Development bank of Nigeria Grants

May 6th, 2021

Share on facebook
Share on twitter
Share on linkedin
Share on whatsapp
Share on email

In the world’s global market, Africa ranks as a developing continent and is projected to grow even more in the future. Nigeria has one of the largest economies in Africa, and its growth invariably affects that of the continent as a whole. Therefore, the federal government established the development bank of Nigeria (DBN) as a bit part to ensuring overall growth of the economy. Also, the bank is mainly responsible for providing industrial loans, contributing to the country’s growth as a result. 

development-bank-of-nigeria

An overview of the Development Bank of Nigeria 

Like earlier said, the Development bank of Nigeria is an initiative of the federal government, however, they are also in collaboration with global partners. They established the bank to address the major problem of poor funding of MSMEs in the nation. The global partners include:

  • World Bank (WB)
  • African development bank (AfDB)
  • Kfw development bank
  • French agency for development (AFD)
  • European investment bank (EIB)

The development bank of Nigeria functions by addressing specific financing constraints that hinders domestic production. It does this by providing funds to plug gaps in the MSME sector. This is due to the fact that MSMEs are the highest employers in the country and contribute over 50% of Nigeria’s GDP.

What are the eligibility criteria for obtaining a loan from the development bank of Nigeria? 

A business as the participating financial institution (PFI) must observe the following to be eligible:

  • Be duly licenced and stamped by CBN to carry on business as a finance company or bank 
  • Demonstrate profitable lending with your last 2 financial years. This should show effective risk management procedures, decent level loan portfolio quality and performance, and control.

For more details about the eligibility requirements, simply follow this link: http://devbankng.com/cms/uploads/Minimum-Eligibility-Criteria.pdf 

How can I obtain a development bank of Nigeria loan as an individual?

As an individual, you cannot obtain a loan directly from DBN. Instead, you are required to go through a participating financial institution. The eligible participating financial institution include:

  • Commercial Banks
  • Microfinance Banks
  • Development Finance Institutions (DFIs)
  • Other Financial Institutions.

Follow the process below to apply for a DBN loan:

  1. Visit your preferred participating financial institution and indicate your interest in a DBN loan
  2. The bank would appraise your business and loan intention/ purpose. If cleared, they would apply to DBN on your behalf for funding.
  3. If successful, DBN would approve the loan and disburse the money to the bank on your behalf
  4. The bank disburses the loan to you

What PFIs can currently access the Development Bank of Nigeria loans?

The following institutions are currently approved to access DBN loans:

  1. Access Bank Plc

Onyinyechi.Uba@ACCESSBANKPLC.com,

CorporateFinance@ACCESSBANKPLC.com,

Oreoluwa.Adeyemo@ACCESSBANKPLC.com,

Omotolani.Ketiku@ACCESSBANKPLC.com,

Moses.Osondu@ACCESSBANKPLC.com

  1. Ecobank Nigeria Bank Plc

Ebere Onyenweaku – eonyenweaku@ecobank.com,

TOLARINDE@ecobank.com

  1. Fidelity Bank Plc

Osaigbovo Omorogbe – osaigbovo.omorogbe@fidelitybank.ng,

Jennifer.David-Ake@fidelitybank.ng,

Chiwuike.Okere@fidelitybank.ng

  1. FCMB Ltd

Oluremi Agboola – Oluremi.Agboola@fcmb.com,

George.Ogbonnaya@fcmb.com,

Toyin.Ajibulu@fcmb.com

  1. First Bank Nig Ltd

DBNFUNDS@FIRSTBANKNIGERIA.COM

  1. GTBank

lucia.jaiyeola@gtbank.com,

kelvin.biiranee@gtbank.com

  1. Providus Bank

Enyinnaya Akagha – eakagha@providusbank.com

  1. Stanbic IBTC Bank Plc

Umeasala, Damian – Damian.Umeasala@stanbicibtc.com,

Ojosipe, Ayodele – Ayodele.Ojosipe@stanbicibtc.com

  1. Sterling Bank Plc

Fatai.Jelili@Sterlingbankng.com,

Ezinne.Nwokafor@Sterlingbankng.com

  1. Union Bank of Nig Plc

aoordia@unionbankng.com,

aebassey@unionbankng.com,

SMEProduct@unionbankng.com

  1. Wema Bank Plc

Ololade.Adekunle@wemabank.com,

Arthur.Nkemeh@wemabank.com

  1. AB Microfinance Bank Nigeria Ltd 

Oladapo.Ikupolati@ab-mfbnigeria.com,

Olukorede.Ekundebe@ab-mfbnigeria.com

  1. Accion Microfinance Bank Limited

Ndubuisi Onuoha – nonuoha@accionmfb.com,

Adetokunbo Elliot – aelliot@accionmfb.com,

Emeka Uzowulu – euzowulu@accionmfb.com,

uchukwu@accionmfb.com

  1. Addosser Microfinance Bank 

Olusola Howells – howells.olusola@addosser.com,

deji.sobulo@addosser.com,

oluwaseun.adekanbi@addosser.com

  1. Baobab Microfinance Bank 

Achenyo Oyibo – aoyibo@baobab.bz,

cgwehi@baobab.bz

  1. Bosak Microfinance Bank 

Toyin Peters – toyinpeters@bosakmfb.com,  teepeeters@gmail.com,

FrancisAtiri@bosakmfb.com

  1. Davodani Microfinance Bank

johne.ologe@davodanimfb.com,

aayotomi@davodanimfb.com,

ayodejitomi@yahoo.com,

soyebisi@davodanimfb.com,

ufelix@davodanimfb.com

  1. FSDH Merchant Bank

Ayodele Akinwunmi – aakinwunmi@fsdhgroup.com

  1. HASAL Microfinance Bank 

bukola.afariogun@hasalmfb.com,

njoel-ezeugo@hasalmfb.com

  1. Infinity Microfinance Bank Ltd 

Oludotun Adewunmi – g.adewunmi@infinitymfb.com,   

oludotunadewunmi@yahoo.com,

s.ogunniyi@infinitymfb.com

  1. Infinity Trust Mortgage Bank

Abiodun Akanbi – abiodun.akanbi@itmbplc.com

  1. Jubilee Life Mortgage

Kushiro Roli – rolikushimo@jubileelifeng.com

  1. La Fayette Microfinance Bank Limited

eodetayo@advans-lfmfb.com

  1. LAPO Microfinance Bank Ltd

Efosa Aigbe – efosa.aigbe@lapo-nigeria.org,

hope.ogbe@lapo-nigeria.org

  1. Mainstreet Microfinance Bank Ltd

aadegbami@mainstreetmfb.com,

midris@mainstreetmfb.com

  1. Microvis Microfinance Bank

oolaiya@microvismfbank.com,

oaustin@microvismfbank.com,

eokpanachi@microvismfbank.com

  1. NPF Microfinance Bank Plc

Rotimi Dada – rotoyin1159@gmail.com, 

rdada@npfmicrofinancebank.com,

cwosu@npfmicrofinancebank.com,

chima_wosu@yahoo.com

  1. Parallex Microfinance Bank

abimbola.akande@parallexbank.com,

femi.otenigbagbe@parallexbank.com

  1. Regent Microfinance Bank

fatima.rufai@regentmfb.com

  1. Seedvest Microfinance Bank

Kehinde Oyeleke – kehinde.oyeleke@seedvestgroup.com, oyelek@yahoo.com,

omololaakinjoko1@gmail.com,

jannybee1@live.com

  1. Stanford Microfinance Bank

Vincent Aluu – nellyvingroup@gmail.com

  1. Trust Microfinance Bank

trustmfb@yahoo.com,

debanjajayi@gmail.com,

Sodiyasamusideen@yahoo.com

You can contact any of the banks through their agent email account listed above.

What is the development bank of Nigeria loan tenor and interest rate?

The loan tenor for the development bank of Nigeria is very flexible. Therefore, it can stretch up to 10 years. It also has a moratorium period of up to 18 months. The banks’ interest rate are market standard and financially sustainable. They would state your specific applicable rate on applying for a loan.

How can I contact the development bank of Nigeria?

You can contact the bank through any of the following means:

Enquiries: 09-904-0000, 8am – 5pm, Monday – Friday.

Head Office: The Clan Place, Plot 1386A Tigris Crescent, Maitama, Abuja, Nigeria

Phone: +234-9-904-0000, +234-811-3841-699

Email: info@devbankng.com

Liaison Office: Plot 952/953 Idejo Street, Victoria Island, Lagos, Nigeria

Phone: +234-1-906-4000

Conclusion

The development bank of Nigeria remains one of the institutions expediting the growth of MSMEs in Nigeria. Their loans are readily available and accessible at all times. If you are a small business owner, you really should take advantage of this opportunity. You can also learn about Startup Funding here.

Top Stories

If you own a business that needs a payment
Technology has made it easy for everyone to access

Featured

Compare and get QUICK loans from different lenders?

Get access to up to N10,000,000 (Ten Million
Naira) loan on the spot!

No Subscriptions.
No annual fees. No lock-ins.

Related Posts

May 23rd, 2022

If you own a business that needs a payment solution specifically designed

May 19th, 2022

Do you have a business and need instant loans to keep it

May 16th, 2022

Technology has made it easy for everyone to access banking services through
get loans

Need a loan :)

Get instant access to loans up to N10 million naira.
Click the button below to get started