It was found that out of about 37 million micro, small and medium scale enterprises that contribute to the growth of the Nigeria economy, only less than 5% have access to low interest credits.
So if you are a business owner looking for a way to finance your business, the Dbn Loan Nigeria could be a place to turn to. You will learn in this post all about DBN loan and how you can apply for it.
The target of Development Bank of Nigeria, DBN is the Micro, Small, and Medium Scale Enterprises (MSMEs). So the primary criteria or requirements for this loan is that you must be a business owner or simply an entrepreneur. You could also be a trader.
The disbursement of the DBN is through the Participating Financial Institutions (PFIs). Other requirements added to the general one above vary with PFIs (Participating banks).
How to apply
As it is stated above, the Development Bank of Nigeria (DBN) does not offer these credits to business owners themselves. They do that through the commercial banks, micro finance banks and other eligible financial institutions. It is these banks through which DBN give business credits that are called Participating Financial Institutions (PFI).
Therefore to apply for the DBN loan, you will have to visit any of the PFIs and let them know what you want. The PFI will access you and your business, they will apply for the loan from DBN if you are found worthy. Finally, the DBN will now approve the loan for you through your PFI.
Here are the list of DBN Participating Financial Institutions (PFI) and the contact email of the staff you can reach for help:
Ecobank Nigeria Bank Plc:
Fidelity Bank Plc:
First Bank Nig. LTD:
Stanbic IBTC Bank Plc:
Sterling Bank Plc:
Union Bank of Nig Plc:
Wema Bank Plc:
AB Microfinance Bank Nigeria Ltd:
Addosser Microfinance Bank:
Baobab Microfinance Bank:
Bosak Microfinance Bank:
HASAL Microfinance Bank:
Infinity Microfinance Bank Ltd:
LAPO Microfinance Bank Ltd:
Mainstreet Microfinance Bank Ltd:
Microcred Microfinance Bank Ltd:
Omar Niaz – email@example.com
NPF Microfinance Bank Plc:
Parallex Microfinance Bank:
Seedvest Microfinance Bank:
Accion Microfinance Bank Limited:
La Fayette Microfinance Bank Limited:
Davodani Microfinance Bank:
Trust Microfinance Bank:
The interest rate of DBN loan varies with amount borrowed and the loan tenure. The longer the loan tenure the higher the interest rate.
Nevertheless, on application of the loan you will be told that interest rate at which you will repay. But we expect that it will be low since that is the area the DBN wants to tackle the issue from.
Other Popular Banks That Gives Loans In Nigeria:
- Geep Loan
- Trader Moni Loan
- Agsmeis Loan
- Quickcheck Loan
- Fcmb Loan
- Federal Mortgage Bank Loan
- Zedvance Loan
- Lydia Loan
- Grofin Loan
- Quickteller Loan
The DBN loan is required to be paid back in 18 months. But the borrower can also extend the period of loan payment, but that will definitely attract extra charge.
Pros & Cons
You can reach the DBN Customer service center through the number:
or by writing to their mail.
Branches & Head Office
Head Office: The Clan Place, Plot 1386A Tigris Crescent, Maitama, Abuja, Nigeria
Call: +234-9-904-0000, +234-811-3841-699
Branch Office: Liaison Office: Plot 952/953 Idejo Street, Victoria Island, Lagos, Nigeria.