How to get a loan from the Development Bank of Nigeria

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.

In this article, will be focusing on how to get loan and financing from the Development Bank of Nigeria (DBN)

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.

Visit your bank or any PFI close to you

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.

The bank or PFI will interview you

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.

PFI conducts assessment

After discussing with you, the bank or whatever PFI you used will then decide from what you have told them if it is okay to offer you the loan. They may ask to conduct assessment of your business

PFI applies to DBN for loan

If the bank of any of the PFI find your reasons for needing the loan or financing okay, they will then apply to the Development Bank of Nigeria (DBN) for funding.

DBN approves loan

If the Development Bank (DBN) approves the loan, they will send the money to your bank or whatever medium you used

The bank or forward loan to you

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 PlcAyodele Olojede –
Ecobank Nigeria Bank PlcNelson Paseda –
LAWAL Theresa –
Fidelity Bank PlcOsaigbovo Omorogbe –
FCMB LtdOluwaseun Adetiba –
Oluremi Agboola –
UBA PlcAdegoke Bayo –
Wema Bank PlcDotun Ifebogun –
AB Microfinance Bank Nigeria Ltd Nnadozie Joseph –
Addosser Microfinance Bank Olusola Howells –
Baobab Microfinance Bank Achenyo Oyibo –
Bosak Microfinance Bank Toyin Peters –
Infinity Microfinance Bank Ltd Oludotun Adewunmi –
LAPO Microfinance Bank LtdEfosa Aigbe –
Microcred Microfinance Bank Nigeria LtdOmar Niaz –
NPF Microfinance Bank PlcJude Ohanehi –

Interest rate

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.

DBN collateral requirement

The collateral requirement varies from one individuals to another. After the bank or institution through which you apply have listen to your pitch, based on that, they will decide the best collateral requirement.

In some cases, they will ask to come conduct assessment of your business wherever it is located, this will have a say on collateral requirement. And the amount of money requested is likely to influence collateral requirement.

There is really no fixed collateral requirement, it is on case by case basis and likely at the discretion of the PFI based on their risk assessment.

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:

1. The World Bank

2. The African Development Bank (AfDB)

3. The Agence Française de Développement (AFD)

4. The European Investment Bank

5. KfW – a German government-owned development bank


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:

The Development Bank of Nigeria website is:

For other loan options, read this page: Loans

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Mfon Abel Ekene

Mfon Abel Ekene

Internet scientist and blog expert. Loves writing, researching and helping people reach their dreams. Speaker and authour.
Follow me on Twitter @mfonabel

Articles: 29


  1. Thank you for this! Among all the articles I read, this is the one direct and helpful. I saw the DBN advert on TV. Thanks

  2. I saw this on NTA last night i just wish it is as smooth as it is written and not the Nigeria way. Can I ever expand?

    • Expand what please?

      Please understand that since it is not offered directly by DBN, each of the participating institution may have distinct way of administering it. However, DBN, hopefully is regulating and having an oversight

  3. If DBm allows the financial institutions to determine the interest trade then it’s quite unfortunate. What I used to know about your interest rate is six percent but it’s disturbing to know that some bank are charging something above that.

  4. thank you for your write up. do i tell the bank i need a DBN Loan so as to differentiate it from the Bank’s regular loan?

  5. Good morning and thank for this insightful write-up.
    I am the President of my State Cooperative Agency.
    Most of our Members are Farmers and Traders. Access to finance has been a major challenge for us.
    Kindly assist me link me to Farm input Company and Bank(s) that can Partner with us in Akwa Ibom State . We have good size of land for Agribusiness.
    Thank you

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