Business

June 20, 2024

Sterling Bank opens vault to N5bn SMEDAN Fund with Databanc

Sterling Bank opens vault to N5bn SMEDAN Fund with Databanc

By Peter Egwuatu

Sterling Bank Plc and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), have launched a platform called Databanc, to serve as a single source of data on businesses in Nigeria.

The platform is aimed at guiding personalized interventions and support from decision makers who serve the micro, small and medium enterprises, MSME, ecosystem.

Speaking at the launch of the platform, Executive Director, Commercial and Institutional Banking, at Sterling Bank, Tunde Adeola, said the platform was a materialization of Sterling Bank’s commitment towards growing the real sector of the nation’s economy.

He stated, “We are delighted to bolster the backbone of our economy with SMEDAN. This initial fund of N5 billion marks just the beginning of what has been and will continue to be a mainstay of our approach to funding businesses to grow at scale, and become the preferred financial partner for businesses, no matter their scale.”

He said that over 20,000 SMEs have enrolled on the Databanc platform, with over 80 beneficiaries of the single-digit loan program and further disbursements ongoing. He encouraged all MSMEs in the country to enrol on the platform.

SMEDAN’s Director-General, Mr. Charles Odii, represented by the Director of Agribusiness Development and Access to Finance, Levi Anyikwa, highlighted the programme’s alignment with SMEDAN’s mission to democratize credit access for nano and micro-enterprises. Anyikwa affirmed that “access to finance remains a significant hurdle for SMEs, and we are committed to removing that barrier.”

Anyikwa emphasized the November 2022 Memorandum of Understanding (MoU) between SMEDAN and Sterling Bank as a pivotal step towards digitalizing and streamlining loan processes.