Nnamdi Okonkwo, Managing Director, Fidelity Bank, said in Lagos on Wednesday that the bank came up with the initiative tagged, ‘SME Funding Connect,’ to deepen funding, which remained the biggest headache of SMEs.
Okonkwo who was represented by Executive Director, Lagos & South West, Mrs Nneka Onyeali-Ikpe, said the initiative was aimed at providing funding for SMES through the bank’s funding partners, venture capital and Angel investor, among others.
“Fidelity Bank is SME-friendly and we deemed it necessary to do something that directly affects our base as a bank. We have a lot of SME customers who we have worked with and some that we are still working with, and a lot of us know that the SMEs are the engine of any economy that is growing.”
He said there were over 40 million registered SMEs in Nigeria, noting that SMEs contributed 80 per cent of the workforce and could not be ignored.
Also speaking, Mr Osaigbovo Omorogbe, Divisional Head, Managed SMEs, said events for the funding of the SMEs would be carried out in Lagos, Port Harcourt, Kano and one other location to be determined by the bank.
Omorogbe said the Lagos event titled; ‘Entrepreneurship Meets Capital’ would take place on Aug. 7.
He said the funding partners would provide equity capital for SMEs to strengthen growth and development…
“We are not launching a fund, we are not looking to sell any fund to SMES on this paltform. We are creating a platform for everybody in SMEs’ ecosystem to participate. The programme has six focus sectors: manufacturing, technology, entertainment, lifestyles, agriculture value chain among others.”
“The funding will be anchored by PwC, Fidelity Bank is not a funding platform but creating a platform for every SME to meet funds providers.”
The Fidelity Bank SMEs Funding Connect has 3,000 participants, 60 providers, 60 founders, N12 million in grant, six breakout sessions and three networking cocktails.
Omorogbe said the bank had disbursed N2.3 billion under the Central Bank of Nigeria N220bn SME fund programme.
On his part, Nigeria Chief Economist and Partner, PwC, Mr Andrew Nevin, noted that the programme could develop more SMEs, which would in turn contribute to the development of the economy.
“For the past two years, the Nigerian economy has suffered and it has been difficult for banks to lend to the private sector but Fidelity Bank has risen up to the occasion and should be given credit for what they have done in the SME sector, which is the engine room of every economy.
“From the PwC perspective, we are proud to be part of the initiative and we would also want every state involved to be successful, and not only Lagos, so that they can contribute to the growth of Nigeria.”
Cover Of The Week
- Coronavirus - Zambia: Daily COVID-19 update 5th August 2020 August 5, 2020
- Coronavirus - Gambia: Daily Case Update as of 4th August 2020 August 5, 2020
- Coronavirus - Kenya: COVID-19 Update (5th August 2020) August 5, 2020
- Coronavirus - Ethiopia: COVID-19 reported cases in Ethiopia (5th August 2020) August 5, 2020
- COVID-19 Situation Report for Nigeria (4 August 2020) August 5, 2020
- Coronavirus - Eswatini: Minister of Health Lizzie Nkosi announces four new COVID-19 deaths in Eswatini August 5, 2020
- Coronavirus - Africa: The European Investment Bank (EIB) and Afreximbank direct EUR 300m of support to African COVID response August 5, 2020
- Blue Prism Positioned as a Leader in the Magic Quadrant for Robotic Process Automation Again in 2020 August 5, 2020
- Africa Oil Week’s Online Conference to Host “Somalia Licensing Round: Derisking Above Ground Factors” Session, with Address from Petroleum and Mineral Resources Minister August 5, 2020
- Chevron’s Entry into Equatorial Guinea and Cameroon Could be a Turning Point for Central Africa’s Gas Industry August 5, 2020
news5 months ago
Governor Dapo Abiodun : The Silent Hardworking Governor
Uncategorized2 months ago
STOP PRESS! AJIMOBI IS NOT DEAD SAYS SPOKESMAN, BOLAJI TUNJI
Politics3 months ago
Lagos Speaker,Rt. Hon. Mudashiru Obasa Clears The Air On Fraud Rumour
Education2 months ago
Methodist owned Wesley University owe staff up to 40 months Salaries