DBN Pushes Finance, Capacity Building For Tech Businesses

• Hosts first Techprenuer Summit in Lagos  

BY COBHAM NSA – The Development Bank of Nigeria (DBN) Plc has thrown its weight behind Small and Medium Enterprises (SMEs) in a determined move to alleviate financial constraints and improve their capacity to actualize and scale up their businesses.

And to drive robust conversation in the technology sector and accelerate its impact on Nigeria’s social-economic development, the bank recently held the first edition of its Techpreneur Summit in Lagos with the theme: ‘Starting Local, Scaling Global’.

Importantly, the process aims at creating jobs, improving the lives of people, and scaling up Nigeria’s technology presence on the global stage.

Addressing participants at the Summit, DBN’s Executive Director, Finance and Corporate Services, Mrs Ijeoma Ozulumba, said; “the initiative will avail tech-based businesses and techie minds the platform to network and interact with investors as well as DBN Participating Financial Institutions (PFIs) that can help with finance to actualize or scale up their business.”

She said the Techpreneur Summit underscores the Bank’s ambition since the commencement of operations in 2017, stressing that; “This underscore where our ambitions lie in creating a favorable space in the ecosystem for tech.

“The future is hinged on technology, so apart from the global trend, locally we continue to see that technology is now about 18% of GDP. ICT is the fastest-growing sector of the economy. Apart from that, technology and digital transformation is not just a megatrend, it underpins all the other megatrends in finance, engineering, and climate action which is topical right now’’.

Speaking on disbursements so far made by the institution, Mrs Ozulumba said the Bank has given out loans to over 180,000 small businesses amounting to over N400 billion in various sectors of the economy and a lot of that is to tech-based start-ups since its operations commenced in the year 2017

“In 2020, DBN disbursed N190 billion, and 7,000 of those SMEs were accessing funding for the first time. This shows how important this event is to us, and the commitment of the Bank to alleviating the financing constraints faced by MSMSEs.

“Our three-fold mandate is lending, providing partial credit guarantee, and capacity building. The capacity-building aspect is why we are having this summit today”, she explained

In his keynote address, serial investor and Managing Director/Co-founder, Trans-Sahara Investment Corporation, Kyari Bukar tasked Nigerian techie minds and technopreneurs on developing knowledge-based local solutions that have a universal appeal and can put Nigerian on the global technology table.

“Technpreneurship is about finding solutions, and the solutions better be local and should also have universal appeal. What is happening globally is that factor-based economics are becoming irrelevant, I don’t mean they are dead, I am saying they are not exciting as they used to be.”

Bukar, recently appointed Managing Director/Chief Executive Officer, Africa Operations, Inlaks Limited, said; “Today, everybody talks about a knowledge-based economy. The beauty of tech is that it is the number one catalyst in changing the way we do things. An example is the digitalization of the way we conduct business today.”

According to the renowned investor, who started his career at the famous Silicon Valley, India’s exploits in the global technology landscape are quite instructive and Nigeria urgently needs to refocus and stop relying solely on the wealth derivable from mineral resources.

“We need to change our dependence on what we pick or drill from the surface of the earth and believe that will make us wealthy, it is wrong. India is exporting $60b a year in software solutions and services. Though Africa is coming late to the party, we can develop unique solutions ourselves.

“The whole world is watching us and ready to invest in us. Whether the government is there or not, when you have the will to create and sell convenience, all you need are strong believers and support”, he said

While appreciating DBN for organizing the Techpreneur Summit, Bukar, who is also an Independent Director on the bank’s Board, said the development demonstrates its readiness to partner with technopreneurs in the county.

“For DBN, I say this Summit is the coming-out party in the tech space. This is one space I believe in, and we would continue to be a partner to Techpreneurs. And DBN is ready to be such a partner to all Techpreneurs in the country. This is the first DBN Techpreneur Summit, and I know that we will continue this every year.

“Additionally, when I asked around, I found out that this summit is not just about having a conversation like this, it is for Techpreneurs to find the necessary network, and more importantly access to finance on both sides of debt and equity. This shows that DBN is ready to be such a partner to all Techpreneurs in the country,” the Inlaks Limited chief said.

Discussants at the summit include Iyin Aboyeji (Founder, Future Africa); Yemi Keri (co-Founder, RisingTideAfrica/ Independent Non-Executive Director, FCMB); Charles Anyanwu (Director, Strategy, Funding & Stakeholder Management, LSETF); Temie Giwa-Tubosun (Founder, Life Bank) and Judith Okonkwo (Founder, Imisi 3D).