The Development Bank of Nigeria (DBN) has given the first tranche of the N1 billion to the LivingTrust Mortgage Bank to disburse to Micro Small and Medium Entrepreneurs (MSMEs).
This was disclosed by the mortgage bank in a statement it issued on Friday.
According to the statement, the first tranche of N1 billion from the Development Bank of Nigeria (DBN) is meant for on-lending to MSMEs and Small Corporates across the country.
READ: How MSMEs can get easy access to finance
Managing Director, Mr Adekunle Adewole, stated that the development was further to the appointment of LivingTrust as a partner bank for the development of the MSME sector by DBN in November, last year.
He said, “This development places LivingTrust, a subsidiary of Cititrust Holdings Plc, among the few banks considered by DBN as possessing the requisite financial strength and governance structure to manage the MSMEs funds.
“The partnership would further enable the bank to provide funding solutions in nurturing its growing MSME customer base.”
READ: FG warns applicants of N75 billion MSME Fund against fraudulent websites
The bank added that the partnership had the approval of the Central Bank of Nigeria (CBN) and other regulatory authorities
LivingTrust Mortgage Bank was appointed as a participating financial institution by DBN in a letter dated November 16, 2020.
The letter jointly signed by DBN’s Managing Director, Mr. Tony Okpanachi and Chief Operating Officer, Mr. Bonaventure Okhaimo, described LivingTrust Mortgage Bank as one of the few banks that scaled the qualification criteria, based on a strong balance sheet, board/management profile and sound corporate governance practices.
READ: Afreximbank sets up a $500 million fund to support Africa’s creative industries
LivingTrust Mortgage Bank provides mortgage products which include national housing fund, mortgage loans, commercial mortgages, property acquisition loans and other financial services, and caters to customers in Nigeria and Nigerians in the diaspora.
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