CITIZENS COMPASS –Sterling One Foundation, co-conveners of the Africa Social Impact Summit have announced the Development Bank of Nigeria (DBN) as one of its partners for the third edition of the Africa Social Impact Summit to be held from July 25 – 26, 2024 in Lagos, Nigeria.
With this partnership, DBN joins an impressive list of partners, including private-sector organizations, international development organizations, public-sector bodies, and diplomatic organizations.
Established in 2014, the Development Bank of Nigeria is a wholesale finance institution that focuses on addressing the financing challenges facing Micro, Small, and Medium Scale Enterprises (MSMEs) in Nigeria through the provision of financing and partial credit guarantees to eligible financial intermediaries.
Now in its sixth year of operation, DBN has disbursed loans to millions of MSMEs and supported many others through initiatives such as the Entrepreneurship World Cup, Eco Innovation Challenge, DBN capacity building initiative and many more. By end of 2023, the institution lent ₦ N787.47 billion to over 494,819 MSMEs, 356,451 of which were women-owned.
Speaking on what necessitated this, Managing Director and CEO of DBN, Dr. Tony Okpanachi explained that the DBN has been a part of the Africa Social Impact Summit right from inception, with its Chief Economist as one of its panellists, because it sees value in the Summit’s drive for increased impact investments to scale sustainable solutions.
“We are constantly looking to reach more enterprises building impactful solutions that address Nigeria’s challenges and this Summit presents a good opportunity to engage them and offer them ways to scale and grow,” he said.
Providing further insight into the partnership, Mrs. Olapeju Ibekwe, CEO, Sterling One Foundation expressed delight at having the Development Bank of Nigeria onboard, stating that the impact of their work and the insights they have from serving Nigeria’s vibrant MSME space is worth learning from. She also hinted at the opportunity this partnership offers to Summit attendees looking to access credit for the impact-focused solutions they are building.
The Africa Social Impact Summit now in its third year is expected to be held from July 25 to 26, 2024 at the Eko Convention Centre, Lagos, Nigeria.
Photo caption:
Dr. Tony Okpanachi, Managing Director and CEO of the Development Bank of Nigeria (DBN), and Mrs. Olapeju Ibekwe, CEO of Sterling One Foundation
