Tier one Lender, Fidelity Bank Plc, has introduced its readiness to start the disbursement of funds below the National Credit Guarantee Company (NCGC) N5 billion Credit Intervention Scheme. The initiative is designed to increase entry to finance for Micro, Small and Medium Enterprises (MSMEs), in addition to companies owned by girls and youths throughout Nigeria.
This was disclosed by the Managing Director/Chief Executive Officer of Fidelity Bank Plc, Dr. Nneka Onyeali-Ikpe, in the course of the signing of a Memorandum of Understanding (MoU) between the {bank} and NCGC.
According to Dr. Onyeali-Ikpe, the partnership with NCGC represents a major step within the {bank}’s ongoing efforts to reinforce {financial} inclusion and stimulate {economic} progress by way of elevated entry to credit score. “This guarantee will enable us to further expand financing opportunities for those who need it most, while strengthening our capacity to support businesses across key sectors of the Nigerian economy,” she stated.
The facility will cowl vital sectors together with meals processing, secondary agriculture (similar to fish and poultry processing), vogue, inexperienced vitality, mild manufacturing, the agricultural worth chain (feed mills and gear fabrication), export-oriented companies, and schooling.
Dr. Onyeali-Ikpe highlighted that Fidelity Bank has persistently supported numerous sectors by way of focused initiatives such because the Green Energy Financing Programme for renewable vitality entrepreneurs, the Fidelity SME Hub for small companies with a particular arm – Creativerse, devoted to the inventive business and the Fidelity Bank Education Support Scheme which supplies reasonably priced financing for instructional infrastructure and expertise upgrades.
“With the backing of the NCGC credit guarantee, we can now extend financing to businesses that have traditionally been excluded from formal credit systems—without compromising our risk standards or operational efficiency,” she added. “While we have supported MSMEs with short-term facilities in the past, this partnership allows us to provide long-term credit facilities that empower businesses to expand sustainably.”
Over the previous 5 years, Fidelity Bank has disbursed over N500 billion in loans to MSMEs, empowering 1000’s of entrepreneurs and creating sustainable livelihoods.
Also talking on the occasion, Managing Director of NCGC, Mr. Bonaventure Okhaimo, emphasised that the group was established to bridge the financing hole confronted by MSMEs in Nigeria by mitigating lender dangers by way of credit score ensures.
“Although MSMEs are key contributors to Nigeria’s economic development, many of them struggle to secure funding from financial institutions due to perceived high risks,” he stated. “Through the credit guarantee scheme, NCGC shares this risk with banks, making it easier for MSMEs to access much-needed capital.”
Mr. Okhaimo added that NCGC and Fidelity Bank will even collaborate to offer {financial} literacy and enterprise administration coaching to MSME beneficiaries, guaranteeing they’ve the information and abilities to successfully handle their loans and obtain sustainable progress.
The Fidelity Bank–NCGC partnership reinforces each establishments shared dedication to fostering entrepreneurship, strengthening MSMEs, and driving inclusive {economic} improvement throughout Nigeria.
Ranked among the many finest banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million clients by way of digital banking channels, its 255 enterprise places of work in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is a recipient of a number of native and worldwide Awards, together with the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the Bank was acknowledged because the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and because the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.
