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SME NEWS UPDATE

DEVELOPMENT BANK JOINS SME FINANCE FORUM

Development Bank of Nigeria (DBN) has joined the SME Finance Forum, which is a global membership network.The forum brings together financial institutions, technology companies, and development finance institutions to share knowledge, spur innovation, and promote the growth of SMEs.

Established by the G20 Global Partnership for Financial Inclusion (GPFI) in 2012, it was set up as a knowledge centre for data, research and best practice in promoting SME finance.

As an implementing partner for the GPFI, the International Finance Corporation (IFC) was tasked with managing the initiative.Chief Executive Officer, SME Finance Forum, Matthew Gamser, said: “We are proud to have DBN 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.”

Managing Director/CEO, Development Bank of Nigeria, Mr. Tony Okpanachi, disclosed: “We are excited to expand our knowledge of SME financing and believe participation in the SME Finance Forum member working groups will afford us with a plethora of networking and developmental opportunities.”

DBN, which was founded in 2014, 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.

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