SMEs repay Fidelity Bank N1.8bn out of N2.5bn

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Fidelity Bank disclosed that small businesses owners that accessed Central Bank of Nigeria (CBN’s) Micro Small and Medium Enterprises Development Fund (MSMEDF) being managed by the bank, have so far repaid N1.8 billion out of the N2.5 billion they borrowed.

The Managing Director, Fidelity Bank Plc, Mr. Nnamdi Okonkwo stated this during a press conference to herald its partnership with Africa’s Youth Empowerment (AYE) to drive youth empowerment in Nigeria.

“None of these funds has gone bad. They have not gone bad because we are deliberate in building capacities of the SMEs in the country,” he said.

He, however, stated that the bank decided to partner AYE, because of its pedigree and its huge membership base spread across Africa.

Earlier, the President, AYE, Sunny Francis, said with the partnership, AYE will be remembered for creating job opportunities, alleviating poverty in Africa and changing the direction of the focus of the Nigerian youth.

“We will be responsible for putting Africa on the global map while also giving entrepreneurs to give confidence to network and get access to credit. We decided to partner Fidelity because of its passion for entrepreneurship development in the country,” he added.

He noted that entrepreneurship advocacy is very key for Africa, calling on other financial institutions to step up their game in supporting the growth and development of MSMEs in Nigeria.