Banking
DBN Holds Capacity Building Summit for Techpreneurs
By Adedapo Adesanya
As part of its commitment to alleviating financial constraints and improving the capacity of SMEs in Nigeria, the Development Bank of Nigeria (DBN) recently held the first edition of its Techpreneur Summit in Lagos.
The summit themed Starting Local, Scaling Global, was aimed at driving conversation in the technology sector and accelerating its impact on the social-economic development of Nigeria, by creating jobs, improving the lives of people, and scaling up Nigeria’s tech presence globally.
Executive Director, Finance/Corporate Services, Mrs Ijeoma Ozulumba, in her opening remarks 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 emphasised that the Techpreneur Summit underscores the ambition of the bank since it commenced operations in 2017.
According to her, “This underscore where our ambitions lie in creating a favourable 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 per cent 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.”
On the bank’s disbursement, she informed that, “The bank has since it started operations in 2017 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.
“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 MSMEs.”
She further added that “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.”
Delivering his keynote address, serial investor and MD/co-founder, Trans-Sahara Investment Corporation, and newly appointed MD/CEO Africa Operations, Inlaks Limited, Mr 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.
“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,” he said.
Citing the exploits of India in the global tech business landscape, the renowned investor, who started his career at the famous Silicon Valley further stated that Nigeria needs to stop relying on the wealth derived from mineral resources.
He said: “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.”
Mr Bukar who is also an Independent Director on the Board of DBN, appreciated the bank for organising the Techpreneur Summit, saying it showed the lender’s readiness to partner techpreneurs 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,” he said.
Other discussants at the event included 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).
The DBN is a wholesale development finance institution, established by the Federal Government of Nigeria in collaboration with global development partners (The World Bank, AfDB, KfW, AFD, and EIB) to address the major financing challenges facing Micro, Small, and Medium Scale Enterprises (MSMEs) in Nigeria.
By Adedapo Adesanya
Access Bank Plc, the banking subsidiary of Access Holdings Plc, has entered into a binding agreement with South African-based Bidvest Group Limited for the acquisition of 100 per cent equity stake in Bidvest Bank Limited.
The deal for the 24-year-old South African lender is due to be completed in the second half of 2025, upon regulatory approval.
This shows Access Bank’s further expansion plans in line with goals set by its late founder, Mr Herbert Wigwe.
The agreement to acquire 100 percent stake in Bidvest Bank reflects Access Bank’s commitment to strengthening its footprint in South Africa and consolidating on its position as the continent’s gateway to global markets as it seeks to optimise the benefits of recent acquisitions and accelerate its transition towards a greater focus on efficiencies.
Bidvest Bank, founded in 2000 is a niche and profitable South African financial institution providing a diverse range of services, including corporate and business banking solutions and diverse retail banking products.
As of its year ended June 2024, Bidvest Bank reported total assets equivalent of $665million and audited profit before tax of $20million.
Upon conclusion of this acquisition, Bidvest Bank will be merged with the bank’s existing South African subsidiary to create an enlarged platform to anchor the regional growth strategy for the SADC region.
This is coming just as the bank opened a new branch in Malta as part of efforts to focus on international trade finance after obtaining a banking licence from the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA).
Access Bank said the licence marks a transformative milestone in bolstering Europe-Africa trade flows.
The Maltese branch was established by Access Bank UK Limited, the subsidiary of Access Bank Plc, which is also the subsidiary of Access Holdings Plc, which is listed on the Nigerian Exchange (NGX) Limited.
By Modupe Gbadeyanka
To strengthen Europe-Africa trade ties, Access Bank has opened a new branch in Malta. It will focus on international trade finance, employing approximately 30 people in its initial phase, with plans for controlled expansion over time.
It was learned that this Maltese branch was established by Access Bank UK Limited, the subsidiary of Access Bank Plc, which is also the subsidiary of Access Holdings Plc, which is listed on the Nigerian Exchange (NGX) Limited.
Access Bank Malta Limited commenced operations after obtaining a banking licence from the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA).
Access Bank said the licence marks a transformative milestone in bolstering Europe-Africa trade flows.
Malta, a renowned international financial centre, and a gateway between the two continents, is strategically positioned to play a pivotal role in advancing commerce and fostering economic partnerships.
This strategic expansion into Malta enables The Access Bank UK Limited to leverage growing trade opportunities between Europe and Africa.
It underscores the organisation’s commitment to driving global trade, financial integration, and supporting businesses across these regions.
“By establishing operations in Malta, we will gain a foothold in a market that bridges European and North African economies, moving us one step closer to our goal of becoming Africa’s Gateway to the World.
“It further enhances our bank’s capacity to support clients with innovative solutions tailored to cross-border trade and investment opportunities,” the chief executive of Access Bank, Mr Roosevelt Ogbonna, stated.
“Europe has emerged as Africa’s leading trading partner, driven by initiatives such as the Economic Partnership Agreements between the EU and African regions and the African Continental Free Trade Area (AfCFTA).
“With Europe-Africa economic relations entering a new phase, The Access Bank Malta Limited is ideally positioned to deepen trade and meet the financing and banking needs of our clients in these expanding markets,” the chief executive of Access Bank UK, Mr Jamie Simmonds, commented.
Also speaking, the chief executive of Access Bank Malta, Renald Theuma, said, “Malta is uniquely positioned as a bridge between Europe and Africa, making it an ideal location for our subsidiary. This move allows The Access Bank Malta Limited to engage more closely with customers in Europe and deliver tailored financial solutions that drive growth and connectivity across both continents.”
By Adedapo Adesanya
The International Finance Corporation (IFC) and Goldman Sachs have announced a new partnership with African banks, including Nigeria’s Zenith Bank and Stanbic IBTC Nigeria to support the Goldman Sachs 10,000 Women initiative, a joint programme launched in 2008 to provide access to capital and training for women entrepreneurs globally.
The two Nigerian banks are part of nine financial institutions from across Africa which have agreed to join the 10,000 Women initiative committing to leverage the business education and skills tools the programme provides to create more opportunities for women entrepreneurs across the continent by providing access to business education.
Others banks include Stanbic Bank Kenya, Ecobank Kenya, Ecobank Cote d’Ivoire, Equity Bank Group, Banco Millenium Atlantico – Angola, Baobab Group, and Orange Bank.
Speaking on this, Ms Charlotte Keenan, Managing Director at Goldman Sachs said – “10,000 Women has had a powerful impact to date, but we know that there are more women to reach and more potential to be realized.
“We are delighted to partner with IFC to supercharge the growth of women-owned businesses across Africa, and mainstream lending to female business leaders. We remain committed to supporting entrepreneurs with the access to education and capital that they need to scale.”
Since 2008, the 10,000 Women initiative has provided access to capital and business training to more than 200,000 women in 150 countries.
“This expanded initiative marks a significant step forward in creating equitable economic opportunities for women in Africa, enabling them to build stronger, more resilient businesses and to realize their entrepreneurial goals,” said Ms Nathalie Kouassi Akon, IFC’s Global Director for Gender and Economic Inclusion.
Goldman Sachs’ 10,000 Women initiative complements the Women Entrepreneurs Opportunity Facility (WEOF), launched in 2014 by Goldman Sachs and IFC as the first-of-its-kind global facility dedicated to expanding access to capital for women entrepreneurs in emerging markets.
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