Managing director Fidelity Bank has reiterated the bank’s commitment to supporting Micro Small and Medium Enterprises (MSMEs) in the Country. He was speaking at the just concluded SMEs Funding Connect challenge which came up recently in Lagos.
The Fidelity SME Funding Connect is a one-day event focused on funding for MSMEs and aimed at galvanizing requisite finance for the growth and development of MSMEs across Nigeria
‘’As already mentioned, we have decided to commence the Fidelity SME Funding Connect Series in continuation of our support for MSMEs especially in the area of helping them bridge the funding and other capacity gaps they continue to grapple with’’.
He also explained that the Fidelity SMEs funding connect series is expected to hold in key policy and commercial hubs across the country, starting with the just concluded Lagos edition and will be followed by Port Harcourt, Enugu, Aba, Ibadan and Kano in the course of the year and at designated times in 2020.
‘’We hope to use the opportunity to connect participating existing and growing businesses with local and international fund providers, in major brand showcasing events across these locations’’.
Divisional Head, SMEs Fidelity Bank Osaigbovo Omorogbe, also explained that the SME Funding Connect event is designed to provide insights on unique perspectives needed by SMEs to positioning their businesses in a way that it attracts attract capital, funding sources and how to pitch their businesses to potential investors.
He disclosed that the event will also provide a deeper understanding of the Bank’s innovative, tailored SME products and services as well as access to its advisory and Networking platform.
‘’All entries received are reviewed thoroughly by PwC (one of the big four accounting and consulting practices in the world).
50 entrepreneurs behind the selected entries went through a one-day intensive training/boot camp by PWC and business plans were submitted at the end. This was from a total of about 2500 successful entries.
The top 12 business plans were selected as semi-finalists and invited to go through an intensive product and pitch session at the PWC Experience Center. The top 5 finalist were then selected to pitch for the grants prizes at the Live event.
Three winners were selected by a panel of Judges at the Live event with the 1st Winner going home with the sum of N2 Million, and two runner ups with N1 million each.
The challenge is also aimed at reaching local businesses who operate in sectors such as Manufacturing, Health, Agriculture, Education, Technology, Entertainment and lifestyle.
Over the years, Fidelity Bank has consistently made an impressive showing in all key indices and remaining one of the most stable Banks in the Country, posting an impressive Profit before Tax of N25 billion at the end of the 2018 with a balance sheet size of over N1.7 Trillion and current customer base of over 4.5 million.