Fidelity Bank, Entrepreneurs Discuss Issues Facing MSMEs

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As one of the financial institutions committed to enhancing the productivity and prosperity of Micro Small and Medium Enterprises (MSMEs) in the country, Fidelity Bank Plc organised a webinar in Enugu state to tackle the challenges bedevilling entrepreneurs.

At the event, the CEO of Fidelity Bank, Mrs Nneka Onyeali-Ikpe, provided insights into the bank’s unique approach to managing MSMEs, stating that the sector contributes about 48 per cent of national Gross Domestic Product (GDP), accounts for 96 per cent of businesses and 84 per cent of employment in Nigeria.

Speaking on what the bank has designed for SMEs, the banker said, “We have a dedicated SME Desk with innovative products and services to assist your business. Fidelity Bank, in partnership with various private and public institutions, provides funding, business advisory services for all our customers.”

“This webinar is an excellent opportunity to network, share information and deepen the SME sector in Enugu State,” she further explained.

Also speaking at the event themed Funding and Financial Management, the First Lady of Enugu State, Mrs Monica Ugwuanyi, applauded the bank for its unrelenting support for MSMEs in the state, stating that the administration of her husband, Mr Ifeanyi Ugwuanyi, remains at the forefront of SME development in Nigeria as exemplified by its continuous investments in infrastructure deployment and provision of labour policy frameworks to further encourage investments.

Commending the bank for its sustained efforts at promoting MSMEs nationwide, President of Association of Bureaux De Change Operators of Nigeria (ABCON), Mr Aminu Gwadabe, noted that the bank had been very supportive to its 5,000 licensed members nationwide.

“The BDC does about N1.4 trillion per annum. Fidelity Bank controls 60 per cent of these transactions in the country,” he disclosed, revealing further that exchange rate stability was determined by the country’s SME structure.

Given the immense potentials inherent in the nation’s MSME space, he said that the fledgeling sector, if properly positioned, could assist the Central Bank of Nigeria (CBN) achieve its mandate on exchange rate stability.

The webinar was held in collaboration with the Enugu State Ministry of Trade and Commerce and the Enugu SME Centre; Small and Medium Enterprises Development Agency of Nigeria (SMEDAN); Nigeria Association of Small & Medium Enterprises (NASME) and Enugu Chamber of Commerce, Industry, Mines and Agriculture (ECCIMA).

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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