Fidelity Bank Plc and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) have signed a strategic partnership aimed at growing micro, small and medium enterprises (MSMEs) across the continent.

The partnership, which will grant Fidelity Bank access to provide friendly loans to MSMEs referred by SMEDAN, is projected to empower Nigerian entrepreneurs, particularly in the area of finance, capacity-building and market access.

Speaking during the memorandum of understanding (MoU) signing ceremony held at the bank’s corporate head office in Lagos, the Chief Executive Officer, Fidelity Bank, Dr Nneka Onyeali-Ikpe, represented by the Executive Director, Lagos and SouthWest Businesses, Dr Ken Opara, highlighted the bank’s long-standing commitment to the MSME sector.

She noted that for over two decades, Fidelity Bank has been at the forefront of pioneering innovative solutions to support small businesses.

According to Onyeali-Ikpe, the partnership between Fidelity Bank and SMEDAN is not a mere signing of an agreement but a renewed commitment to empowering MSMEs, recognising their pivotal role in driving economic growth, creating employment and fostering national development in the years to come.

Onyeali-Ikpe noted: “Fidelity Bank and SMEDAN will work closely to design and implement strategies that will drive sustainable growth in the MSME sector and also provide MSME-friendly interest rate loans to businesses referred by SMEDAN.

“We aim to provide small businesses with access to finance, business development support, and market links necessary to expand their production capacities and reach wider markets. The bank is committed to investing in financial literacy programmes, access to market initiatives, and rewarding high-performing MSMEs.

The Director General, SMEDAN, Mr. Charles Odii, noted: “The significant component of the SMEDAN-Fidelity Bank partnership is the focus on nurturing the growth of small businesses, including micro multinational business enterprises and expanding our operations within the broader African market.

“We want to commend Fidelity Bank for its unwavering commitment to MSME development and for partnering with the agency on the crucial journey to power the revival of entrepreneurship. We are optimistic about the collaboration in driving economic growth, creating employment and fostering national development.”