The Development Bank of Nigeria (DBN) has unveiled that women entrepreneurs claimed the lion’s share of its disbursements to Small and Medium Enterprises (SMEs), totalling N700 billion over the past seven years.
Mr. Tony Okpanachi, Managing Director of DBN, revealed this over the weekend during the International Women’s Day celebration at the Wuye Ultra-Modern Market in Abuja.
Under the theme “Celebrating the Amazons in the Market Place-Inspire Inclusion,” the 2024 celebration was christened by DBN.
Mrs. Ijeoma Ozulumba, Executive Director of Finance and Corporate Services, represented Mr. Okpanachi at the event. She disclosed that approximately 60 percent of the total disbursements were directed towards women entrepreneurs.
Highlighting the performance of these loans, Mrs. Ozulumba pointed out that reports from Participation Financial Institutions (PFIs) indicated the industry’s lowest Non-Performing Loans (NPLs) emanated from disbursements to women.
“Our banks have reported that our portfolio boasts the lowest non-performing loans thus far. There’s been commendable loan recovery, and notably, the default rate among women entrepreneurs is even lower,” she stated.
Mrs. Ozulumba emphasized that DBN goes beyond mere funding by prioritizing access to finance. Last year, she highlighted the bank’s efforts in the North East and North West regions to ensure women’s enhanced access to finance for business growth and development.
