Sterling Bank opens vault to N5bn SMEDAN Fund with Databanc

Date:

June 20, 2024.

Thank you for reading this post, don't forget to subscribe!

Azonuchechi Chukwu.

Sterling Bank Plc and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), have launched a platform called Databanc, to serve as a single source of data on businesses in Nigeria.

The platform is aimed at guiding personalized interventions and support from decision makers who serve the micro, small and medium enterprises, MSME, ecosystem.

Executive Director, Commercial and Institutional Banking, at Sterling Bank, Tunde Adeola, speaking at the launch of the platform,  said the platform was a materialization of Sterling Bank’s commitment towards growing the real sector of the nation’s economy.

He said : “We are delighted to bolster the backbone of our economy with SMEDAN. This initial fund of N5 billion marks just the beginning of what has been and will continue to be a mainstay of our approach to funding businesses to grow at scale, and become the preferred financial partner for businesses, no matter their scale.”

According to him, over 20,000 SMEs have enrolled on the Databanc platform, with over 80 beneficiaries of the single-digit loan program and further disbursements ongoing. He encouraged all MSMEs in the country to enrol on the platform.

Mr. Charles Odii, SMEDAN’s Director-General, represented by the Director of Agribusiness Development and Access to Finance, Levi Anyikwa, highlighted the programme’s alignment with SMEDAN’s mission to democratize credit access for nano and micro-enterprises. Anyikwa affirmed that “access to finance remains a significant hurdle for SMEs, and we are committed to removing that barrier.”

Anyikwa emphasized the November 2022 Memorandum of Understanding (MoU) between SMEDAN and Sterling Bank as a pivotal step towards digitalizing and streamlining loan processes.(www.naija247news.com).

Chukwu Azochukwu, The Naija247news
Chukwu Azochukwu, The Naija247newshttps://gravatar.com/azonuchechivchukwu
Azonuchechi Chukwu - Business Journalist at Naija247news.com Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at Naija247news.com. With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer Naija247news.com readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among Naija247news.com's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As Naija247news.com's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the Naija247news.com team.

Share post:

Subscribe

Popular

More like this
Related

Medical Guild Urges Lagos Govt to Avert Health Sector Crisis

July 24, 2024. Azonuchechi Chukwu. Doctors under the aegis of the...

Meta Removes 63,000 Instagram Accounts in Nigeria Over ‘Sextortion’ Scams

LAGOS, July 24 - Meta Platforms (META.O) announced...

FG inaugurates committee on farmers’ soil health card scheme

July 24, 2024. Azonuchechi Chukwu. Federal Government has inaugurated the National...

Invest In Capital Projects To Generate Employment – Ex-CBN Director

July 24, 2024. Azonuchechi Chukwu. Ex-CBN Research Director, Dr Titus Okurounmu,...
× How can I help you?