Sterling Bank Launches ₦5,000,000,000 Small and Medium Enterprises Development Agency of Nigeria SMEDAN Fund

Sterling Bank has partnered with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to launch the Databanc platform.

The Databanc platform will serve as a single source of truth for information on businesses in Nigeria to guide personalised interventions and support from decision makers who serve the Micro Small And Medium Enterprise MSME ecosystem.

It will also provide insights that will be utilised by Small and Medium Enterprises Development Agency SMEDAN to deliver its mandate on policy formulation, delivery of intervention programmes and other initiatives, including financing that will support the growth of Micro Small and Medium Enterprises (MSMEs) in Nigeria.

Speaking at the launch of the Databanc platform, Executive Director of Commercial and Institutional Banking at Sterling Bank, Tunde Adeola, said the Databanc platform and the fund reflected Sterling Bank’s dedication towards growing the real sector of the Nigerian economy.

Tunde Adeola revealed further that over twenty thousand Small and Medium Enterprises (SMEs) had enrolled on the Databanc platform, with over eighty beneficiaries of the single-digit loan programme, and further loan disbursements ongoing.

The director-general of the SMEDAN, Charles Odii, represented by the Director of Agribusiness Development and Access to Finance, Levi Anyikwa, said the programme aligned with SMEDAN’s mission to democratise credit access for macro and micro-enterprises.

Source: https://dailytrust.com/sterling-bank-unveils-n5bn-smedan-fund/