Fidelity Bank, SMEDAN Signs MoU To Expand Nigeria’s MSMEs Presence In Africa

Leading financial Institution, Fidelity Bank Plc and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) have signed a strategic partnership aimed at bolstering the growth and expansion of Micro, Small, and Medium Enterprises (MSMEs) across the African continent.

The partnership, which will grant Fidelity Bank access to provide friendly interest rate loans to MSMEs referred by SMEDAN, is projected at empowering Nigerian entrepreneurs, particularly in the area 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, represented by the Executive Director, Lagos and SouthWest Businesses, Dr. Ken Opara, highlighted the bank’s long-standing commitment to the nation’s MSME sector noting that, for over two decades, Fidelity Bank has been at the forefront of pioneering innovative solutions to support small businesses.

According to Onyeali-Ikpe, the partnership between Fidelity Bank and SMEDAN is not a mere signing of an agreement but a renewed commitment to empowering MSMEs, recognising their pivotal role in driving economic growth, creating employment, and fostering national development in the years to come.

Onyeali-Ikpe noted that, “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.

Her words, “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 organize 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.”

On his part, the Director General, SMEDAN, Mr. Charles Odii noted that, “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 percent classified as nano enterprises”, he added.

Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.

The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.