Development Bank of Nigeria | NOT A VIABLE OPTION FOR MSMES

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If you’re an Entrepreneur, startup, or a business in Nigeria, and have tried to get a Loan, Then you must have witnessed first-hand the extreme difficulty there is, in accessing loans in Nigeria.

I Learnt of DBN LOAN – (Development Bank Of Nigeria), on Vanguard Newspaper; It sounded like a Game Changer for MSMEs and small Corporates in Nigeria.

The DBN loan can be accessed for your working capital and asset/expansion finance needs. It is availed as a term loan with expected periodic repayment of principal and interest. The rate is dependent on the tenor you are seeking to access the loan for. it equally supports all business sectors in the Nigerian economy. According to Managing Director (MD) of the bank, Mr. Tony Okpanachi when he was asked how much the bank had for disbursement to MSMES, he said, “In terms of the amount I can assure you that we have enough funding now of about $1.3 billion so we can draw down. We have $1.3 billion available to us to draw and as we disburse we draw more.”

They also acknowledged the difficulty Startups face is accessing loans in Nigeria. From DBN website – “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.”

BUT after all the charades, they turn out to be a Business, who are more interested in profits than assisting MSMES.

I applied for DBN LOAN for my business, through Fidelity bank. I was asked to provide some information about my Business; when it started, Average monthly turnover, how much do i seek to access, what do i seek to access the loan for, and my current banking relationship?.

I was also asked to provide my Fidelity account details, operating business address, and my preferred visiting time to enable a member of their team visit me to discuss further and possibly initiate a loan process.

When i saw this requirements, i was stunned, just this and i can access a loan. I later found out it was all smoke and mirrors.

When the fidelity staff visited me, The REAL REQUIREMENTS was made known to me. I was asked to provide a LANDED PROPERTY with certificate of occupancy as collateral. Which start-up in Nigeria fit get that kind requirement.

My Business of 2 years have a monthly turn-over of 250,000 naira, which is impressive in my opinion for a start-up, and i was not eligible. So who is DBN LOAN for?, as is every loan in nigeria, RICH PEOPLE.

PITY.

learn more about DBN LOANS –

DBN to deploy $1.3b as loans to MSMEs

https://devbankng.com/who-we-are

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