Fidelity Bank’s SME Deposit Rises To N120bn
Speaking at the Fidelity SME Forum, a weekly radio talk show programme on Inspiration FM. Radio Lagos, Managing Director/ Chief Executive Officer, Fidelity Bank Plc., Nnamdi Okonkwo, disclosed that the bank currently boasts of a 50 percent SME loan to deposit ratio, which is an indication that it remains highly committed to supporting MSMEs in Nigeria, particularly in the area of access to finance.
He explained that Fidelity Bank’s SME deposit liability which is in excess of N120 billion and loans in excess of N60 billion are clear testaments to the bank’s commitment to the sector.
Okonkwo pointed out that the bank has made significant headway in the disbursement of the Central Bank’s MSME Development Fund as 70 customers have already accessed requisite credit to expand their business. “We are currently one of the top two (2) leading banks in the disbursement of the Fund”, he added.
According to him, Fidelity focuses more on productive segments of the economy where margins are not robust. This move, he added helps MSMEs in these industry to vertically optimise the performance of their respective businesses.
“The structure and pricing of the funds provide us the window to finance SME related transactions, which otherwise would have been expensive to finance from our balance sheet for the SMEs”, he explained.
Propelled by its one-on-one business advisory services and other capacity building initiatives, Okonkwo, said the lender has one of the strongest SME franchise in Nigeria, Africa’s largest economy by GDP.