World Bank supports SMEs with ₦10 billion grant

The World Bank has initiated a scheme to support small and medium scale enterprises (SMEs) with grants up to ₦10 billion across the nation.

Tagged: ‘Bottom up’, the project is conceived to provide grants to SME owners with marketable ideas through model microfinance banking.

Development Bank of Nigeria (DBN) will oversee transfer of the grant from the World Bank to the micro finance banks while the

Social Exchange will be in charge of registration of the model microfinance banks.

These were disclosed last week during a two-day training on model microfinance bank management for bank chairmen, directors and other stakeholders organised by the Kingdom Wealth Multipurpose Cooperative Society for South -West region in Ogun State.

Over 600 including model microfinance banks chairmen, directors, volunteer workers and other stakeholders participated in the training facilitated by Kingdom Wealth Multipurpose Cooperative Society.

National Coordinator of Kingdom Wealth Multipurpose Cooperative Society, Emem Akpan, explained interested micro finance banks are expected to submit a minimum of 1,000 business proposals from the grassroots.

He said the data created for each model microfinance bank will serve as collaterals on the social exchange market.

“Any model microfinance bank that wants to get involved in the grant disbursement must have a minimum of 1000 members with their genuine business proposals without which such bank would be denied registration and entitlement for the World Bank grant,” Akpan stressed.

He informed Kingdom Wealth Multi Purpose Cooperative Society is fully accredited to participate in the bottom up grant disbursement of World Bank by raising model micro finance banks across the nation.

He said the organisation has been able to raise over 100 branches of model microfinance banks in the southwest.

Executive chairman of Megastar Model Microfinance Bank, Dr. Mike Alatise, praised the World Bank for the initiative.

He said the bank has completed registration and awaits the next phase for the grant disbursement.

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