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CBN licenses Development Bank of Nigeria

The Central Bank of Nigerian (CBN) has licensed the Development Bank of Nigeria (DBN), owned by the Ministry of Finance.

The bank was actually conceived in 2014.

DBN is a wholesale financial institution which aims to increase access to finance for Micro, Small and Medium Enterprises (MSMEs) through eligible financial intermediaries (participating financial institutions)

According to the Ministry, the DBN “will take off with US$1.3bn, to be provided by the World Bank, KfW, Africa Development Bank (AfDB) and AFD France”

 

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