Guaranty Trust Bank (GTBank) will partner with the Development Bank of Nigeria to provide 25 billion naira worth of funding to entrepreneurs in Nigeria’s Micro, Small and Medium Enterprises (MSMEs) sector.
The finding is the single largest disbursement by the DBN to any financial institution in Nigeria since it commenced operations and is also in line with GTBank’s long-term commitment to growing small businesses.
The Development Bank of Nigeria (DBN) was set up by the Federal Government of Nigeria (FGN) as a wholesale development finance institution (DFI) to address the major financing challenges facing Micro, Small and Medium Scale Enterprises (MSMEs) in Nigeria.
DBN disbursed a total of 31.364 billion naira to 35,000 borrowers through Participating Financial Institutions (PFIs) in 2018. The bank expects to grow significantly following the 25 billion naira funding partnership with GTBank, especially with its focus on creating greater access to credit for small businesses.
The Managing Director and Chief Executive Officer of Guaranty Trust Bank plc, Segun Agbaje, said “empowering Small and Medium Scale Enterprises is key to accelerating Nigeria’s economic growth and making the lives of millions of Nigerians better. This partnership with the Development Bank of Nigeria reflects our commitment to building a strong MSME sector buoyed by easy access to all of its financing needs”.
GTBank has been driving innovative solutions and socio-economic initiatives that empower small businesses with the financing, resources and access to markets that they need to grow.
It also offers a wide range of low-interest loan products designed exclusively for MSMEs, and will be taking its support further with its partnership with the DBN.