GTB 737 banner Yudala banner

Fidelity Bank SME Deposit Liability in Excess of N120bn

By News Express on 14/01/2016

Share on facebook Yahoo mail icon Gmail icon

Views: 1,277


Fidelity Bank Plc, one of Nigeria’s most capitalised financial institutions, says it intends to intensify support for Micro and Small Medium Enterprises (MSMEs) through a number of unique initiatives geared towards raising their level of competitiveness in a challenging business environment. This year, the bank hopes to increase its loan book by aggressively lending to MSMEs which have been touted to be the next cash cow in the economy.

Speaking on the Fidelity SME Forum, a weekly radio talk show programme organised by the Bank on Inspiration FM. Lagos, Managing Director/Chief Executive Officer, Fidelity Bank Plc., Nnamdi Okonkwo disclosed that the bank currently boasts of a 50 percent SME loan to deposit ratio, which is an indication that the lender remains highly committed to supporting MSMEs in Nigeria, particularly in the area of access to finance. He explained that Fidelity Bank’s SME deposit liability which is in excess of N120 billion and loans in excess of N60 billion are clear testaments to the bank’s avowed commitment to the sector.

Alluding to the bank’s plan to step up the tempo of engagement with MSMEs amid the nation’s harsh economic conditions, Okonkwo noted that the bank’s SME customer base is in excess of 600,000 and are evenly spread across Nigeria’s geographical regions. The Bank Chief pointed out that the lender has made significant headway in the disbursement of the Central Bank’s MSME Development Fund as 70 customers have already accessed requisite credit to expand their business. “We are currently one of the top two (2) leading banks in the disbursement of the Fund,” he added. According to him, Fidelity focuses more on productive segments of the economy where margins are not robust. This move, he added helps MSMEs in these industry verticals optimise the performance of their respective businesses.

“The structure and pricing of the funds provide us the window to finance SME related transactions, which otherwise would have been expensive to finance from our balance sheet for the SMEs,” he explained. Propelled by its one-on-one business advisory services and other capacity building initiatives, Okonkwo, said the lender has one of the strongest SME franchise in Nigeria, Africa’s largest economy by GDP. He explained that the financial institution’s decision to organise regional SME conference series was borne out the need to help small businesses in all geopolitical zones build capacity needed to aid the diversification of the Nigerian economy by harnessing economic opportunities which their immediate environments offer.

“We just finished one in Ibadan December 2015 where we had most of the key MSMEs in the South West in attendance. “Before that, we had done one in Enugu for the South East SMEs. By the end of the month, we are heading to Kano for the North West SME Conference”, the Fidelity boss said. With the prevailing economic condition characterised by falling oil prices, revenue drought and the resultant capital controls of the Central Bank of Nigeria (CBN), the Fidelity boss urged SMEs to raise their management game in order to take full advantage of the myriad opportunities which the downturn offers. “We see a lot of growth opportunities in Manufacturing, Services and Agric. Value-chain, especially in the segments that are directly related to import substitution and export activities,” he further explained.

To take advantage of these opportunities, Okonkwo said small businesses in the manufacturing and food processing business space will need to make strides in the following areas: “quality control and packaging, proper corporate governance structures and processes, effective financial management system, improved compliance with regulatory authorities and product differentiation.”

•Photo shows Fidelity Bank CEO Nnamdi Okonkwo.

Source News Express

Posted 13/01/2016 11:39:25 PM

 

Share on facebook Yahoo mail icon Gmail icon


 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

 

You may also like...
Rivers, Ebonyi, Kaduna, Lagos top anti-corruption chart

Today’s Weather: Expect plenty clouds, isolated thunderstorms: NiMET...

Prosecutors seek secret trial of Ese Oruru’s alleged...

School report exonerates Nigeria Peace Corps Volunteers in...

FG directs labour unions to suspend nationwide protests...

NRC suspends Abuja-Kaduna train service

Kaduna to refund N140 million to 2014, 2015...

Weather Forecast for Today, By the Nigerian Meteorological...

Anxiety over Ohanaeze President-General’s health

NDLEA makes big catch at Seme Border

Keshi’s son blasts FG as body arrives Delta...

World ship owners form association, pick Orji Uzor...

 

Latest News Global hunt for Nigerian cyber criminal Peter Obi didn’t make me Governor — Obiano Usain Bolt set for Man U debut Court martial sentences Air Force man to death for killing girlfriend APC members grumble over appointments 2,424 illegal schools closed down in Benue Group seeks probe of France’s alleged involvement in Boko Haram attacks Ribadu raises alarm over plot to scuttle anti-graft war INEC threatens perpetrators of electoral illegalities with jail term FG secures $1.5bn fund for power transmission Wike calls for increased investments in SCIENCE, TECHNOLOGY We don’t have enough money to execute projects – Amaechi

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (271,154 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (252,828 views) Shameless Genevieve Nnaji exposes breasts in public (205,430 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (174,027 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (172,401 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (153,915 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (133,260 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (124,788 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (117,368 views) Lagos plane crash: Journalist releases victims’ names (108,901 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (108,359 views) APC cries foul as PDP’s Fayose takes early lead in Ekiti governorship election (100,903 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (27) Business (2,659) Business Verdict (18) Columnists (726) Complaints & Requests (92) Enterprise & Opportunities (172) Entertainment (350) Features (474) Global Business Monitor (170) International (1,492) Interviews (128) Live Commentary (28) Love Matters (67) News (27,474) Opinion (780) Pidgin (8) Politics (3,849) Religion (594) Sports (1,304) Stock Watch (23) AMA & Al Jazeera Global Update

 

UBA mobile app

CBN words on marble advert

 

 

Senator Adeleke on the dancing steps in London

 

APO Newsbreak logo

 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement



 

 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!