The Development Bank of Nigeria has reaffirmed its dedication to helping Nigeria’s Micro, Small, and Medium-Sized Enterprises.
According to ThisDay, the bank claimed that the action is a clear signal to MSMEs of their importance in generating wealth and opening up opportunities for employment for the plethora of young people who are unemployed in the country.
The Managing Director and Chief Executive Officer of DBN, Plc, Dr Tony Okpanachi, stated at the second edition of its Techpreneur Summit that the Techpreneur Summit was created as a veritable platform to further highlight DBN’s commitment and support for MSMEs and to accelerate their growth.
“The DBN Techpreneur Summit is a hub for ideas and innovation to spur the expansion of MSMEs in Nigeria, and it reaffirms commitment to that goal.”
“While we look for new creative ways to promote the growth of small firms, we must continue to develop sustainable relationships that foster company sustainability.”
The event included speakers who advocated for increasing the use of digital innovation, financial inclusion, and long-term collaborations to speed the growth of MSMEs in Nigeria, as well as entrepreneurs, financial specialists, and business growth strategists.
According to him, DBN has been at the forefront of promoting financial inclusion for small businesses by enabling MSMEs to access funding on non-commercial terms.
A greater number of small businesses are excluded by traditional financial institutions due to strict requirements attached to accessing credit facilities, he claimed.
The guest speaker claimed that the Central Bank of Nigeria’s Naira design and cash swap in the first quarter of the year made it more crucial for MSMEs to embrace technology and innovation for their systems, product design, marketing, and transactions.
His topic was “Pursuing Great Purpose, Sustainable Impact, and Partnerships for Tech Businesses”.
Akanmu added that while the socioeconomic parity index still revealed a vast disparity between the rich and the poor, the potential for small and medium-sized companies to play a key role in bridging the gap was very large provided the correct environment was created for MSMEs to grow sustainably.
The current ecosystem of fintech and financial institutions, which prioritizes commercial enterprises and concentrates on cities at the expense of sectors that could have a real impact on growth, such as MSMEs and the underserved populations in rural communities, was characterized by him as unhealthy, as he urged them to expand their social impact.
