The Development Bank of Nigeria (DBN) is a financial organisation that was created by the Nigerian Government in partnership with several international bodies to provide financial support for Micro, Small and Medium Scale Enterprises (MSMEs) in Nigeria.
As you may know: to make money, you need money. To build business, you need money. To grow your business, you need money. There are so many Nigerians struggling to build their dream business with the main obstacle being fiance (money). That is where the the Development Bank of Nigeria (DBN) comes in.
To put it in simple term, the main purpose of the Development Bank of Nigeria (DBN) is to alleviate the financial problems faced by Small businesses, medium scale businesses, Entrepreneurs and startups in Nigeria.
Why it is important
The the Development Bank of Nigeria (DBN) is very important because Nigeria as a country depends on small businesses for growth. As a matter of fact, Medium and Small scale business are the largest employers in Nigeria. The Nigerian economy depends on small businesses to employ most of the population and alleviate poverty.
Even though Medium and Small scale business play such a big role in the Nigerian economy, they have been starved financially.
“In Nigeria, there are over 37 million MSMEs contributing to over 50% of Nigeria’s GDP. However, less than 5% of these businesses have access to credit in the financial system.” DBN
Who is qualified for this loan (financing)?
If you are an entrepreneur you are qualified
Startups are qualified.
Businessmen and women are qualified
If you operate a medium or small scale business, you are qualified.
How the Loan is given
The Development Bank of Nigeria does not give this loan or financing directly. The loan is given through banks, micro finance banks and different finical institutions. All the banks, micro finance and others that give this loan are called Participating Financial Institutions (PFIs).
That means you cannot go directly to the Development Bank of Nigeria. You have to go through any of the banks or other PFIs.
What the Development banks does is give the money to these banks, then the banks now offer the loan to everyone that needs it.
Keep reading, we will give you the names of the banks and other places you can get the loan from with their direct contacts.
What you need to do before you can get the loan
To get this loan or financing, you must have an account with the banks, Micro finance bank or whatever participating institution that you are using to get the loan.
It is very important. Without having an account with any of them, you cannot get the loan.
We will list the participating banks and other institutions, keep reading.
How to get the Development Bank of Nigeria loan or financing
Now we will explain how to get the loan and financing.
1. The first step is to visit your bank or financial institution and tell them that you want to apply for the loan. Know that your bank, micro finance or any institution you are going to must be part of those offering the loan.
2. The bank or whatever institution will ask you why you need the loan. They will interview you. You should have a good reason why you need the loan. Reasons like starting up a business, expanding your business, any good reason.
3. After discussing with you, the bank will then decide from what you have told them if it is okay to offer you the loan.
4. If the bank find your reasons for needing the loan or financing okay, they will then apply to the Development Bank of Nigeria (DBN) for funding.
4. If the Development Bank (DBN) approves the loan, they will send the money to your bank or whatever medium you used
5. The Bank or whatever institution you used will then pass the loan to you.
That is it!
List of participating banks and institutions with their contact
Here are the list of participating banks, Micro finance and others. Their contact is also here just in case you want to reach out to them.
|Diamond Bank Plc||Ayodele Olojede – email@example.com|
|Ecobank Nigeria Bank Plc||Nelson Paseda – NPASEDA@ecobank.com
LAWAL Theresa – TOLAWAL@ecobank.com
|Fidelity Bank Plc||Osaigbovo Omorogbe – firstname.lastname@example.org|
|FCMB Ltd||Oluwaseun Adetiba – Oluwaseun.Adetiba@fcmb.com
Oluremi Agboola – Oluremi.Agboola@fcmb.com
|UBA Plc||Adegoke Bayo – email@example.com|
|Wema Bank Plc||Dotun Ifebogun – firstname.lastname@example.org|
|AB Microfinance Bank Nigeria Ltd||Nnadozie Joseph – email@example.com|
|Addosser Microfinance Bank||Olusola Howells – firstname.lastname@example.org|
|Baobab Microfinance Bank||Achenyo Oyibo – email@example.com|
|Bosak Microfinance Bank||Toyin Peters – firstname.lastname@example.org|
|Infinity Microfinance Bank Ltd||Oludotun Adewunmi – email@example.com|
|LAPO Microfinance Bank Ltd||Efosa Aigbe – firstname.lastname@example.org|
|Microcred Microfinance Bank Nigeria Ltd||Omar Niaz – email@example.com|
|NPF Microfinance Bank Plc||Jude Ohanehi – firstname.lastname@example.org|
The interest rate for the Development Bank of Nigeria loan is the best in the country. Since it was created for the purpose of helping small businesses and entrepreneurs.
There are a lot factors that will influence the interest rate of the loan. One of them is how long you need the loan for.
Paying back the loan
The DBN have a very good timeline to pay back loans. You can pay back from 18 months. You can even take up to ten years to pay back.
But there are some factors that will determine when you pay back. They include your nature of business and why you need the loan.
The Development bank of Nigeria apart from being a creation of the federal government also has international partners that made this possible.
The partners include:
If you have any issues with your bank as regards getting the loan or whatever, you can get in touch with the DBN. For any complaint.
The Development Bank of Nigeria office in Abuja which is the head office is at: The Clan Place, Plot 1386A Tigris Crescent, Maitama, Abuja, Nigeria.
The Lagos office is at: Plot 952/953 Idejo Street, Victoria Island, Lagos, Nigeria.
Their phone number is: +234-9-904-0000, +234-811-3841-699
Their email is: email@example.com
The Development Bank of Nigeria website is: devbankng.com
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