Fidelity Bank, creating financial support for Nigerian SMEs, entrepreneurs
By Chinwendu Obienyi
In Over the past five years, the small and medium-sized enterprise (SME) ecosystem, being one of the central pillars of the Nigerian economy, has contributed around 48 percent of the country’s GDP, accounting for around 50 percent of industrial jobs and nearly 90 percent of the manufacturing sector, according to the National Bureau of Statistics (NBS).
Despite their significant contribution to the country’s economy, these small businesses have felt underserved by Nigerian banks, even though they rely on them for most of their financial needs. Given the unique needs of this target segment, Fidelity Bank Plc is one of Nigeria’s leading banks, even though its aim is to bridge the capacity building gap and help SMEs build the capacity needed for success. entrepreneurial while providing creative financial support.
To help achieve their goals of creating and positioning Nigerian MSMEs for sustained business growth, the bank has put in place a distinct mix of tailor-made offerings that SMEs in the economy need to thrive. One of these offers includes personalized advice and technical support in the form of The Fidelity SME Academy. SME owners who are existing or potential clients of Fidelity Bank can take advantage of the academy’s one-on-one business counseling sessions, scheduled training sessions / seminars on identified areas of business management, counseling sessions virtual, among others.
The bank is also hosting a 30-minute experience and knowledge sharing radio and Instagram Live program aimed at empowering Nigerian entrepreneurs with the knowledge and expertise that will enable them to build successful businesses. The program is currently airing on Inspiration FM 92.3 in Lagos on Tuesday live at 6.30am, with a replay on Thursday at 6.30pm on the same station and is also airing on other key radio stations nationwide.
SMEs by nature are cost sensitive and thus, to alleviate some of the financial burden on SMEs, Fidelity Bank offers tailor-made loan products to further alleviate the poor access to finance faced by small businesses in Nigeria. Some of these loans include; rapid customer loans, development finance loans, among others. These loans come with low interest rates and flexible collateral requirements.
In addition, SMEs can benefit from low-cost checking accounts designed to ensure that every SME has no reason not to transact through personal bank accounts.
From providing support through one-on-one counseling and mentoring sessions to providing affordable banking services, Fidelity Bank is increasingly becoming the bank of choice for businessmen and women as well as for business people. budding entrepreneurs.