Fidelity Bank has pledged its continued support for micro, small and medium enterprises whose activities were disrupted by the COVID-19 pandemic.
In a statement on Sunday entitled, ‘Fidelity Bank restates support for SMEs in Nigeria’, the bank said the assurance was given during the 13th annual banking and finance conference of the Chartered Institute of Bankers of Nigeria.
According to the Divisional Head, SME Banking Division, Fidelity Bank, Osaigbovo Omorogbe, the bank’s commitment was borne out of the realisation that MSMEs are the engine room of any economy.
He said, “The ability of MSMEs to stay on sustainably at this time, and even become more attractive for various types of funding support, will undoubtedly be strengthened with deepened capacity building support, both on the back and front office ends.”
He explained that there was a compelling need for relevant stakeholders to deepen capacity-building support for MSMEs in various areas, ahead of funding support, to enable them to position more strongly to stay afloat and even grow.
While insisting that a one-size-fits-all capacity building model/approach for MSMEs would no longer help, Omorogbe stressed the need for more tailored capacity building support that would take into account the peculiarities and challenges MSMEs were facing.
He advocated stronger collaboration among “all stakeholders who have roles to play in ensuring MSMEs get and enjoy the much-needed support they require at this time, in various areas, to further ensure the MSME segment not only survive the times but also get set firmly on the path of sustainable growth.”
Fidelity Bank said it had, over the years, leveraged the myriad intervention/development funding schemes typically offered at single digit interest rates by local and international development finance institution for the benefit of its SME customers.
Leave a Reply