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DBG readies to introduce equity fund for SMEs

2 years ago
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DBG readies to introduce equity fund for SMEs

Development Bank Ghana (DBG) is set to diversify its financial services, with the imminent introduction of an equity fund for SMEs that will complement its existing lending operations.

The move underscores DBG’s commitment to delivering a broader spectrum of financial products, benefitting both institutions and borrowers across various stages of development. This strategic shift, now in its closing stages of regulatory approval, represents a pivotal step towards offering more patient capital, enabling a more versatile suite of offerings that include equity alongside traditional loans.

Since its inception in June 2022, DBG has been unwavering in its mission to drive Ghana’s economic growth and development. The bank has already disbursed a commendable GH¢731 million across a multitude of sectors. Looking forward, DBG’s vision remains steadfast, with an ambitious target to disburse an astounding GH¢1 billion by the close of 2023.

Crucially, DBG’s aspirations extend beyond the simple goal of becoming Ghana’s largest lender. In the words of CEO K. Duker, “If I become the largest lender without transforming the private sector, I would have failed.” This statement underscores the bank’s profound commitment to fostering change within the private sector, supporting small and medium-sized enterprises, job creation, and promoting inclusive and sustainable development within Ghana.

DBG, established by the government, serves as a Development Finance Institution, dedicated to facilitating and strengthening long-term financing for Ghanaian businesses. Its role transcends traditional financial services, as DBG places a strong emphasis on providing non-financial support to enhance the nation’s business ecosystem while adhering to sustainable global best practices.

DBGnearlier this year unveiled a $70 million seed fund for its partial credit guarantee scheme. This scheme is ingeniously designed to provide additional support to Participating Financial Institutions (PFIs) in managing the risks associated with loan defaults, thus encouraging investment in high-risk sectors of the economy.

The road ahead for DBG is one of collaboration and innovation. CEO K. Duker highlights the bank’s commitment to fostering industry-wide collaboration and innovation. DBG envisions itself as a conduit for financial institutions to unite in pioneering innovations, such as common underwriting standards and robust alternative credit scoring models. These collaborative efforts will not only better serve the needs of businesses but also promote prudent lending practices and risk management within the industry.

DBG’s bold expansion into equity funding marks a momentous milestone in the institution’s mission to steer economic growth, stimulate innovation, and support the transformation of Ghana’s dynamic private sector.

Tags: DBGDBG readies to introduce equity fund for SMEsequity fundSMEs
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