Business
Fidelity Bank set to Launch Innovative SME Hub with Creative Studios
Published
16 hours agoon
Fidelity Bank set to Launch Innovative SME Hub with Creative Studios
Fidelity Bank, a leading financial institution, has announced the imminent launch of its dedicated physical facility for Small and Medium-scale Enterprises (SME) and entrepreneurs in the creative sector.
Known as the Fidelity SME Hub, the multipurpose facility features training halls, meeting rooms, networking spaces, podcast rooms as well as music, photography and content production studios.
“For nearly four decades, Fidelity Bank has been at the forefront of supporting small businesses in achieving their potential and driving the nation’s economy. During this time, we have recognized that SMEs require more than just financial assistance. This realization has led to the implementation of various non-financial initiatives tailored to support this sector.
“The Fidelity SME Hub is our latest non-financial solution for SME growth. The facility is designed to foster innovation, collaboration, and capacity-building -vital elements necessary for strengthening Nigeria’s SME ecosystem and driving economic growth”, commented Dr Nneka Onyeali-Ikpe, Managing Director/Chief Executive Officer, Fidelity Bank Plc in a chat with journalists recently.
Located at the heart of Lagos, the Fidelity SME Hub will provide entrepreneurs with networking and stakeholder engagement initiatives as well as access to industry experts and mentors for hands-on guidance and business advice. A key feature of the facility is the Creativerse, a well-equipped space for entrepreneurs in the creative industry.
The bank has also announced the launch of dedicated courses to be hosted at the SME Hub in areas such as Financial Management & Investment Readiness, Digital Transformation & Technology Adoption, Marketing, Branding, and Business Growth Strategies. Furthermore, a fully-fledged creative academy will be established to cover courses on Music Production, the Business of Music, Website Design & Development, Mobile Videography, Disc Jockey and Photography. To see a comprehensive list of available courses or to apply, please visit https://www.fidelitybank.ng/smehub/.
Explaining further, Onyeali-Ikpe said, “Beyond empowering small businesses, the Fidelity SME Hub will also serve to bolster our non-oil exports drive as we empower SMEs to increase their contribution to Nigeria’s non-oil GDP thus supporting government’s economic diversification drive. Through our investment in Creativerse in particular, we anticipate that content creators will unlock new revenue streams in entertainment, digital media, and arts, an industry already contributing 2.3% to GDP.”
Ranked among the best banks in Nigeria, Fidelity Bank is a full-fledged customer commercial bank serving over 8.5 million customers through its 255 business offices in Nigeria and the United Kingdom, as well as through digital banking channels.
The bank has garnered multiple local and international awards, including the Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, Best Payment Solution Provider Nigeria 2023, and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards. It was also recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023 and the Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.
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Business
Transforming Lives: Free Health and Wellness Services Uplift Ga-Rankuwa
Published
19 hours agoon
February 5, 2025Transforming Lives: Free Health and Wellness Services Uplift Ga-Rankuwa
Moepathutsi, Zone 1 – February 4, 2025
In a remarkable display of community support and empowerment, Faith and Hope Foundation, Ramanthle Molope Foundation, MIET Africa, and Childline Gauteng joined forces to provide essential health and wellness services to students at Moepathutsi, Zone 1. The outreach event, held on Tuesday, February 4, 2025, at 11 AM, was a testament to the power of collaboration in making a tangible difference in people’s lives.
The event was not just about providing services but also about educating and engaging the community. Before availing themselves of the free services, students participated in an insightful workshop led by representatives from the organizations. The session covered key topics on health, well-being, and the importance of proactive self-care, ensuring that attendees were equipped with the knowledge to make informed decisions about their health.
Following the workshop, the community members were given access to a range of free services, including:
Free Lunch – Ensuring that no one in attendance went hungry, the event provided nutritious meals to all participants.
Free Sanitary Towels – Addressing menstrual hygiene needs and ensuring young girls had access to necessary supplies.
TB Screening – Helping in the early detection and prevention of tuberculosis.
HIV Testing & PrEP – Encouraging HIV awareness and prevention through free testing and the provision of pre-exposure prophylaxis (PrEP) for those at risk.
Family Planning Services – Providing critical reproductive health support to empower individuals in making responsible choices.
The initiative underscored the unwavering commitment of these organizations to community welfare, ensuring that essential health services reach those who need them most. The collaborative approach not only made the services more accessible but also created an environment of trust, education, and empowerment.
Participants expressed their gratitude for the outreach, highlighting the positive impact of having such vital services readily available. Many shared that the knowledge gained from the workshop, coupled with the health screenings and resources, provided them with a renewed sense of hope and responsibility towards their well-being.
As the event concluded, organizers reaffirmed their commitment to continued community engagement and outreach. The success of this initiative serves as a beacon of what can be achieved when organizations come together with a common goal – to uplift, educate, and support communities in need.
This collaborative effort is a shining example of how partnerships can bridge gaps in healthcare accessibility and create lasting change. Faith and Hope Foundation, Ramanthle Molope Foundation, MIET Africa, and Childline Gauteng have set a precedent for future initiatives, proving that when we come together, we can truly make a difference.
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Business
ICAN inaugurates FIRS chapter, hails Adedeji’s leadership of tax agency FIRS has over 2,800 ICAN members out of 66,00 —ICAN president
Published
1 day agoon
February 4, 2025ICAN inaugurates FIRS chapter, hails Adedeji’s leadership of tax agency
FIRS has over 2,800 ICAN members out of 66,00 —ICAN president
The President, Institute of Chartered Accountants of Nigeria (ICAN), Davidson Alaribe, on Tuesday, inaugurated a chapter of the body for the Federal Inland Revenue Service (FIRS), charging officers of the chapter to continue to uphold high ethical standards associated with the profession.
Alaribe, while speaking at the ceremony in Abuja, said the significance of the chapter of ICAN at FIRS is founded on the tax agency being the largest employer of chartered accountants in the country.
A statement by Sikiru Akinola, Technical Assistant (Media) to the FIRS chairman, Zacch Adedeji quoted the ICAN president to have said that out of the 66, 000 chartered accountants in the country today, more than 2,800 are in FIRS, the largest by any government agency.
Alaribe commended the FIRS chairman, Zacch Adedeji, for leading the transformation of the agency that is now vital to the country’s economic development by making revenue available to the three tiers of government to finance major projects.
Assuring the FIRS chapter of constant support, he tasked the pioneer officers to actively engage members to establish a strong foundation for the chapter and also ensure the elevation of its profile.
The FIRS chairman, who was represented at the event by the Coordinating Director, Medium Taxpayers Group, Dr Dick Irri, charged the leaders of the ICAN chapter to continue to display high ethical standards in the discharge of their duties.
Adedeji, who is a Fellow of ICAN himself, said he gave the approval for the establishment of the unit as a result of the critical roles chartered accountants play for Nigeria, particularly at FIRS.
“ICAN is dear to me in many ways. Apart from being a fellow of ICAN, we have close to 3,000 ICAN members working in FIRS. I like to tell you that all your members have always upheld the core values of ICAN. They have set standards others are working to catch up with.
“This event is a great avenue to advocate the cause of accounting at FIRS. The quality of the people in the executives says it all. There is no denying the fact that ICAN members in FIRS are blazing the trail as we have the highest number of chartered accountants in Nigeria,” he said.
In her acceptance speech, the pioneer chairperson of the FIRS branch, Dr Josephine Onyia, thanked Adedeji and the management of FIRS for the support and endorsement of the new leaders.
“As members of a noble profession like ours, we are crucial in upholding financial integrity, fostering economic advancement and promoting trust within the business community.
“I am honoured to be the pioneer chairman of the ICAN-FIRS chapter which comprises many chartered accountants, who stand for these core values and contribute actively to the advancement of the accounting profession and revenue collection for national development,” she said.
She promised to foster a lifelong learning and professional development culture, ensuring members have access to the requisite resources and support necessary to excel in an ever-changing environment.
Other officers of the unit include Mrs Adenike Adegoke who is the Vice-Chairperson; Abdurauf Aderemi, General Secretary; Mrs Patricia Ofili, Treasurer; Mr Aduka Borr, Publicity Secretary and others.
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Business
Cash Crunch Crisis: How Nigeria’s Cashless Policy is Fueling a Parallel Market
Published
3 days agoon
February 3, 2025Cash Crunch Crisis: How Nigeria’s Cashless Policy is Fueling a Parallel Market
Lagos, Nigeria – The ongoing cashless situation in Nigeria has sparked widespread concerns, with businesses and individuals struggling due to the exploitative practices of Point-of-Sale (POS) operators. Tope Dare, the Executive Director, e-Business and Infrastructure at Inlaks Computers Limited, has attributed this crisis to the flawed implementation of the cashless policy and the inefficiencies of banks.
Speaking at a public lecture themed “The Cash War Between ATMs and POS Agents in Nigeria,” Dare highlighted how the Central Bank of Nigeria’s (CBN) policies have led to persistent cash shortages. According to him, the ATM withdrawal limits, though designed to promote wider cash distribution, have instead prompted individuals to hoard cash rather than deposit it in banks.
“Many Nigerians depend on physical cash for daily transactions, and the transition to a cashless society requires a more balanced approach to financial inclusion,” Dare stated. He emphasized that POS agents, once seen as mere banking alternatives, have become crucial intermediaries for cash supply. However, their high fees and questionable sourcing methods have created a parallel market for cash.
Dare explained that POS operators now obtain cash through two major avenues: purchasing cash from local businesses in exchange for digital transfers at a fee and withdrawing directly from ATMs using multiple debit cards. These practices have resulted in ATM congestion and limited access to cash for regular bank customers.
“This dynamic has left everyday bank users at a disadvantage, facing higher transaction costs and long queues at ATMs,” he noted. “While POS agents bridge the financial gap, their unchecked dominance is causing unintended economic consequences.”
A survey conducted on street users revealed a strong preference for POS withdrawals despite their high fees. Respondents cited proximity, speed, customer service, and cash availability as reasons for their choice. Many also found POS agents to be more personable than traditional bank staff, despite lacking formal customer service training.
As of March 2024, Nigeria had approximately 2.7 million deployed POS terminals compared to less than 21,500 ATMs, serving over 63 million unique bank clients. This stark disparity highlights the growing dependence on POS agents for cash transactions. However, the ATM network continues to struggle with issues such as low withdrawal limits, forcing customers to make multiple transactions that disproportionately affect cash-reliant individuals like traders, transport workers, and elderly citizens.
Dare commended recent CBN initiatives to penalize banks that fail to ensure adequate cash availability. These measures include encouraging customers to report ATM cash shortages, increasing oversight, and imposing fines on underperforming financial institutions. However, he stressed that without a comprehensive review of the cashless policy, the exploitation of consumers by POS agents would persist.
As the debate over financial accessibility rages on, Nigerians are left grappling with an uncertain cash supply system, where convenience comes at a steep cost. Whether the CBN’s intervention will bring long-term relief remains to be seen.
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