Accion Microfinance Bank (MfB) has partnered with the Development Bank of Nigeria (DBN) to enhance funding access for Small and Medium Enterprises (SMEs), a critical driver of economic growth. This collaboration was announced during Accion MfB’s first Customer Forum of 2025, themed “Unlocking Opportunities for Growth,” which focused on business expansion and financial sustainability.
A significant aspect of this partnership is the introduction of a gender-focused loan product tailored exclusively for women. “DBN is collaborating with Accion Microfinance Bank to develop a gender-focused loan exclusively for women, marking a significant enhancement in our loan features,” stated Taiwo Joda, Managing Director/CEO of Accion MfB. This initiative aims to provide women entrepreneurs with essential financial resources to foster business growth.
Bonaventure Okhaimo, Chief Operating Officer of DBN, led a discussion on SME development, emphasizing the importance of leveraging financial technology to scale businesses amidst challenges like rising commodity prices and interest rates. He noted, “We need to find a way to continue to use these platforms to develop MSMEs and enable them to grow themselves up and, at the same time, grow the economy.”
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In line with its commitment to digital innovation, Accion MfB unveiled an upgraded version of its AccionMonie app. Chief Digital Officer Paul Ehiagbonare highlighted new features designed to enhance user experience, including seamless onboarding with National Identification Number (NIN) and facial verification, increased transfer limits up to N10 million per transaction, quick loan approvals within 10 minutes, and savings options. “With these enhancements, we aim to provide a more streamlined and efficient digital banking experience that empowers our customers to manage their finances with ease and convenience,” Ehiagbonare explained.
This partnership and technological advancement underscore Accion MfB’s dedication to empowering SMEs and entrepreneurs with the financial solutions necessary for sustainable growth.
