Development Bank of Nigeria to provide low interest loans to 10,000 MSMEs

Thursday, August 2, 2018

By Ifeanyi Onuba

The Development Bank of Nigeria has entered into a partnership with LAPO Microfinance Bank to support 10,000 businesses in the Micro, Small and Medium Enterprises sector with low-interest loans.

A statement from the DBN said the loan is part of measures aimed at addressing the financing challenges facing MSMEs in Nigeria.

The statement quoted the Managing Director, DBN, Mr Tony Okpanachi, to have said that the bank was committed to making funds available to MSMEs at low-interest rate.

This, he said, is based on the conviction that access to finance to MSMEs was vital to increasing their contributions to Gross Domestic Product.

Photo courtesy of John Twohig.


Source: Punch (link opens in a new window)

development finance, financial inclusion, lending, microfinance, MSMEs