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Home Finance | Insurance | Pension

DBN Disburses N700bn to MSMEs in 7Yrs as women gets N420bn

EconomyFoot Print by EconomyFoot Print
March 9, 2024
in Finance | Insurance | Pension, Small Business, Top News
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By Chris Agabi
The Development Bank of Nigeria (DBN) has  disbursed N700 billion to Small and Medium Enterprises(SMEs) in seven (7) years.
Our of the disbursements, female entrepreneurs got N420 billion or 60 percent of the total disbursements.
The Managing Director of  DBN, Mr Tony Okpanachi stated this  on Friday at the celebration of International Women Day held at Wuye Ultra Modern Market, Abuja.
The theme of this year’s celebration is:”Celebrating the Amazons in the Market Place- Inspire Inclusion”.
Executive Director, Finance and Corporate Services, Mrs Ijeoma Ozulumba who represented Mr Okpanachi at the occasion said  that reports from Participation Financial Institutions(PFIs) indicate that Non-Performing loans (NPLs) from disbursement to women was the lowest in the industry.
“So far from the intervention that we’ve seen, our banks have reported to us that our portfolio has the lowest non performing loans,  there’s good recovery in the Loans and also women portfolio is even lower in terms of default”, she said.
Mrs. Ozulumba said the bank has disbursed over 700billion naira as loans to entrepreneurs with about 137 billion naira to women and women owned businesses.
“In the number of end borrowers for our loans 50 percent have been women”
She explained that the development institution has provided support for the Small and medium enterprises beyond finances with the sole aim of boosting economic growth”.
She noted that specific training are also given to women  on how they can manage their business and  keep their books, how they can manage your operations, access to market access to networks as well.
She said   beyond funding, DBN  does a lot of training, especially location specific training, stressing that  Last year, the bank was  in the North East and Northwest to ensure that women have access to finance, have access to knowledge, to grow their business and to develop their businesses. So this is very important.”

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