Nigeria’s Fidelity Bank awards N6.4 million to 12 SMEs, launches new growth-focused products

Nigeria’s Fidelity Bank awards N6.4 million to 12 SMEs, launches new growth-focused products

[html]Fidelity Bank Plc empowered twelve small and medium scale enterprises (SMEs) with N6.4 million in the maiden edition of its SMEs Funding Connect program.
   
   
   
       
       
           
               
                   

Fidelity Bank Plc empowered twelve small and medium scale enterprises (SMEs) with N6.4 million in the maiden edition of its SMEs Funding Connect program.

               
           
               
                   

The Fidelity SME Funding Connect 2019, titled, “Entrepreneurship meets Capital,” took place at the Landmark event center in Lagos on Wednesday, August 7th, in collaboration with PwC Nigeria.

               
           
               
                   

The twelve finalists emerged from more than 2,000 applicants who went through a rigorous selection process conducted by PwC Nigeria. The Consulting firm provided mentorship and capacity building which connected entrepreneurs with investors.

               
           
               
                   

In his opening remarks, the Managing Director and Chief Executive Officer of Fidelity Bank,  Nnamdi Okonkwo, commended the management and board for setting the tone and taking the bold step to be the only SMEs friendly bank in Nigeria.

               
           
               
                   

                                   

The Managing Director and Chief Executive Officer of Fidelity Bank, Mr. Nnamdi Okonkwo, delivering opening remarks at Fidelity SMEs Connect in Lagos, August 2019

               

               
           
               
                   

He attributed the bank’s ability to make funds available to the small and medium scale enterprises to its platform; “Manage SMEs.”

               
           
               
                   

Okonkwo said; “Today is the beginning of a series of programs that we are planning in Kano, Port Harcourt, Ibadan, Aba, others that will bring fund providers to the SMEs.”

               
           
               
                   

“The essence is to bring fund providers together for the benefit of those who need funding,” he added.

               
           
               
                   

Fidelity Bank’s focus is all-inclusive and concentrated on SMEs generally because they need that voice that all-inclusive.”

               
           
               
                   

On his part, Deputy Governor of Lagos State, Dr. Olufemi Hamzat, lauded Fidelity Bank's initiative for supporting SMEs, saying the move is part of the process of revitalising the economy.

               
           
               
                   

Dr. Hamzat noted that access to capital is one of the biggest threats to SMEs in the world and that the State government has set aside N25 billion to encourage SMEs.

               
           
               
                   

                                   

Winners at the 2019 Fidelity Bank SME Funding

               

               
           
               
                   

The winners:

               
           
               
                   

Yetunde Oyalowo of “Market Doctor” (a mobile clinic in Lagos situated near local markets) won the grand prize of N2 million while Mariam Lawani of “Greenhill Recycling” and Nelly Agboju “Nellies” (FMCG) placed second and third respectively, winning N1 million each.

               
           
               
                   

Adeyinka Tekenah of “Happy Coffee” and Olalekan Afolayan of “Pack My Load” (Logistics) won consolation prizes of N500,000 each while the remaining seven shortlisted SMEs received N200,000 each.

               
           
               
                   

The top 12 finalists also received certificates of participation.