Are you looking for Scholarships
In Nigeria and Abroad? You can find dozens here, for Masters, PHD and Undergraduate.

Fidelity Bank’s SME Deposit Rises To N120bn

FEDILITYOne of Nigeria’s most capitalized financial institutions,Fidelity Bank Plc, has said it intends to intensify support for Micro and Small Medium Enterprises, MSMEs, through initiatives channeled towards raising their level of competitiveness.
The bank hopes to increase its loan book in 2016 by aggressively lending to MSMEs which have been touted to be the engine of growth for the economy.

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.

 

Leave a Reply

Your email address will not be published. Required fields are marked *

Contact Us
Call +234 813 069 1462