Fidelity Bank Unveils ₦5bn Funding Scheme to Support MSME Growth

Fidelity Bank Plc has announced plans to disburse ₦5 billion in financing to Micro, Small, and Medium Enterprises (MSMEs) across Nigeria, as part of its strategic efforts to boost entrepreneurship, job creation, and inclusive economic growth. The initiative, unveiled at a recent MSME-focused forum in Lagos, underscores the bank’s commitment to empowering small businesses that form the backbone of the nation’s economy.

The funding package is designed to provide affordable credit facilities to MSMEs operating in key sectors such as manufacturing, agribusiness, technology, fashion, healthcare, and renewable energy. According to the bank, the ₦5 billion fund will be deployed through tailored financial products, capacity-building programmes, and partnerships with development finance institutions.

Speaking at the launch, Managing Director/Chief Executive Officer of Fidelity Bank, Dr. Nneka Onyeali-Ikpe, said the initiative aligns with the bank’s mission to enhance financial inclusion and support sustainable business growth across the country. She emphasized that the MSME sector remains critical to Nigeria’s development, contributing significantly to employment generation and GDP growth.

“MSMEs are the lifeblood of Nigeria’s economy, accounting for over 80 percent of businesses and more than 60 percent of employment,” Onyeali-Ikpe stated. “At Fidelity Bank, we recognize their potential and challenges, and this ₦5 billion funding support reaffirms our commitment to helping them thrive through access to finance, advisory support, and digital solutions.”

She noted that the bank’s MSME financing scheme is structured to bridge the funding gap that many entrepreneurs face, particularly in accessing affordable credit to scale their operations. The facility will provide flexible repayment terms and reduced interest rates to ease financial pressure on small businesses struggling with inflation and rising operating costs.

The Fidelity Bank CEO also highlighted the institution’s ongoing collaboration with the Development Bank of Nigeria (DBN), the Bank of Industry (BoI), and international development partners to expand funding channels for small business owners. She revealed that the bank had previously disbursed over ₦60 billion to MSMEs in the past three years, empowering thousands of entrepreneurs across various sectors.

Onyeali-Ikpe further stated that the new ₦5 billion scheme would integrate a digital lending component through the Fidelity MSME Hub — an online platform that enables business owners to apply for loans, access business advisory services, and connect with investors.

“Technology is transforming how businesses operate, and we are leveraging digital tools to make access to finance easier and faster for MSMEs. Through the Fidelity MSME Hub, entrepreneurs can access funding without unnecessary bureaucracy,” she added.

Executive Director, Lagos and South-West Directorate, Fidelity Bank, Dr. Ken Opara, explained that the bank’s latest intervention goes beyond financing. He noted that Fidelity Bank would provide MSMEs with capacity-building workshops on financial management, marketing, branding, and digital adoption.

According to Opara, “We believe in empowering MSMEs not just with funds, but also with the right knowledge to manage and grow their businesses. That’s why we are combining funding support with training and mentorship.”

He disclosed that the bank has scheduled a nationwide series of MSME clinics and trade fairs in partnership with local chambers of commerce, government agencies, and business associations. These events will allow entrepreneurs to showcase their products, network with potential investors, and learn from industry experts.

Stakeholders at the forum, including representatives of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and Lagos Chamber of Commerce and Industry (LCCI), commended Fidelity Bank for its continued investment in the MSME ecosystem. They noted that such initiatives are crucial to mitigating unemployment and fostering inclusive growth amid economic headwinds.

Speaking on behalf of SMEDAN, Dr. Olawale Fasanya, the agency’s Director-General, praised Fidelity Bank for its long-standing support for small businesses, urging other financial institutions to emulate its example. “Access to finance remains one of the biggest challenges facing MSMEs. Fidelity Bank’s intervention is timely and aligns with the government’s drive to diversify the economy through enterprise development,” Fasanya said.

The initiative also comes at a time when the Federal Government is intensifying efforts to strengthen the MSME sector through reforms in tax policies, business registration, and credit access. Analysts believe the bank’s ₦5 billion intervention will complement these efforts by unlocking new opportunities for innovation and productivity.

Financial analysts described the scheme as a step in the right direction, considering the rising cost of doing business and limited access to capital among small enterprises. According to Frontline Business Insights, only about 20 percent of Nigeria’s MSMEs have access to formal credit facilities, leaving a vast majority dependent on personal savings and informal lenders.

Fidelity Bank’s new initiative, they said, could serve as a catalyst for broader financial inclusion, enabling more entrepreneurs to formalize their businesses and contribute to economic development.

Over the years, Fidelity Bank has earned a reputation as one of Nigeria’s most MSME-friendly banks, consistently introducing products tailored to the needs of small business owners. Its support programs — including the Fidelity SME Forum, Business Advisory Series, and Digital Empowerment Clinics — have reached thousands of entrepreneurs nationwide.

As part of its sustainability strategy, the bank has also pledged to continue investing in green financing and women-led enterprises. A portion of the ₦5 billion fund, Onyeali-Ikpe confirmed, will be dedicated to female entrepreneurs and youth-led start-ups, in line with the bank’s commitment to gender equity and economic empowerment.

Industry observers predict that this initiative will not only strengthen Fidelity Bank’s position as a leading MSME lender but also contribute significantly to Nigeria’s economic recovery and resilience. With strategic partnerships and continued innovation, the bank aims to expand its support framework and reach even more entrepreneurs across the country.