In a significant move to strengthen the Micro, Small, and Medium Enterprises (MSME) sector, Fidelity Bank Plc has entered into a strategic alliance with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to provide accessible funding, training, and market opportunities to Nigerian entrepreneurs.
This collaboration, sealed through a Memorandum of Understanding (MoU) at Fidelity Bank’s headquarters in Lagos, is designed to offer low-interest loans to MSMEs identified and referred by SMEDAN, while also equipping them with the tools necessary to scale their operations.
A Renewed Commitment to Small Businesses
Speaking on the bank’s behalf, Dr. Ken Opara, Executive Director for Lagos and South West Businesses, reiterated Fidelity Bank’s two-decade-long dedication to supporting small enterprises. Representing the bank’s CEO, Dr. Nneka Onyeali-Ikpe, he emphasized that the partnership was more than a symbolic agreement—it was a renewed pledge to uplift MSMEs, which play a critical role in job creation and economic development.
“Our partnership with SMEDAN will not only unlock financing at favorable rates but also include robust support systems such as mentorship, training programs, and broader market access,” Dr. Opara said.
He added that Fidelity Bank will implement financial literacy campaigns, organize entrepreneur forums, and reward high-performing MSMEs through targeted initiatives.
Building Africa’s Future Through MSMEs
SMEDAN’s Director General, Mr. Charles Odii, also highlighted the partnership’s continental ambition, aiming to support micro and small enterprises as they grow into pan-African businesses. He praised Fidelity Bank’s enduring support for entrepreneurs and stressed the importance of this alliance in reviving Nigeria’s entrepreneurial ecosystem.
“With nearly 40 million MSMEs in Nigeria, and 90% of them operating as nano businesses, this partnership arrives at a crucial time,” Odii stated. “We are confident that this collaboration will stimulate inclusive economic growth and increase employment opportunities nationwide.”
Odii also mentioned that SMEDAN recently conducted a detailed nationwide survey to map the distribution and scale of MSMEs across the country. The findings will inform policy decisions and shape targeted support.
Fidelity Bank: Backing Small Businesses at Scale
Ranked among Nigeria’s leading commercial banks, Fidelity Bank Plc serves over 9.1 million customers via a robust digital infrastructure, 255 branches across Nigeria, and an international presence through FidBank UK Limited. The bank’s MSME focus is a core part of its growth strategy, reinforced by a solid ₦10.5 trillion asset base.
With this alliance, both institutions aim to reshape Nigeria’s MSME ecosystem, unlocking capital, skills, and opportunities for the country’s next generation of business leaders.
