DBN to support 10,000 MSMEs with low interest loans

The Development Bank of Nigeria (DBN) on Tuesday said it was partnering with LAPO Microfinance Bank to support 10,000 businesses in the Micro, Small and Medium Enterprises sector with low-interest loans.

In a statement by the bank quoting its Managing Director, Tony Okpanachi, the loan is part of efforts aimed at addressing the problem of finance facing the MSMEs in the country.

He stressed that the bank was committed to making funds available to MSMEs at low-interest rate, adding that access to finance to MSMEs was vital to the overall growth of the economy.

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“This is a milestone achievement and I am particularly happy that we are getting a lot of traction on our lending activities with LAPO.

“The collaboration is encouraging because they were among the first three Microfinance Banks we commenced our initial pilot lending with in November 2017.

“I must commend the management team for keying into our business model and I strongly believe we can work together to alleviate the financial constraints faced by MSMEs,” he said.

 

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