Fidelity Bank: Supporting Businesses, Enhancing Economic Growth

Proshare

Thursday, July 07, 2021/12:50PM / Fidelity Bank Plc / Header Image Credit: Fidelity Bank Plc


 Proshare Nigeria Pvt. Ltd.


Fidelity Bank Plc recognises the critical roles MSMEs play as vital agents of economic development and transformation

 

Mr. Theophilus Nwankwo is an indigenous manufacturer who produces a wide range of plastic products in Lagos, the commercial nerve centre of Nigeria. He recounts his experience and lessons learnt in his entrepreneurial journey. His business was forced to close after a large client placed a major order for his products.

 

Mr. Nwankwo needed a loan to purchase an advanced equipment to fulfil the large order, but it was 2021 and the country was still grappling with the economic recession occasioned by the Covid-19 pandemic. Fidelity Bank provided him with the funds he needed to keep his end of the bargain. Mr. Nwankwo is one of many Micro,  Small, and Medium Enterprises (MSMEs) struggling to stay afloat.

 

According to a report by the National Bureau of Statistics (NBS), SMEs in Nigeria have contributed about 48 percent of the national GDP in the last five years.  With 17.4 million, they account for 84 percent of employment and nearly 90 percent of the manufacturing sector regarding the number of enterprises. These figures notwithstanding, MSMEs remain largely bedeviled by several problems inhibiting them from reaching their potential with limited financing options being one of the main drawbacks they face.

 

Fidelity Bank's mission to bridge the yawning capacity building gap and help SMEs in Nigeria build the necessary capacity for entrepreneurial success is evident across their various SME targeted products and services. They currently offer a suite of tailored offerings to position Nigerian SMEs for sustained business growth. These product offerings have resulted in tremendous success for the benefiting SMEs and setting them up for sustainability. Some of these products include:

 

  1. The Fidelity SME Academy - a platform where prospective and existing customers enjoy free capacity building support services such as tailored one-on-one virtual business advisory services and access to business management capacity building programs with alliance partners.

 

  1.  Fidelity SME Forum - The SME forum is a 30-minute experience and knowledge sharing radio and Instagram Live programme aimed at empowering Nigerian entrepreneurs with knowledge, know-how and expertise that will enable them to build successful businesses. The programme currently airs on Inspiration FM 92.3 in Lagos on Tuesdays live at 6:30 AM, with a repeat broadcast on Thursdays at 6:30 PM on the same station.

 

  1. Links to Outsourcing Service Providers - Fidelity Bank provides SMEs with access linkages to outsourcing services providers and shared services platforms that cover services such as technology services, software applications, website design & development, network infrastructure, social media, bookkeeping, accounting & internal control services, HR services, payroll management service, audit services amongst others.                                                                                                       

 

In line with their avowed desire to be the go-to bank for funding and allied support for SMEs powering the growth and development of the Nigerian economy, they have paved easy access to low-interest credit facilities with flexible collateral requirements. Some of these bespoke financing/loan products include:


  • Fidelity EduLoan Offering (for schools)
  • Fidelity Private Medical Support Scheme (for hospitals)
  •  Fidelity Pharmacy Support Scheme (for pharmacies)
  • The Commercial Support Short Term Loan (for traders)
  • Traders Support Facility
  • The Commercial Support Overdraft (CSO)
  • The Fidelity Distributors' Finance Scheme (for distributors of Fast Moving Consumer Goods companies).

 

Nigerian SMEs hold the potential to contribute significantly to the growth of the economy. It is therefore imperative that adequate support in terms of finance is provided, with the aim of unlocking the further growth and expansion of this sector in Nigeria.

 

Kindly share and stay connected with us on our platforms HERE


Proshare Nigeria Pvt. Ltd.


Related News

1.      Fidelity Bank Plc Announces the Retirement of Mr. Gbolahan Joshua as an Executive Director

2.     Moody's Announces Completion of a Periodic Review of Ratings of Fidelity Bank Plc

3.     Fidelity Bank Q4 2020 and Q1 2021 Results Review: Downside Risk to FY 2021 ROAE Guidance

4.     Fidelity Bank Restates Commitment to Non-Oil Export Business

5.     NSE Lists Fidelity Bank Plc's N41.21bn 10 Years Series 1 Bonds

6.     Fidelity Bank FY2020 Results: Marginal Fall in Profit Amidst a Pandemic

7.     The Payday Revolution from Fidelity Bank is Here

8.     Fidelity Bank Notifies of Retirement of Four Directors, Appoints Three New Directors

9.     Fidelity Bank Plc Up to N75bn Series 1 Bond Issuance Now Open

10.  Fidelity Bank Year-To-Date September 2020 Result: Stable Earnings Amidst A Pandemic

11.   Fidelity Bank Q3 2020 Results Review: On Track to Deliver 16% ROAE in 2020E


Proshare Nigeria Pvt. Ltd.


Proshare Nigeria Pvt. Ltd.

READ MORE:
Related News
SCROLL TO TOP