How Fidelity Bank supports start-ups

In a bid to address one of the biggest challenges confronting MSMEs in Nigeria, some deposit money banks in the country are providing special funds to address MSMEs financial needs in order to enable them grow their businesses.  Among them is Fidelity Bank.

Fidelity Bank focuses on providing solutions to the challenges facing MSMEs operators in the country through a multifaceted approach.

Apart from its weekly MSMEs radio broadcast to educate, inform, advise and inspire budding entrepreneurs, the bank is also ensuring that MSMEs get the required fund to grow their businesses.

The bank’s continued support for MSMEs shows its commitment to nation-building and Nigeria’s economic development.

Owing to the its strong focus on MSMEs, Fidelity has disbursed over N2.2 billion out of the Central Bank of Nigeria’s (CBN’s) N220 billion micro, small and medium size enterprises development fund (MSMEDF).

Also, the bank has also received repayment of N400 million, pointing out that the CBN is very committed to the disbursement of the fund.

Fidelity bank has not recorded any default on loans given to MSMEs on the MSMEDF.

“We’ve got repayment of N400 million; we haven’t had default because of the process through which these funds were accessed”, Nnamdi Okonkwo, managing director and CEO, disclosed this during one of Fidelity’s SME Forum on radio.

“I just want to encourage people even though sometimes government may not have met with all our expectations, but let us also realize that some good things are happening and take advantage of them”, he added.

The bank has partnered with ‘You and I’ with Monalisa Show in the aspect of funding and handholding of budding entrepreneurs showcased by the TV station and helping them to grow.

Fidelity bank recently announced an impressive result for the year ended December 31, 2017 with a profit after tax, soaring by 94 per cent.

Increased focus to the MSMEs segments has been attributed as one of the reason for the banks sustained performance in 2017 full year financial statement.

Fidelity has commercial support short-term loan which is a 90 days loan product for MSMEs that operate their businesses with stable cash flows in the country.

The bank has in recent times won accolades as the Best SME Friendly Bank.

Josephine Okojie