DBN gives first tranche of N1 Billion MSMEs Fund to LivingTrust Mortgage Bank – Register Here

DBN gives first tranche of N1 Billion MSMEs Fund to LivingTrust Mortgage Bank - Register Here

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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).

DBN gives first tranche of N1 Billion MSMEs Fund to LivingTrust Mortgage Bank

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: CBN increases SME intervention fund to N300 billion, disburses N149.21 billion

The bank added that the partnership had the approval of the Central Bank of Nigeria (CBN) and other regulatory authorities

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.

READ: COVID-19 Loan: NIRSAL Speaks Concerning Application

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.

LivingTrust Mortgage Bank was appointed as a participating financial institution by DBN in a letter dated November 16, 2020.

READ: Survival Fund Registration 2021 MSMEs Portal

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.

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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