Managing Director and Chief Executive Officer (MD/CEO), Development Bank of Nigeria (DBN), Dr. Tony Okpanachi and CEO of Sterling One Foundation, Mrs. Olapeju Ibekwe.
Co-conveners of the Africa Social Impact Summit, Sterling One Foundation, has announced the entry of Development Bank of Nigeria (DBN) as one of its partners for the third edition of the Africa Social Impact Summit slated for July 25 to July 26, 2024 in Lagos.
DBN is joining an impressive list of partners, including private-sector organizations, international development organizations, public-sector bodies, and diplomatic organizations.
A wholesale financial institution, DBN is fully focused on providing specialized services such as partial credit guarantees to eligible financial intermediaries in the Micro, Small and Medium Scale Enterprises (MSMEs) segment in Nigeria.
Now in its sixth year of operation, the bank has advanced millions of Naira in loans to MSMEs and supported many other businesses through initiatives such as the Entrepreneurship World Cup, Eco Innovation Challenge and DBN capacity building initiative among others..
Available records, as at the end of 2023, indicate that the financial institution lent ₦N787.47 billion to over 494,819 MSMEs, over 72 per cent of which were owned by women.
Managing Director and CEO of DBN, Dr. Tony Okpanachi, noted that the bank has been a part of the Africa Social Impact Summit right from inception, with its Chief Economist as one of its panelists.
The DBN boss mentioned the bank is aware of the importance in the drive for increased impact investments to scale sustainable solutions through the summit.
“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 up and grow their businesses,” he said.
Providing further insight into the partnership, CEO of Sterling One Foundation, Mrs. Olapeju Ibekwe, expressed delight at having DBN onboard the team.
She highlighted that the impact of their work and the insights they have from serving Nigeria’s vibrant MSME space is worth learning from.
The Africa Social Impact Summit, now in its third year, will commence from July 25 to July 26, 2024 at the Eko Convention Centre in Lagos.
