The Development Bank of Nigeria says it has become a member of the SME Finance Forum, a global membership network that brings together financial institutions, technology companies, and development finance institutions to share knowledge, spur innovation, and promote the growth of the Small and Medium Enterprises.
Established by the G20 Global Partnership for Financial Inclusion in 2012, the SME Finance Forum was set up as a knowledge centre for data, research and best practice in promoting the SME finance, according to a statement from the DBN.
Accepting the DBN into the forum, the Chief Executive Officer, SME Finance Forum, Mr Matthew Gamser, was quoted as saying, “We are proud to have the Development Bank of Nigeria join our network of 140 members who work to expand access to finance for small and medium businesses. It has been discovered that 200 million businesses worldwide need financing to invest, grow and create new jobs.
“Founded in 2014, DBN focuses on alleviating financing constraints faced by MSMEs and small corporations in Nigeria through the provision of financing and partial credit guarantees to eligible financial intermediaries, on a market-conforming and fully financially sustainable basis.”
The Managing Director/Chief Executive Officer, DBN, Mr Tony Okpanachi, said, “We are excited to expand our knowledge of the SME financing and we believe our participation in the SME Finance Forum member working groups will afford us a plethora of networking and developmental opportunities.”
According to the statement, the DBN was conceived by the Federal Government in collaboration with global development partners to address the major financing challenges facing the micro, Small and Medium-scale Enterprises in Nigeria.