Fidelity Bank has unveiled a range of initiatives designed to support small and medium-sized enterprises (SMEs) in Kano, including the launch of Nigeria’s first dedicated SME Hub and free business training programmes nationwide.

The measures are aimed at lowering startup costs while improving the capacity of entrepreneurs to build and sustain their businesses.

The initiatives were announced on Wednesday during an interactive town hall meeting between the bank and business owners in Kano.

The Divisional Head, SME and Digital Banking at Fidelity Bank, Mrs Gochi Osinigwe, said the financial institution was focused on supporting businesses throughout their growth journey, from the startup stage to large enterprise level.

Osinigwe noted that SMEs make a significant contribution to Nigeria’s economy. She said Fidelity Bank had introduced account options with zero account maintenance fees as part of efforts to ease the financial pressure on new businesses.

A key component of the bank’s intervention is the Fidelity SME Hub, which gives entrepreneurs access to shared office facilities without requiring them to make the usual upfront payment for one year’s rent.

The bank is also placing emphasis on business education through regular physical and virtual training programmes. According to Osinigwe, the online sessions draw between 600 and 1,000 participants per session, with entrepreneurs able to participate at no cost.

The training is available to both Fidelity Bank customers and non-customers and addresses areas such as business structuring, record keeping and access to finance.

Osinigwe said inadequate business knowledge and the failure of many entrepreneurs to separate personal finances from business finances were among the challenges affecting SMEs. She explained that the training programmes were intended to help business owners operate in a more structured manner and improve their ability to qualify for banking services.

On financing, Osinigwe said Fidelity Bank provides collateral-free loans determined by business turnover. She added that the bank also accesses intervention funds from the Nigerian Export-Import Bank (NEXIM), the Development Bank of Nigeria (DBN) and the Bank of Industry (BOI) to offer financing at more affordable rates.

Fidelity Bank also has specialised financial products targeting different groups and sectors. These include FUNDA for women, a green financing product focused on renewable energy and a package specifically developed for young entrepreneurs.

An Executive Director of the bank described Kano as a critical commercial centre for Northern Nigeria and reiterated Fidelity Bank’s commitment to supporting businesses operating in the region.

He said the bank’s objective was to contribute to the development of stronger businesses, deeper markets and a more resilient economy across Kano, Northern Nigeria and the country.

Source:msme africa online