Fidelity Bank Plc has pledged to use its Funding Connect Initiative to grow the next generation of micro, small and medium scale enterprises (MSMEs) operators.
The bank’s chief operation and information officer, Mr. Gbolahan Joshua, who stated this while speaking on Inspiration FM’s Fidelity SMEs Forum in Lagos, said the bank would not stop lending.
It would be recalled that the bank announced collaboration with PricewaterhouseCoopers (PwC) to provide funding for small and medium enterprises (SMEs) operating in Nigeria, through its Funding Connect that holds on August 7.
“This programme is not about growing our loan book is about supporting entrepreneurs. Will now engaging with them more on digital platforms because their audience and customers are now going digital.
“So we have to move them to those platforms for their product to meet a wider network,” said Joshua.
He also said the bank was not affected by the new Central Bank loan- to-deposit ratio policy.
Also speaking, the general manager/regional bank head, Ikeja, Mr. Ken Opara, applauded the programe saying it had helped in building the next generation of Nigerian entrepreneurs.
“We want to build the next generations of Nigerians entrepreneurs and we see a huge space in the sector.
“Today we have over one million SMEs in our books. Apart from those that access our platform at the SMEs radio or through our other programmes, we have also supported them through capacity programme, hand-holding and different cluster approach,” he said.
Reacting to the new lending windows open for MSMEs in the country, the chief economist, Development Bank of Nigerian (DBN), Prof. Joseph Nnanna proffered continuous capacity building for anybody wanting to play in the real space sector as the way forward.
He urged MSMEs operators to remain committed to their business.
“You just do not take money and expect to grow business without understanding the nature of your business and how to manage various function and department within your business.
“For instance, if record keeping is a challenged, then perhaps is important to know both book-keeping and financial accounting to understand your various flows and cash flows mechanism within your business, but yet there is an avenue to grow as long we realised we are learning.
“Consequently, I am very optimistic even with this new circular that just came out by Central Bank of Nigeria (CBN) to push and compel commercial banks to fund the real sector.
“Ultimately, it is a good thing. We still have to build the capacity of MSMEs to absorb those types of funds or else what will happen is probably that non-performing loans will occur if they do not manage the funds well,” he said.
