Development Bank of Nigeria CEO Tony Okpanachi Speaks on Addressing the MSME Finance Challenges
SME Finance Forum member Development Bank of Nigeria is working to aid in providing finance to MSMEs. Calling it a "nightmare," its Managing Director/Chief Executive Officer, Tony Okpanachi, was appointed in 2017 with the mission to alleviate the financing constraints faced by MSMEs and small corporates in Nigeria. The Sun says his job remains to provide financing, partial credit guarantees and technical assistance to eligible financial intermediaries on a market-conforming and fully financially sustainable basis.
A year after his appointment, Okpanachi has made progress, which he shares in this article. He speaks on operations, the PFIs that have signed, risk sharing, de-risking the industry, youth finance and his 20,000 SME target, among other topics.