Fidelity Bank making millionaires through SMEs programme

By Chris Uba

Fidelity Bank plc is one of the few Nigeria’s financial institutions  that are  truly committed to the development of a virile small and medium enterprises (SMEs) sector in the country.  

The bank’s commitment to this policy thrust is informed by the belief  that SMEs play significant roles in the economic development of a country.   For instance, SMEs are essential to the world economy and play a role in economic development, provide products and services, create value in an economy, drive industrialization, develop skills of managers, create wealth for nations, and above all employ citizens of nations.

From the bank’s perspective, SMEs are businesses with less than N100million annual turnover which contribute about 48 per cent of national gross domestic product( GDP), account for 96 per, cent of businesses and 84 per cent of employment in Nigeria.

In Nigeria, the government is turning to SMEs and entrepreneurs as a means of developing the economy and solving problems. This harmonises with the focus of Fidelity Bank, which believes that a strong and resilient SMEs sector is imperative for the country’s sustainable economic development and growth.  As part of its commitment to the sector ,the bank has a dedicated SME Desk with innovative products and services to assist businesses. In partnership with various private and public institutions, the Bank provides funding, business advisory services for its customers.

Early in the year, Fidelity Bank reaffirmed its commitment to enhancing the productivity and prosperity of Micro Small and Medium Enterprises (MSMEs) in the country by providing capacity building and advisory services, innovative funding options and other forms of relevant support that would significantly improve their overall contributions to national development.

The bank’s Managing Director/ CEO, Mrs. Nneka Onyeali-Ikpe, gave an  assurance  to this effect at the Fidelity SME National Capacity Building Webinar organised by the bank for entrepreneurs in Enugu State, in collaboration with the Enugu State Ministry of Trade and Commerce and the Enugu SME Centre; Small and Medium Enterprises Development Agency of Nigeria (SMEDAN); Nigeria Association of Small & Medium Enterprises (NASME) and Enugu Chamber of Commerce, Industry, Mines and Agriculture (ECCIMA).

Mrs. Onyeali-Ikpe noted that despite the significant contribution of SMEs to the Nigerian economy, challenges still persist that hinder the growth and development of the sector. Some of the challenges she outlined include  funding, lack of infrastructure, poor management, low entrepreneurial skills, improper planning, poor digital skills, among others. The Fidelity CEO ,however, noted that the webinar sought  to proffer appropriate solutions to these challenges in a very practicable manner.

As part of the effort, Fidelity Bank  has gone the extra miles to educate Nigerian entrepreneurs and the upcoming ones on the importance of SMEs and what it takes to begin and succeed in the endeavour. For this the bank organises a weekly radio programme  through which it brings home to the listeners the nitty-gritty of starting  micro ,small and medium scale businesses across the country.

“For us as a bank, our focus on the MSME segment is to, in the main, bridge the yawning gap for capacity building in the small and medium enterprises development space and help MSMEs in Nigeria build the needed capacity for entrepreneurial success,” said that Fidelity Bank management.

“To help us drive the foregoing and very importantly, the achievement of our objectives of building and positioning Nigerian MSMEs for sustained business growth, we have in place, a suite of tailored offerings that have been put together by us to provide the following key support types amongst others, that MSMEs in the Nigerian environment require:

Business management capacity building support in the form of one-on-one advisory and handholding support, group/cluster focused advisory and handholding support, linkages to low cost shared platforms for access to quality backend and frontend business support services, etc.

Low-cost/affordable banking products and services. This is because by nature, MSMEs are cost sensitive. Therefore, they want a bank that recognizes this fact and are able to offer them, low-cost banking products and services e.g. low to zero cost current account products, convenient and easy to use digital transactions processing/facilitation platforms-payments and collections, funds management products. Easy access to credit facilities that are low-interest, have flexible collateral requirements,” said the bank.

According to the bank, “throughout the 19th century, European and American footwear designers and brands dominated the global footwear industry. However, with the rise of Asian markets in the twenty-first century, the African footwear sector has also stepped up the pace.”  The bank….

In its Radio Programme this week, the bank  noted that “ by 2023, the combined African footwear industry is expected to surpass $1 billion, making it the world’s largest industrial sector. Against this backdrop, it is apparent that this bourgeoning industry offers several opportunities for entrepreneurs to build successful businesses.

“To drive this point home to Nigerians , the bank engages a guest lecturers to shed light on how people can profit from venturing into footwear business. Join us at 6:30am on Tuesday, September 07, 2021 for another thrilling edition of the Fidelity SME Forum LIVE on Radio as our guest on the show, Mr. Ipaye, shares his profound insights and experiences on “Goldmine: How to build an Innovative and social footwear brand in Nigeria”.

“What factors should you consider before venturing into the footwear industry? Babajide Ipaye, our next guest on the show, has an interesting backstory. He had trouble finding shoes that suited his size 48 feet. Jide made the decision to make his own shoes, and voila, a footwear brand was born.

According to the  bank, “Jide is the CEO and Co-Founder of KEEXS, the First innovative and social footwear brand in Africa. He has 18 years of experience in technology and Strategy having worked in Multinationals such as Guinness and Total and then running his own IT company in Nigeria.”

It sure promises to be another inspiring session! Tell everyone you know to tune in to Inspiration FM 92.3, Lagos at 6:30am on Tuesday, September 07, 2021.There will also be a rebroadcast on Thursday, September 09, 2021, by 6:30pm.

Recently, Fidelity Bank reminded the Nigerian public that  “the Nigerian beauty and personal care industry is currently valued at more than $1.256 billion at retail and is forecast to rise to more than $1.311 billion in 2022. As new trends emerge, it offers possibilities for entrepreneurs to go the extra mile to achieve success in the industry.”

It might be difficult as a beginner in the beauty industry to distinguish yourself from competition. Aside from a great concept and a solid business strategy, it takes a variety of other factors to make it a success.

According to the bank,  people who want to establish a beauty business in 2021, there are a plethora of options that may help them narrow down their target market. “When you are just starting to create your brand, it is a good idea to pick a focus and a vision.

“We’re not going to let the cat out of the bag on this one. Join us on Tuesday, August 31, 2021 for another exciting edition of the Fidelity SME Forum LIVE on Radio as our guest on the show, Ms. Stella Ndekile, shares her profound insights and experiences on ‘The Secret to running a Successful Beauty Brand’.

Stella is the Founder and Chief Executive Officer of Nuban Beauty, a leading beauty brand providing premium quality cosmetic products to Africans. As the CEO, she oversees strategy and management, recruitment and training, core operations and client management as well as administration, sales and marketing.

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