Fidelity Bank Partners With SMEDAN On Nigerian Small Business Funding

Fidelity Bank has partnered with Nigeria’s Small and Medium Enterprises Development Agency (SMEDAN) to try and bridge the gap in helping smaller businesses get funding, a company blog post said.

The company said the partnership will bolster what it’s already doing in Nigeria to support small-to-midsize enterprises (SMEs).

“For us at Fidelity Bank, supporting SMEs is in our DNA and for more than two decades we have been creating multiple platforms to help them thrive,” said Nneka Onyeali-Ikpe, Managing Director/CEO, Fidelity Bank. “These include the numerous products we have pioneered for the sector, our collaboration with the Lagos Business School to host the Export Management Programme, the Fidelity SME Academy and our weekly SME Forum radio programme where we have had successful business owners and even SMEDAN share tips on running thriving ventures with listeners.”

SMEDAN Director-General/CEO Olawale Fasanya said Fidelity Bank had been a rarity in Nigeria in that it showed “immense interest in providing support to the large MSME community.”

In other news regarding Fidelity Bank, Fund, an impact investor, has extended $15 million to the bank to invest in the West African nation of Ghana, PYMNTS wrote.

Read more: Fidelity Bank, Fund Team to Expand Agribusiness Financing in Ghana

This will see Fidelity Bank lending to agribusinesses on the value chain such as those in food production, logistics and supply chains for domestic staples and export crops.

In addition, it will promote production and consumption practices which are more in-line with sustainability standards and biodiversity conservation.

The two partners will help agribusinesses bolster their capabilities, promote market linkages and climate-resilient agricultural practices, and will give tech support for staff.

It all comes as Ghana is trying to become more food self-sufficient. The nation has adopted sustainability standards for agribusinesses and has been working more on domestic production.

Fidelity Bank said it supports the agricultural sector “not just because of the business and commercial opportunities it presents, but most importantly the direct impact it has on job creation, food security, improved livelihood and gender inclusion.”