Sterling Bank, a top commercial bank in Nigeria, has partnered with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to launch Databanc, a revolutionary platform aimed at supporting small businesses.
What is Databanc?
Databanc is designed to be a comprehensive source of data on businesses in Nigeria. It aims to provide valuable insights to policymakers and decision-makers to support the growth of small and medium-sized enterprises (SMEs). This platform will also offer unique identification for small businesses and their promoters, helping to streamline various support initiatives.
How It Benefits SMEs
With Databanc, SMEDAN can better deliver on its goals, including policy development, intervention programs, and financial support for small businesses. The platform’s data will help guide these efforts, ensuring they are more effective and tailored to the needs of the SME ecosystem.
Sterling Bank and SMEDAN have also introduced a N5 billion single-digit interest loan program. This initiative aims to provide affordable financing to SMEs, helping them grow and expand. The partnership between Sterling Bank and SMEDAN is focused on boosting the Nigerian economy by supporting small businesses.
At the launch event, Tunde Adeola, Executive Director of Commercial and Institutional Banking at Sterling Bank, highlighted the bank’s commitment to growing Nigeria’s real sector. “We are excited to support the backbone of our economy with SMEDAN. This N5 billion fund is just the start of our ongoing efforts to help businesses scale and succeed,” he said.
So far, over 20,000 SMEs have enrolled on the Databanc platform, and more than 80 businesses have benefited from the single-digit loan program, with further disbursements ongoing. Adeola encouraged all SMEs to register on the platform.
Levi Anyikwa, Director of Agribusiness Development and Access to Finance at SMEDAN, representing Director-General Charles Odii, emphasized the program’s alignment with SMEDAN’s mission to improve credit access for small enterprises. “Access to finance is a major hurdle for SMEs, and we are committed to overcoming this barrier,” Anyikwa stated.
Sterling Bank’s Strategic Focus
Bolanle Tyson, Head of SME Digital Products at Sterling Bank, talked about the bank’s strategic focus on sectors critical to Nigeria’s growth: Health, Education, Agriculture, Renewable Energy, and Transportation. Tyson explained that the support package includes not just financing at single-digit interest rates but also capacity building, marketing support, and infrastructure development. “We are using data to empower SMEs like never before,” she said.
A Milestone in Partnership
The launch of Databanc marks a significant milestone in the ongoing partnership between Sterling Bank and SMEDAN. This collaboration began in June 2023 with the goal of creating Nigeria’s largest SME database and was further solidified in November 2023 with the signing of the memorandum for the N5 billion loan portfolio.
How to Apply
SMEs interested in applying for the loan can register on the SME Databanc Platform at sterling.ng/databanc to generate their unique promoter and business IDs. They can then apply for the loan by downloading the Banca by Sterling mobile app from Google Play or the iOS App Store.
The Databanc platform and the accompanying loan program are poised to make a significant impact on the SME sector in Nigeria. By providing essential data, financial support, and resources, Sterling Bank and SMEDAN are taking concrete steps to empower small businesses and drive economic growth.
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