The Development Bank of Nigeria (DBN) has joined 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 Small and Medium Enterprises (SMEs).
The SME Finance Forum was established by G20 Global Partnership for Financial Inclusion (GPFI) in 2012 as a knowledge centre for data, research and best practice in promoting SME finance, and is managed by the International Finance Corporation (IFC).
Expressing delight at DBN joining the Forum, Managing Director/CEO of Development Bank of Nigeria, Mr Tony Okpanachi, said, “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 is a wholesale Development Finance Institution (DFI) established by the federal government in collaboration with global development partners to address the major financing challenges facing Micro, Small and Medium Scale Enterprises (MSMEs) in Nigeria.
Accepting DBN into the Forum, Chief Executive Officer of SME Finance Forum, Mr 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.
“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 bank supports inclusive growth and provides wholesale funding to fill identified enterprise financing gaps in the MSME sector.”