By Jemimah Wellington, JKNMedia Reporter
CHALLENGES IN financing Micro, Small, and Medium Scale Enterprises (MSMEs) will take center stage at the Africa Social Impact Summit (ASIS), thanks to a new partnership with the Development Bank of Nigeria (DBN).
The summit, scheduled for July 25-26, 2024, at the Eko Convention Centre in Lagos, aims to scale sustainable solutions and enhance impact investments.
DBN’s collaboration promises to offer significant support, highlighting the importance of addressing these critical issues.
Sterling One Foundation, co-conveners of the ASIS announced the DBN as a partner for the summit’s third edition within the coming weeks.
This partnership adds to an impressive lineup of collaborators, including various private-sector entities, international development organizations, public-sector bodies, and diplomatic organizations.
An issued statement notes that since its establishment in 2014, DBN has focused on addressing the financing challenges faced by Micro, Small, and Medium Scale Enterprises (MSMEs) in Nigeria by providing financing and partial credit guarantees to eligible financial intermediaries.
It notes further that DBN’s involvement in the ASIS underscores its commitment to supporting MSMEs.
Over the past six years, DBN has also disbursed loans to millions of MSMEs and supported numerous initiatives, including the Entrepreneurship World Cup, Eco Innovation Challenge, and the DBN capacity-building initiative.
By the end of 2023, DBN had lent ₦787.47 billion to over 494,819 MSMEs, with 356,451 of these being women-owned businesses.
Dr. Tony Okpanachi, Managing Director and Chief Executive Officer (MD/CEO) of DBN, highlighted the bank’s longstanding support for the summit, noting that its Chief Economist had participated as a panelist since the event’s inception.
He emphasized the summit’s role in promoting impact investments and scaling sustainable solutions, which aligns with DBN’s goals of reaching more enterprises and providing opportunities for growth.
Olapeju Ibekwe, Chief Executive Officer (CEO) of Sterling One Foundation, expressed her enthusiasm for the partnership with DBN.
She praised the bank’s impactful work and the insights gained from serving Nigeria’s dynamic MSME sector.
Ibekwe also pointed out the benefits for summit attendees, particularly those seeking access to credit for their impact-focused projects.
She notes that as the ASIS gears up for its third year, the event promises to bring together key stakeholders committed to fostering social impact and sustainable development across the continent.
Intending participants are then encouraged to tegistration for in-person attendance currently open at www.theimpactsummit.org.
