FCMB, Access Bank wins DBN’s platinum service ambassador awards

First City Monument Bank (FCMB) and Access Bank have emerged winners of the Development Bank of Nigeria (DBN) Platinum Service Ambassador awards, held in commemoration of the 2021 Customers Service Week, to celebrate its Participating Financial Institutions (PFIs), in recognition of their contribution to the growth of Micro, Small and Medium Scale Enterprises (MSMEs) subsector in Nigeria.

Tony Okpanachi, the managing director of DBN, said the partnering PFIs have been crucial to achieving the bank’s objective and mandate. According to him, the DBN leverages on the support and partnership from the PFIs to alleviate the problems of the SMEs/MSMEs who are considered as the bedrocks of the Nigerian economy.

“We are a wholesale financial institution, which means we can’t achieve our on-lending mandate without the commercial banks. Another part of our mandate is capacity building and some of you are participating in this technical aspect as well. We appreciate your partnership; you have made our objectives possible,” said Okpanachi.

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Bonaventure Okhaimo, the chief operating officer for DBN, said the Bank is passionate about the MSMEs subsector of the economy as the first and only wholesale development financial institution in the country. Accordingly, he posits that the DBN aims to see that MSMEs get the value they deserve, as it works in partnership with the PFIs to alleviate the challenges in the sector. Okhaimo states further that the DBN have disbursed N433billion to SMEs, while over 140,000 MSMEs have been impacted.

“We however have over 41 million MSMEs in Nigeria which means that we’ve not even scratched the surface in terms of funding them. But with the help of our PFIs, we were able to record 214 percent Year-on-Year disbursement growth despite the economic and social barriers enforced by Covid-1,” said Okhaimo, stating that the ceremony was to thank the partnering PFIs for their support.

Yemisi Edun, the MD/CEO of FCMB, while receiving the award on behalf of her bank said, “This award is recognition of our contribution to SMEs growth. We saw that the vision of DBN aligns with our objectives. And from them, we saw DBN as a partner we need to grow the economy. We will continue to do our best to ensure we meet the objectives of both institutions.”

Access Bank and FCMB were both bestowed with a Platinum Service Ambassador award for showing support and providing innovative solutions for SMEs affected by Covid-19 pandemic. In addition, FCMB also got a recognition award for recording the most impact in terms of total end-borrowers financed.

It was double honour for LAPO Microfinance Bank, which was awarded as the bank with Highest Loan Disbursement to Youth and Women owned SMEs, while Fidelity Bank bagged the award for the highest loan disbursement to DBN focused locations. Similarly, Wema Bank Plc., received a special recognition award as the first commercial Bank to draw from the DBN financing scheme and for being committed to driving growth in the MSMEs ecosystem.