How To Get A Loan From The Development Bank of Nigeria

Last Updated on Dec 11th, 2023

Loans can be accessed from practically everywhere and anywhere in Nigeria. Other than financial technology institutions and traditional banks, small businesses can secure loans from other sources.

The Development Bank of Nigeria is one of those trusted and secure places to obtain a loan. We answer questions pertaining to the operations of the Development Bank of Nigeria, her interest rate, as well as how to obtain a loan. Subsequently, we discuss some FAQs that may stem from securing a loan from the Development Bank of Nigeria.

About The Development Bank of Nigeria

The Development Bank of Nigeria is a Federal Government-initiated scheme in collaboration with global development partners. It exists to tackle the challenges facing small and medium-scale enterprises.

Its core objective is to alleviate financial constraints experienced by these business owners.

How does the DBN achieve this? Simple – It provides finances and partial credit guarantees to eligible financial intermediaries.

the development bank of Nigeria loan
The Development Bank of Nigeria website

Who is Eligible For The Development Bank of Nigeria Loan?

Like we have established, small and medium-scale enterprises are eligible to get a loan from the DBN. We shall also reiterate that financial institutions remain the channel through which funds and risk-sharing guarantees are provided.

In securing a loan from DBN, it is mandatory that the prospective borrower patronises any of the eligible financial institutions. Furthermore, the DBN has enlisted 10 commercial banks and 15 microfinance banks to serve as intermediaries.

List of Commercial Banks You Can Get DBN Loans From

  • Access Bank PLC
  • Ecobank Nigeria PLC
  • Fidelity Bank
  • FCMB Limited
  • First Bank Nigeria Limited
  • GTBank Nigeria
  • Stanbic IBTC Bank PLC
  • Sterling Bank PLC
  • Union Bank of Nigeria
  • Wema Bank PLC

List of Microfinance Banks You Can Get DBN Loans From

  • AB Microfinance Bank Ltd
  • Addosser Microfinance Bank
  • Baobab Microfinance Bank
  • Bosak Microfinance Bank
  • HALAL Microfinance Bank
  • Infinity Microfinance Bank Ltd
  • Nirsal Microfinance Bank
  • LAPO Microfinance Bank Ltd
  • MainStreet Microfinance Bank Ltd
  • NPF Microfinance Bank Ltd
  • Parallex Microfinance Bank
  • Seedvest Microfinance Bank
  • Accion Microfinance Bank Ltd
  • La Fayette Microfinance Bank Limited
  • Davodani Microfinance Bank
  • Trust Microfinance Bank

Getting A Loan From The Development Bank of Nigeria

We have summarised the processes of obtaining a loan from the DBN in three stages:

  1. Visit a Bank: Either you decide to drop by at a commercial bank or its microfinance variant, you can simply request a DBN loan. All you have got to do is indicate interest for application; that’s stage 1 of 3. Shall we also mention that other financial institutions apart from traditional banks offer this service?
  2. Indicate Interest: Upon indicating the interest in a loan application, the bank assesses the business owner’s purpose and overall motive. If this process is successful, the bank directly applies to DBN for funding.
  3. Get Your Application Approved: The Development Bank of Nigeria will need to approve the loan for disbursement. Once this is completed, commercial banks and other financial institutions serve as the intermediary between DBN and the borrower.

When Am I to Complete The Loan Repayment?

This factor is dependent upon the nature of your business and motive for seeking a loan. However, the Development Bank of Nigeria offers up to 18 months moratorium on principal payment for working capital and investment projects. Subsequently, you have until 10 years to provide the loan.

What Is The Interest For A Development Bank of Nigeria Loan?

The Development Bank of Nigeria offers flexible interest rates that are on tenure and relate to market rates.


The Development Bank of Nigeria targets a specialized niche. What sets the DBN apart from commercial banks is the longer duration of repayment. For the latter, they are usually short-term. A relationship between them, however, is that commercial banks, as well as other financial institutions, are responsible for the supervision and evaluation of pans that DBN granted.

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