Sterling Bank Plc and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) have unveiled a platform called Databanc.
The platform will serve as a single source of data on businesses in Nigeria to guide personalized interventions and support from decision-makers who serve the MSME ecosystem. The platform will provide insights that will be utilised by SMEDAN to deliver its mandate on policy formulation, delivery of intervention programmes and other initiatives, including financing that will support the growth of small businesses in Nigeria.
This platform will also provide unique identification for small businesses and their promoters as well as their business areas/sectors. This platform and the Sterling/SMEDAN N5 billion single-digit loan programme is some of the avenues through which Sterling Bank is working with SMEDAN to jointly grow the Nigerian economy by supporting the growth and expansion of small businesses.
Speaking at the launch of the platform, Executive Director of Commercial and Institutional Banking at Sterling Bank, Tunde Adeola, announced the platform and fund was a materialisation of Sterling Bank’s commitment towards growing the real sector of the nation’s economy.
Adeola said: “We are delighted to bolster the backbone of our economy with SMEDAN. This initial fund of N5 billion marks just the beginning of what has been and will continue to be a mainstay of our approach to funding businesses to grow at scale, and become the preferred financial partner for businesses, no matter their scale.”
The Executive Director said that over 20,000 SMEs have enrolled on the Databanc platform with over 80 beneficiaries of the single-digit loan program and further disbursements are ongoing. He encouraged all MSMEs in the country to enrol on the platform.
SMEDAN’s Director-General, Charles Odii, represented by the Director of Agribusiness Development and Access to Finance, Levi Anyikwa, highlighted the programme’s alignment with SMEDAN’s mission to democratize credit access for nano and micro-enterprises.
Anyikwa affirmed: “Access to finance remains a significant hurdle for SMEs, and we are committed to removing that barrier.”
