In furtherance to its long-term commitment of growing micro, small and medium scale enterprises (MSMEs), Guaranty Trust Bank Plc (GTBank) has announced that it is collaborating with the Development Bank of Nigeria (DBN) to disburse N25 billion funding to businesses.
According to a statement, “The funding is the single largest disbursement by the DBN to any financial institution in Nigeria since it commenced operations.”
In 2018, the DBN disbursed a total of N31.364 billion to 35,000 end borrowers through participating financial institutions (PFIs).
Typically, this is expected to grow significantly following the N25 billion funding partnership with GTBank, due to the bank’s focus on creating greater access to credit for small businesses.
Commenting on the partnership with the Development Bank of Nigeria, the Managing Director and CEO, Guaranty Trust Bank Plc. , Segun Agbaje, explained: “Empowering MSMEs is key to accelerating Nigeria’s economic growth and making the lives of millions of Nigerians better. This partnership with the Development Bank of Nigeria reflects our commitment to building a strong MSME sector buoyed by easy access to all of its financing needs.”
Speaking further, he said, “As a bank, that is passionate about promoting enterprise, we will continue to provide innovative solutions and create global platforms that expand opportunities for small businesses to build capacity, grow revenue and connect with consumers and business experts from around the world.”
Remarkably, for years now, GTBank has been at the forefront of driving innovative solutions and socio-economic initiatives that empower small businesses with the financing, resources and access to markets that they need to grow. Amidst the several innovations of the banks free business platforms are the bank food and drink festival and the GTBank fashion weekend, through which it is accelerating growth for small businesses in Nigeria’s food and fashion industries.
By
