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, Nneka Onyeali-Ikpe, managing director and chief executive officer, Fidelity Bank Plc, highlighted the bank’s long-standing commitment to the nation’s MSME sector noting that, for over two decades.
Onyeali-Ikpe, who was represented by Ken Opara, executive director, Lagos and SouthWest businesses, noted that the bank has been at the forefront of pioneering innovative solutions to support small businesses.
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According to her, the partnership between the 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.
“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,” she said.
“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,” she explained.
“The bank is committed to investing in financial literacy programmes, access to market initiatives, and reward high-performing MSMEs,” she added.
The managing director noted that both organisations 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, Charles Odii, director general of SMEDAN, noted that the significant component of the 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,” he said.
“We are optimistic about the collaboration in driving economic growth, creating employment, and fostering national development,” he added.
According to him, SEMDAN has conducted a comprehensive nationwide survey designed to accurately ascertain the precise number and distribution of MSMEs operating in Nigeria.
He noted that the existing survey puts the number of MSMEs at approximately 40 million businesses, with an overwhelming 90 percent classified as nano enterprises.
