In a bold step to strengthen Micro, Small, and Medium Enterprises (MSMEs) across Nigeria, Fidelity Bank Plc and SMEDAN have formed a strategic partnership.
This collaboration will unlock financial access, enhance skills, and open new markets for small businesses. By working together, they aim to drive sustainable growth and economic resilience.
The agreement was finalized at Fidelity Bank’s Lagos headquarters, with both parties pledging full support. Under this deal, SMEDAN-recommended businesses will gain access to low-interest loans, easing financial burdens. Furthermore, entrepreneurs will receive tailored training to improve their competitiveness.
Dr. Nneka Onyeali-Ikpe, Fidelity Bank’s Managing Director, reaffirmed the bank’s commitment to MSMEs. Represented by Dr. Ken Opara, she highlighted two decades of dedicated small business support. “This partnership goes beyond paperwork—it’s a promise to uplift Nigerian entrepreneurs,” she stated. MSMEs, she noted, fuel job creation and economic progress.
To maximize impact, Fidelity Bank will roll out financial literacy programs and mentorship initiatives.
High-performing businesses will receive rewards, which encourage excellence and motivate other enterprises to improve their performance.
Moreover, joint workshops actively connect entrepreneurs with industry experts, fostering meaningful knowledge exchange and collaboration opportunities. These interactions enable entrepreneurs to learn directly from experienced professionals and share insights effectively.
By facilitating this knowledge-sharing, these sessions promote practical learning and inspire innovative business ideas that entrepreneurs can implement.
Consequently, participants are empowered to think creatively, enabling them to develop innovative strategies for achieving success.
Furthermore, the sessions enhance networking opportunities, allowing entrepreneurs to build vital relationships for future growth.
As a result, participants gain valuable contacts that can lead to new markets, funding sources, and strategic partnerships.
These combined efforts effectively ensure MSMEs obtain the necessary knowledge and funding to grow and succeed sustainably.
SMEDAN’s Director General, Mr. Charles Odii, praised the alliance as a game-changer for entrepreneurship. He emphasized SMEDAN’s role in nurturing startups and scaling existing businesses. “With Fidelity Bank’s support, we can revitalize Nigeria’s entrepreneurial spirit,” he said. Their shared goal is job creation and inclusive economic growth.
Recent SMEDAN data reveals Nigeria hosts 40 million MSMEs, with 90% being nano enterprises. The agency remains focused on delivering targeted assistance to these businesses. Through this partnership, more entrepreneurs will access vital resources, ensuring long-term sustainability.
Fidelity Bank, serving over 9.1 million customers, continues to lead in digital and retail banking.
FidBank UK, its international subsidiary, actively expands its reach, tapping into new markets and forging strategic alliances.
This alliance reinforces its mission to empower businesses at every level.
Ultimately, this collaboration marks a milestone in Nigeria’s MSME growth journey. Entrepreneurs are urged to seize these opportunities, expand their operations, and contribute to national development. With sustained support, small businesses can thrive, driving prosperity across the continent.