Fidelity Bank Plc and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) have penned a strategic collaboration to bolster the growth and expansion of Micro, Small, and Medium Enterprises (MSMEs) across Africa.
The collaboration, which will involve the financial institution providing friendly interest rate loans to MSMEs referred by SMEDAN, is set to empower Nigerian entrepreneurs, especially in the areas of finance, capacity-building, and market access.
Speaking during the Memorandum of Understanding (MoU) signing ceremony held at the bank’s corporate head office in Lagos recently, the Managing Director/Chief Executive Officer, Fidelity Bank Plc, Dr. Nneka Onyeali-Ikpe, reiterated the company’s commitment to Nigeria’s MSME sector.
He revealed that for over 20 years, Fidelity Bank has championed the delivery of innovative solutions to aid small businesses.
Announcing that the partnership with SMEDAN will not just be another signed agreement that will yield no tangible result, Onyeali-Ikpe said that the collaboration will prioritise the growth of MSMEs, who play a crucial role in triggering economic growth, creating jobs, and delivering national development.
He maintained that Fidelity Bank and SMEDAN will unite to implement strategies that will drive sustainable growth in the MSME sector, while offering MSME-friendly interest rate loans to businesses referred by SMEDAN.
“Fidelity Bank and SMEDAN will work closely to design and implement strategies that will drive sustainable growth in the MSME sector and also provide 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. The bank is committed to investing in financial literacy programmes, access to market initiatives, and reward high-performing MSMEs.
We will organise joint forums, create awareness programs, and ensure that entrepreneurs receive the mentorship, counseling, and business development services they need to succeed. We urge entrepreneurs to seize the opportunities presented by this partnership to build a thriving MSME ecosystem together,” he said.
Director General, SMEDAN, Mr. Charles Odii, revealed that the partnership will guarantee the growth of small businesses across the country, and Fidelity Bank deserves praise for its unwavering commitment to MSME development in Nigeria.
“The significant component of the SMEDAN-Fidelity Bank partnership is the focus on nurturing the growth of small businesses, including micro multinational business enterprises and expand our 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. We are optimistic about the collaboration in driving economic growth, creating employment, and fostering national development.
The agency has conducted a comprehensive nationwide survey designed to accurately ascertain the precise number and distribution of MSMEs operating in Nigeria and the existing survey puts the number of MSMEs at approximately 40 million businesses, with an overwhelming 90 per cent classified as nano enterprises,” he added.
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