DBN adopts Germany’s KFW model of SMEs financing

Business News

By Gibert Ekugbe

The Development Bank of Nigeria (DBN) has adopted the KFW Development Bank of Germany’s model of financing the Small and Medium enterprises sector, SMEs.
The Managing Director, DBN, Mr. Tony Okpanachi, disclosed this when he received a delegation of the KFW Development Bank of Germany, in Abuja.

Okpanachi said that his team undertook a study tour to Germany in order to take advantage of the long experience of KFW in order to run a sustainable development bank in Nigeria.

“In September, we undertook a study tour to KFW to understand, because we are more like sister firms, working together. So we undertook a study tour there to be able to understand how they have been able to sustain this model for all these years.

“The culmination of that is the technical support that came from them and experience sharing with us, in addition to the funding they provided for us.”
“We want the assistance to continue. They have a long history of successful operations and DBN wants to learn a lot from them. We want a continuous assistance from them. We want their willingness to support us as we continue the journey.”

The leader of the delegation and Director of West Africa and Madagascar, Mr. Michael Wehinger, expressed satisfaction over the operational model adopted by the DBN, stressing that his organisation was ready to provide more funding for the bank.

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