Sterling Bank Plc, in collaboration with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), has launched Databanc, a platform designed to serve as a comprehensive data repository for businesses in Nigeria.
The platform aims to facilitate tailored interventions and support from policymakers serving the micro, small, and medium enterprises (MSME) sector. At the platform’s launch, Tunde Adeola, Executive Director of Commercial and Institutional Banking at Sterling Bank, emphasized that Databanc represents the bank’s dedication to enhancing the nation’s real sector economy.
“We are thrilled to strengthen our economy’s foundation alongside SMEDAN. This initial N5 billion fund is just the start of our ongoing commitment to supporting businesses of all sizes and establishing ourselves as their preferred financial partner,” Adeola stated.
He noted that over 20,000 SMEs have registered on the Databanc platform, with more than 80 businesses benefiting from the single-digit loan program and additional disbursements underway. Adeola urged all MSMEs in the country to join the platform.
SMEDAN’s Director-General, Mr. Charles Odii, represented by the Director of Agribusiness Development and Access to Finance, Levi Anyikwa, highlighted the initiative’s alignment with SMEDAN’s mission to democratize credit access for nano and micro-enterprises. Anyikwa asserted, “Access to finance remains a significant challenge for SMEs, and we are dedicated to eliminating this barrier.”
He also emphasized the importance of the November 2022 Memorandum of Understanding (MoU) between SMEDAN and Sterling Bank as a crucial step towards digitalizing and streamlining the loan process.
