Sterling Bank, SMEDAN partner on data platform
Sterling Bank and the Small and Medium Enterprises Development Agency of Nigeria have launched a platform called Databanc that provides data on businesses in Nigeria and N5bn worth of single-digit loan programme.
A statement from the bank on Wednesday said that Databank provides insights which will be utilised by SMEDAN to deliver its mandate on policy formulation and a unique identification for small businesses and their promoters.
Speaking at the launch of the platform, the Executive Director of Commercial and Institutional Banking at Sterling Bank, Tunde Adeola, described the platform and fund as evidence 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 N5bn 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.”
He added that over 20,000 SMEs had enrolled on the Databanc platform, with over 80 beneficiaries of the single-digit loan programme and further disbursements ongoing.
He encouraged all MSMEs in the country to enrol on the platform.
SMEDAN’s Director-General, Mr 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 democratise credit access for nano and micro-enterprises.
Anyikwa affirmed that access to finance remained a significant hurdle for SMEs, and restated SMEDAN’s commitment to removing that barrier.
The Head of SME Digital Products at Sterling Bank, Bolanle Tyson, emphasised Sterling Bank’s strategic focus on critical sectors encapsulated in the HEART of Sterling forward strategy: Health, Education, Agriculture, Renewable Energy, and Transportation.
She said, “We are leveraging data to empower SMEs like never before. Our commitment to SMEs is steadfast. We recognise their pivotal role in driving Nigeria’s GDP and employment. This partnership with SMEDAN underscores our shared dedication to their success.”
The latest study from Visa, the SME Megatrends report showed that SMEs in Nigeria remained heavily underserved and underbanked with a considerable amount of SMEs relying on personal loans and informal credit, as they face obstacles and requirements that make it difficult to secure loans from banks and other formal lending institutions.
