Fidelity Bank Commences Disbursement of FGN MSME Intervention Funds to Women-Owned Businesses

Strategic Insights -

Fidelity Bank Plc, a tier one lender, has started disbursing the Federal Government of Nigeria's (FGN) MSME Intervention Funds to qualified small and medium-sized enterprises (MSMEs) with a strategic focus on empowering women-owned businesses across the country. The FGN MSME Intervention Fund is designed to provide accessible financing to micro, small, and medium enterprises across 36 states of the federation. The bank is prioritizing women entrepreneurs, reinforcing its belief in the catalytic role of women-led enterprises in driving sustainable development and job creation. Fidelity Bank has a robust structure in place to ensure seamless onboarding and fund disbursement, leveraging its nationwide branch network, digital banking platforms, and experienced relationship managers.

Key Takeaways:

  • Fidelity Bank has commenced the disbursement of the FGN MSME Intervention Funds to qualified MSMEs, focusing on women-owned businesses.
  • The FGN MSME Intervention Fund is designed to provide accessible financing to micro, small, and medium enterprises across 36 states of the federation.
  • Fidelity Bank is prioritizing women entrepreneurs, recognizing their resilience, innovation, and pivotal contributions to wealth creation and employment generation in Nigeria.
  • The bank has a robust structure in place to ensure seamless onboarding and fund disbursement, leveraging its nationwide branch network, digital banking platforms, and experienced relationship managers.
  • Fidelity Bank is committed to supporting Nigeria's SME sector, with a long-standing history of supporting the sector.
  • The bank has launched several initiatives, including the Fidelity SME Empowerment Programme (FSEP) and an MoU with SMEDAN to deliver SME-friendly low-interest financing and capacity-building support.
  • Fidelity Bank aims to deepen its impact on Nigeria's MSME ecosystem, fostering sustainable growth, job creation, and economic resilience across the country.

Statistics:

  • 100 growth-ready SMEs received ERPRev-enabled POS systems, business software, receipt printers, barcode scanners, inventory support, bookkeeping, and branding training as part of the Fidelity SME Empowerment Programme (FSEP).
  • The FGN MSME Intervention Fund is administered by the Bank of Industry (BOI).
  • Fidelity Bank has 255 business offices in Nigeria and a United Kingdom subsidiary, FidBank UK Limited.
  • The bank serves over 9.1 million customers through digital banking channels.

Sources:

  • Press statement from Fidelity Bank Plc, signed by Osita Ede, Divisional Head, Product Development.
  • BusinessDay Banks and Financial Institutions (BAFI) Awards for 2024.
  • Global Business Outlook for 2024.
  • Global Brands Magazine for 2024.
  • Euromoney Awards for Excellence for 2024.
  • SMEDAN (Small and Medium Enterprises Development Agency of Nigeria) Memorandum of Understanding (MoU) with Fidelity Bank.