Ahmad Sorondinki in Kano
Fidelity Bank has launched new support initiatives for small businesses in Kano, including Nigeria’s first dedicated SME Hub and free nationwide training programs, as part of efforts to reduce startup costs and build capacity for entrepreneurs across Northern Nigeria.
The initiatives were announced during an interactive town hall meeting with business owners in Kano on Wednesday.
Speaking at the event, Mrs. Gochi Osinigwe, Divisional Head, SME and Digital Banking, said the bank is committed to walking with customers from start-up stage to large enterprise level.
“Our SME division focuses on growth for SMEs and our customers. When you talk about SMEs, you’re talking about small, medium and large enterprises,” Mrs. Osinigwe said. “Our customers start from those that start up. We see them through that journey of business growth until they become very big because that is our dream.”
She noted that SMEs contribute at least 80% of Nigeria’s GDP, which makes them critical to national development. To ease the burden on new businesses, Fidelity Bank has also introduced account types with zero account maintenance fees.
She said a major highlight of the bank’s intervention is the Fidelity SME Hub, the first of its kind in Nigeria. “The hub provides shared office space where entrepreneurs can operate without paying the usual one-year rent upfront.
“You come in there, take a small corner and do your business. You can have your meeting. You don’t need to incur that initial expenditure,” she explained.
Gochi, noted that beyond physical infrastructure, the bank has invested heavily in knowledge through holding regular trainings both physical and online, with online sessions attracting between 600 to 1,000 participants per session.
“The trainings are at the cost to the bank and at no cost to the participants,” Mrs. Osinigwe stated.
“A lot of SMEs fail because they don’t know a lot of things. They mix their personal business with their business and then they’re not able to develop themselves to become bankable. So, we do all that training to help SMEs to scale.”
The trainings are open to both Fidelity customers and non-customers. Participants register online and join from across the country, and even outside Nigeria for virtual sessions. Topics covered include business structuring, record keeping, and access to finance.
On funding, Mrs. Osinigwe said the bank also offers collateral-free loans based on business turnover, and leverages intervention funds from NEXIM, DBN and BOI to lend at cheaper rates.
She added that the bank has special products like FUNDA for women, a green product for renewable energy, and a package for youths.
Also speaking, an Executive Director of the bank described Kano as a critical commercial hub for the North and beyond.
“At Fidelity Bank, we are ready to walk this journey with you. Together, let us build strong businesses, deeper markets, and a more resilient economy for Kano, and for the north, and for Nigeria as a whole,” he said.