Fidelity Bank Plc has partnered with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to boost the growth and expansion of MSMEs across Africa.
This is contained in a statement by the bank on Tuesday in Lagos.
The partnership gives Fidelity Bank access to offer friendly interest rate loans to MSMEs referred by SMEDAN, supporting finance, training, and market access for entrepreneurs.
During the recent MoU signing in Lagos, Fidelity Bank’s Managing Director/CEO, Dr Nneka Onyeali-Ikpe, reaffirmed the bank’s dedication to supporting the MSME sector.
Represented by Dr Ken Opara, Executive Director, Lagos and SouthWest Businesses, Onyeali-Ikpe noted Fidelity Bank’s two-decade record of supporting small businesses.
She described the partnership as a renewed commitment to empowering MSMEs, given their critical role in economic growth, job creation, and national development.
She added that both organisations will develop strategies to drive sustainable MSME growth and offer loans at favourable rates to eligible businesses.
“Our goal is to enable small businesses access to finance, development support, and market opportunities to boost production and reach broader markets,” she stated.
The bank will invest in financial literacy, market access initiatives, and reward top-performing MSMEs to encourage innovation and growth.
She added that forums and awareness campaigns will be organised to equip entrepreneurs with mentorship, counselling, and business development services.
“We urge entrepreneurs to embrace this partnership and help build a strong MSME ecosystem,” she said.
SMEDAN Director-General, Mr Charles Odii, stressed the partnership’s significance in expanding small businesses across the African market.
He commended Fidelity Bank’s commitment to MSMEs and support in reviving entrepreneurship through this joint effort.
“We are confident this partnership will stimulate economic growth, job creation, and national development,” Odii said.
He noted a nationwide survey shows Nigeria has around 40 million MSMEs, with about 90 per cent categorised as nano enterprises. (NAN)
