The cornerstone of this partnership is the provision of accessible, friendly interest rate loans to MSMEs referred by SMEDAN, alongside robust support in capacity-building and market access. This initiative is set to empower Nigerian entrepreneurs, addressing critical challenges faced by small businesses.
A Renewed Commitment to MSME Development
During the Memorandum of Understanding (MoU) signing ceremony recently held at the bank’s corporate head office in Lagos, Dr. Nneka Onyeali-Ikpe, Managing Director/Chief Executive Officer, Fidelity Bank Plc, represented by Dr. Ken Opara, Executive Director, Lagos and SouthWest Businesses, highlighted the bank's enduring dedication to the nation’s MSME sector. "For over two decades, Fidelity Bank has been at the forefront of pioneering innovative solutions to support small businesses," Onyeali-Ikpe stated.
She further emphasized that the partnership transcends a mere agreement, representing "a renewed commitment to empowering MSMEs, recognising their pivotal role in driving economic growth, creating employment, and fostering national development in the years to come." This collaborative effort between Fidelity Bank and SMEDAN is poised to design and implement strategies that will drive sustainable growth within the MSME sector.
Expanding Access to Finance and Support
A key aspect of this collaboration is the provision of MSME-friendly interest rate loans to businesses referred by SMEDAN. "Our aim is to provide small businesses with access to finance, business development support, and market links necessary to expand their production capacities and reach wider markets," Onyeali-Ikpe explained.
Fidelity Bank is also committed to investing in financial literacy programs, initiatives to enhance market access, and reward programs for high-performing MSMEs. The bank plans to organize joint forums, create awareness programs, and ensure that entrepreneurs receive the essential mentorship, counseling, and business development services needed for their success. "We urge entrepreneurs to seize the opportunities presented by this partnership to build a thriving MSME ecosystem together,” Dr. Opara urged, on behalf of the CEO.
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| L- R: Adeyinka Fisher, a professor, deputy director and head of partnership division, SMEDAN; Ken Opara, executive director, Lagos and SouthWest business, Fidelity Bank Plc; Charles Odii, director general, SMEDAN; Osita Ede, divisional head, product development and Meksley Nwagboh, divisional head, brand and communications, both of Fidelity Bank at the MoU signing ceremony between SMEDAN and Fidelity Bank Plc recently in Lagos. |
Nurturing Growth and Expanding Reach
Mr. Charles Odii, Director General of SMEDAN, underscored the significance of the partnership's focus on nurturing the growth of small businesses, including micro multinational business enterprises, and expanding their operations within the broader African market.
"We want to commend Fidelity Bank for its unwavering commitment to MSME development and for partnering with the agency on the crucial journey to power the revival of entrepreneurship," Odii stated. He expressed optimism that this collaboration would significantly contribute to driving economic growth, creating employment, and fostering national development.
Odii also highlighted that SMEDAN has conducted a comprehensive nationwide survey to accurately ascertain the precise number and distribution of MSMEs operating in Nigeria. The existing survey indicates that there are approximately 40 million MSMEs in Nigeria, with an overwhelming 90 percent classified as nano enterprises, underscoring the vast potential impact of this new partnership.
Fidelity Bank Plc, consistently ranked among Nigeria's top banks, serves over 9.1 million customers through its digital banking channels, 255 business offices in Nigeria, and its United Kingdom subsidiary, FidBank UK Limited, making it a formidable partner in this vital endeavor.