Barbara Bako, Abuja.
The Development Bank of Nigeria has once again recognised its Participating Financial Institutions (PFIs) with various categories of awards at its 4th DBN Annual Service Ambassadors Award ceremony for their sterling contributions to facilitating access to financing to Micro, Small and medium-scale enterprises in Nigeria.
The Managing Director of DBN, Dr. Tony Okpanachi, whilst recognising and appreciating the PFIs indicated that, “This annual event is a testament to our unwavering commitment to fostering sustainable economic growth in Nigeria. It is an opportunity to recognise and appreciate the invaluable contributions of our PFIs in ensuring that MSMEs have access to the much-needed financial resources they require to thrive.”
“Over the past years, the partnership with our PFIs has continued to evolve, resulting in significant achievements in supporting the growth and development of MSMEs across the country. Together, we have provided critical funding, technical assistance, and capacity-building programmes to empower MSMEs to realise their full potential,’’ he enthused.
During the recent awards ceremony at Victoria Island, Lagos, which had as its theme “Celebrating Partnerships for Amplified Impact,” he also mentioned how DBN has helped the Federal Government’s priority sectors grow and scale by providing a variety of loans.
According to him, the priority sectors include the manufacturing sector, which received N74 billion, benefitting 3,696 end-borrowers; and N38 billion to agriculture, reaching 8,163 end-borrowers, among others.
Dr Okpanachi said these strategic investments underscored the Bank’s drive to grow sectors that were vital to the nation’s economic development while also commending the PFIs for their remarkable support to DBN in delivering on its mandate of enabling MSMEs to increase access to financing and ensuring sustainable growth of the sector.
The DBN boss noted that having completed its initial five-year strategy with impactful outcomes, the Bank has equally unveiled its next strategic chapter, characterised by significant growth and an ambitious intent to achieve scale. “This strategic vision reflects our commitment to elevating our impact and expanding our reach in the coming years,’’ he added.
Dr Okpanachi said further: “So, as we celebrate your achievements today, let us also look forward to the future with renewed optimism. We are confident that by continuing to work together, we can build on our successes and create an even more conducive environment for MSMEs to thrive.’’
The high point of the ceremony was the presentation of awards to outstanding PFIs in various categories topmost of which was the final awards (platinum) with First Bank Nigeria Ltd clinching the DBN Platinum Service Ambassador Award.
Making the presentation, Dr Okpanachi said the bank was honoured for its exemplary service and exceptional dedication, recognising its significant efforts in advancing development banking.
Sterling Bank Plc was the other winner of the DBN Platinum Service Ambassador Award, and the bank was acknowledged for its outstanding service and relentless commitment, showcasing its pivotal role in the development banking sector.
On the ‘PFIs with the Highest Impact in Nigerian Region’, Infinity MFB emerged as the ‘PFI with the Highest Impact on the South-West Zone’, highlighting its exceptional efforts in making a significant impact across the region, while Accion MFB was named the ‘PFI with the Highest Impact on the South-East Zone’, reflecting its substantial contributions and impact in the area.
In the South-South Zone, Lapo MFB won the ‘PFI with the Highest Impact on the Zone’, showcasing its extraordinary commitment to regional development and support, while NPF MFB emerged as the ‘PFI with the Highest Impact on the North-West Zone’, emphasising its exceptional dedication and contributions to the region.
Accion MFB came top as the ‘PFI with the Highest Impact on the North-Central Zone’, reflecting its hard work and commitment to regional growth, just as First Bank Nigeria was the ‘PFI with the Highest Impact on the North-East Zone’, highlighting its exceptional dedication to making a substantial difference in the region.
On the honour’s list for ‘PFIs with the Highest Impact on Focus State, First-time Access, Start-ups, Innovative Products and Green Projects’, the award winners included First City Monument Bank as the ‘DMB with the Highest Impact on MSMEs Accessing Credit for the First Time.’ The bank was acknowledged as the Depositor Money Bank that has tirelessly worked to provide credit access to MSMEs for the first time, demonstrating exceptional dedication to expanding financial inclusion.
Baobab Microfinance Bank was awarded ‘MFB with the Highest Impact on MSMEs Accessing Credit for the First Time’; and honoured for going the extra mile in facilitating first-time credit access for MSMEs, reflecting its unwavering commitment to enhancing financial accessibility, while Providus Bank Ltd won the ‘DMB with the Highest Impact on Start-ups’ award. The bank was recognised for showing exceptional dedication to supporting start-ups, highlighting its role in fostering new business ventures with innovative solutions.
Richway Microfinance Bank won the award as ‘MFB with the Highest Impact on Start-ups’ for providing outstanding support to start-ups, showcasing its commitment to nurturing new businesses with a focus on impactful and sustainable growth, just as FSDH emerged as the ‘PFI with the Most Innovative Products for MSMSEs.’ The Bank was honoured for developing cutting-edge financial products for MSMEs, demonstrating its dedication to driving innovation and meeting the evolving needs of small businesses.
The ‘PFI with the Highest Disbursement to Sustainability Projects’ award went to First City Monument Bank for being the PFI with the highest disbursement towards sustainability projects and showcasing its exceptional commitment to environmental and social responsibility.
Another set of awards was to ‘MFBs and DMBs with the Highest Impact on MSMEs, Women, Youth and Focused State’. In this category, First Bank Nigeria emerged as the ‘DMB with the Highest Impact in DBN Focus States’, recognised for its outstanding contributions to DBN’s focus states, and reflecting its exceptional effort and dedication to regional development.
Lapo Microfinance Bank Ltd again emerged as the ‘MFB with the Highest Impact in the DBN Focus States.’ The award celebrated the bank’s remarkable impact in DBN’s focus states, showcasing its dedication and hard work in driving regional growth and support, while First Bank Nigeria again won the ‘DMB with the Highest Impact on MSMEs in Nigeria’, acknowledging it for going above and beyond in efforts to support MSMEs in the country, thereby showcasing its exceptional dedication to fostering small business growth.
Again, Lapo Microfinance Bank won the ‘MFB with the Highest Impact on MSMEs in Nigeria’ award for demonstrating extraordinary commitment to MSMEs, highlighting its role in transforming the landscape for small enterprises through relentless support. Sterling Bank equally earned more as the ‘DMB with the Highest Impact on Women MSMEs’ in recognition of its remarkable effort to empower women-led MSMEs, thereby showcasing its commitment to gender-inclusive economic development through dedicated initiatives.
Bosak Microfinance Bank also won the ‘MFB with the Highest Impact on Women MSMEs award for excelling in supporting women entrepreneurs with exceptional dedication, underscoring its vital role in advancing female business leadership. For the umpteenth time, Sterling Bank got another award as the ‘DMB with the Highest Impact on Youth’ for making significant strides in supporting youth-led enterprises, reflecting its extraordinary dedication to nurturing the next generation of entrepreneurs.
The ‘MFB with the Highest Impact on Youth’ award went to Standard Microfinance Bank in recognition of the Bank’s outstanding efforts in empowering youth businesses, emphasising its crucial role in fostering young entrepreneurial talent through dedicated support.
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Commenting on the awards, representatives of the winners commended DBN for the recognition and assured DBN of their continued commitment to ensuring the delivery of its mandate as the leading strategic promoter of sustainable growth for MSMEs in Nigeria.
Sterling Bank’s Group Head, of Business Banking, Ezinne Nwokafor, said through collaboration with DBN, Sterling Bank has reached many MSMEs across the country with its banking solutions, pledging further cooperation with the Bank stating that. “DBN has significantly helped us to reach out to MSMEs across the country, and we are excited and look forward to doing much more with DBN,’’ she enthused.
First Bank’s Group Head Financial Institution, Oluseyi Soetan, said the partnership with DBN has offered a veritable platform to the bank to impact the under-served MSMEs by empowering them with the funds to scale and giving them a voice in the marketplace, as well as enabling job creation. “The multiple awards we won are a testament to the hard work and contribution of First Bank to the Nigerian economy and the great partnership we have with DBN.
“What DBN has done with us is a partnership to reach certain areas of the economy or the society that they would like to impact. We have been able to do gender-based lending; we have lent to MSMEs, your normal mom-and-dad grocery that would not normally get good prices for their activities. With the aid of DBN, we have been able to pass on better pricing for MSDME facilities to our customers.,’’ he stated.
Managing Director/CEO, Accion Microfinance Bank, Taiwo Joda, while expressing delight at winning two awards, commended DBN for creating the environment that enables the Bank as a PFI to support the sustainable growth of Nigerian MSMEs and impact the national economy in a significant way.
“The awards first recognised our hard work and also to inspire and spur us onto greater works. But more importantly, the biggest award should go to the Development Bank of Nigeria, which has created an enabling environment for us to be able to do this because, without the support of DBN, we probably would not be able to make our impact felt in those places that have been highlighted.
“DBN is not just a funnel; they don’t just give loans, DBN is a partner and they are more interested in how we relate to our customers. They’ve done a lot of training and developmental programmes which our MSME customers have benefited from. I would particularly feel that the greatest winner is DBN. I would like to say congratulations to their board and management staff,’’ he said.
Joda added: “DBN has been a great partner, especially in the area of providing liquidity to fund our numerous businesses and to be able to spread our tentacles. With DBN’s support next year, we are going to open branches in four new states since we are a national microfinance Bank. We are grateful to DBN for providing liquidity and funding and also the needed training programmes for our MSMEs to be able to stay afloat in a difficult time like this”
The DBN Annual Service Ambassadors Award is a prestigious event that recognises and rewards participating financial institutions for their commitment to facilitating access to finance in the most critical sectors of the Nigerian economy.
