigeria Tony Okkanachi said: “We are pleased to expand our knowledge of SME financing and believe that participation in working groups of members of the SME Forum will allow us many opportunities for networking and development”.

DBN is a wholesale development finance institution (DFI) created by the federal government in collaboration with global development partners to address the main financing problems facing micro, small and medium enterprises (MSME) in Nigeria.

Taking the DBN in the forum, Chief Executive Officer of the SMF Finance Forum, Mr. Matthew Gamser said: “We are proud that DBN joined our network of 140 members who are working to expand access to finance for small and medium businesses. It was discovered that 200 million enterprises worldwide need to finance investment, growth and the creation of new jobs.

“Founded in 2014, DBN focuses on easing the financial constraints faced by MSME and small corporations in Nigeria, by providing financial and partial loan guarantees to suitable financial intermediaries on a sustainable market and fully financially sustainable basis. The Bank supports comprehensive growth and provides option financing to fill the identified gaps in financing enterprises in the MSME sector. ”

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