The Small and Medium Enterprises Development Agency of Nigeria and Sterling Bank Plc have launched a N5 billion initiative called Databanc to bridge financial gaps for small businesses.
Head, SME Products, Sterling Bank, Bolanle Tyson, explained that Databanc is a N5 billion single-digit interest loan initiative designed to facilitate easier access to funds for nano and micro businesses. She noted that Databanc is a portal for accessing funding without human intervention and caters to businesses with a tax identification number and registration with the Corporate Affairs Commission.
The initiative also aims to boost Nigeria’s export potential by providing accurate data to drive the growth and sustainability of nano enterprises. He explained that SMEs have long faced challenges accessing financial interventions, which this initiative seeks to address. The Small and Medium Enterprises Development Agency of Nigeria and Sterling Bank Plc have launched a N5 billion initiative called Databanc to bridge financial gaps for small businesses.
The National Insurance Commission has urged industry stakeholders to prioritise regulatory adherence to realise new agenda of increasing insurance penetration and ensuring efficient prompt claims settlements in Nigeria.
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