Fidelity Bank Plc has joined forces with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) in a strategic partnership aimed at supporting the growth and expansion of Micro, Small, and Medium Enterprises (MSMEs) across Africa. The collaboration will enable Fidelity Bank to offer favorable interest rate loans to MSMEs referred by SMEDAN, providing crucial financial assistance to entrepreneurs seeking to scale their businesses.
According to News, this partnership is designed to empower Nigerian entrepreneurs by enhancing access to finance, building capacity, and opening up new market opportunities. The initiative also focuses on creating a supportive ecosystem that facilitates business development through mentorship, financial literacy programs, and market linkage services.
Dr. Nneka Onyeali-Ikpe, Managing Director and CEO of Fidelity Bank, expressed the bank’s ongoing commitment to supporting small businesses: “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.”
Charles Odii, Director General of SMEDAN, echoed this sentiment, emphasizing the importance of nurturing MSMEs for long-term economic growth and job creation. “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 expanding our operations within the broader African market,” he stated.
With Nigeria home to approximately 40 million MSMEs, 90% of which are classified as nano enterprises, the need for targeted support is critical. The partnership aims to address challenges faced by small businesses and stimulate sustainable growth, aligning with Fidelity Bank’s longstanding role as a leading player in MSME banking.
The partnership is also expected to foster greater collaboration between the Nigerian MSME sector and international markets, positioning these businesses for success beyond Nigeria’s borders. Fidelity Bank’s robust presence across digital banking channels and its international subsidiary in the United Kingdom further supports this expansion.
For Nigerian MSMEs, this collaboration promises to be a game-changer, offering the financial tools and support necessary to thrive in an increasingly competitive global market.
Article updated 3 weeks ago. Content is written and modified by multiple authors.
