GT Bank receives N25bn funding from DBN for disbursement to SMEs

Guaranty Trust Bank has partnered the Development Bank of Nigeria in disbursing loans to micro, small and medium enterprises (MSMEs), According to TheCable.

In a statement released by the bank, it said the DBN has provided N25 billion for disbursement to entrepreneurs.

According to the statement, the funding is the single largest disbursement by the DBN to any financial institution in Nigeria since it commenced operations.

In 2018, the DBN disbursed a total of N31.364 billion to 35,000 end borrowers through participating financial institutions (PFIS).

Commenting on the partnership with the Development Bank of Nigeria, Segun Agbaje, Guaranty Trust Bank CEO (pictured), said: “Empowering Small and Medium Scale Enterprises is key to accelerating Nigeria’s economic growth and making the lives of millions of Nigerians better. This partnership with the Development Bank of Nigeria reflects our commitment to building a strong MSME sector buoyed by easy access to all of its financing needs.”

“As a bank, that is passionate about promoting enterprise, we will continue to provide innovative solutions and create global platforms that expand opportunities for small businesses to build capacity, grow revenue and connect with consumers and business experts from around the world.”

Tony Okpanachi, the managing director of Development Bank of Nigeria, had earlier said the bank hopes to have disbursed loans worth N100 billion by the end of 2019.