In line with 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.
The funding is the single largest disbursement by the DBN to any financial institution in Nigeria since it commenced operations, according to a statement.
In 2018, the DBN disbursed a total of N31.364 billion to 35,000 end borrowers through participating financial institutions (PFIs).
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, was quoted to have said: “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.”
He further stated that, “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.”
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.
Among these are the bank’s free business platforms, the GTBank 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.