Business & Strategy

SMEDAN, Sterling Bank Introduce N5 Billion Initiative to Empower Small Businesses

Written by Jerry Alomatu on June 20, 2024

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Sterling Bank Plc and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) have joined forces to introduce Databanc, a revolutionary platform aimed at providing comprehensive data support for businesses across Nigeria. This initiative is designed to facilitate personalized interventions and assistance from decision-makers within the micro, small, and medium enterprises (MSME) sector.

During the launch, Tunde Adeola, Executive Director of Commercial and Institutional Banking at Sterling Bank, underscored the platform’s significance in advancing the nation’s real sector. He expressed delight in the collaboration with SMEDAN and highlighted the bank’s commitment to supporting business growth. Adeola announced an initial fund of N5 billion dedicated to funding businesses and emphasized ongoing efforts to expand support to businesses of all scales.

Adeola revealed that over 20,000 SMEs have already enrolled on the Databanc platform, with more than 80 beneficiaries receiving single-digit loans. He urged MSMEs across the country to take advantage of the platform’s benefits.

Representing SMEDAN, Director-General Mr. Charles Odii, through the Director of Agribusiness Development and Access to Finance, Levi Anyikwa, emphasized the program’s alignment with SMEDAN’s mission to democratize credit access for nano and micro-enterprises. Anyikwa highlighted the crucial role played by the November 2022 Memorandum of Understanding (MoU) between SMEDAN and Sterling Bank in digitalizing and streamlining loan processes.