DBN, France partner to provide €50 million credit to women-owned MSMEs

Development Bank of Nigeria Plc (DBN), the French Republic through the French Development Agency (AFD) is to jointly empower Nigerian women entrepreneurs with a €50 million credit line and €825, 000 technical assistance and capacity building grant.

The partnership will provide tailor-made tools to strengthen access to finance for women MSMEs on the back of the recognition of their pivotal role in fostering economic growth, innovation and social equity.

The partnership will also see both institutions develop a gender mainstreaming approach with financial and non-financial services specifically adapted to women’s needs.

“At Development Bank of Nigeria, we are unwavering in our commitment to empowering women MSMEs in Nigeria. We believe that women are the backbone of our economy, and by supporting them, we are not only promoting gender equality but driving sustainable economic growth,” Tony Okpanachi, managing director, DBN, stated.

According to him, DBN is dedicated to providing financial inclusion and access to capital for women entrepreneurs, to enable them to grow their businesses and create jobs. “We are also passionate about supporting the girl child, recognising that education and economic empowerment are key to unlocking their full potential.”

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Okpanachi disclosed further that the project provides a unique approach to support DBN in catalyzing financing towards MSMEs and in particular underserved clients. “To this point, part of the financing will be exclusively allocated to first-time borrowers.”

He stated further that priority for access to financing and capacity building to micro and small enterprises has been a strong focus of the design of the financial product. According to him, the credit line aims at providing medium to long-term financing to a much-underserved segment of the population.

Xavier Muron, country director, AFD, stated that the French institution is committed to creating a more inclusive and resilient global economy by providing women with tools, resources, network and mentorship needed, while also encouraging women to bring their unique perspectives and ideas to the table.