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Fidelity Bank disburses 91% SMIEIS fund

Category: Capital Market

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Fidelity Bank disburses 91% SMIEIS fund

April 20, 2007/Punch



Fidelity Bank Plc has disbursed 91 per cent of its Small and Medium Enterprises Equity Investment Scheme funds.


SMIES began in 2003 when the Central Bank of Nigeria rolled out a revolutionary policy, which it hoped would resolve the challenge of SME financing head on. The initiative was a response to the concerns of the Federal Government about the almost total neglect of the SMEs by banks and financial institutions.


The SMIES policy stipulates that all banks should set aside10 per cent of their annual profits before tax aside for equity investment and promotion of small and medium enterprises. 


For a long time, the concern of the authorities in the country has been the slow pace of the banks in disbursing to designated sector the funds that have been set aside.



However, Fidelity Bank on Thursday confirmed that over 91 per cent of its SMIEIS funds, totaling N698m out of N763m, has been appropriately disbursed.



According to the Managing Director of the bank, Mr. Reginald Ihejiahi, the bank’s SME programmes are well focused with an eye to the future.



He said care was taken to ensure that the disbursements were appropriately channeled into strategic sectors of the economy where the most impact would be made.



He said “Our strategy favoured industries that have endurance and transformation potential, based on sound business models and SMEs that offer outsourced services to larger firms,†Ihejiahi said.


He explained that industries in which


Nigeria’s comparative advantage could be exploited for maximum competitiveness as well as companies that produce goods of high export potential were considered.


According to him, industries with high local raw materials content, ambitious firms with clear sight on global and regional markets as well as businesses with demonstrable capability to deploy franchise models were clear favourites.



“Fidelity Bank remains one of the few Nigerian banks with a history of consistent support to the SMEs that began long before the advent of SMIES. The bank’s well known partnership with ABC Transport Company Plc, a leading transport firm in the West African sub-region as evidence of the bank’s commitment to the SMEs sector,†he said.



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