Sterling Bank unveils N5bn SMEDAN fund

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

The platform will serve as a single source of truth for data on businesses in Nigeria to guide personalised interventions and support from decision makers who serve the MSME ecosystem.

It will also provide insights that will be utilised by SMEDAN to deliver its mandate on policy formulation, delivery of intervention programmes and other initiatives, including financing that will support the growth of small businesses in Nigeria.

Speaking at the launch of the platform, Executive Director of Commercial and

Institutional Banking at Sterling Bank, Tunde Adeola, said the platform and the fund reflected Sterling Bank’s commitment towards growing the real sector of the country’s economy.

Adeola disclosed further 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.

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.