Fidelity Bank Set to Disburse NCGC N5bn Credit score Assure Facility to Increase MSME Financing

Tier one Lender, Fidelity Bank Plc, has introduced its readiness to start the disbursement of funds below the Nationwide Credit score Assure Firm (NCGC) N5 billion Credit score 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 Govt Officer of Fidelity Bank Plc, Dr. Nneka Onyeali-Ikpe, throughout the signing of a Memorandum of Understanding (MoU) between the financial institution and NCGC.

In accordance with Dr. Onyeali-Ikpe, the partnership with NCGC represents a big step within the financial institution’s ongoing efforts to boost monetary inclusion and stimulate financial progress by way of elevated entry to credit score. “This assure will allow us to additional increase financing alternatives for many who want it most, whereas strengthening our capability to help companies throughout key sectors of the Nigerian financial system,” she mentioned.

The power will cowl essential sectors together with meals processing, secondary agriculture (equivalent to fish and poultry processing), style, inexperienced power, mild manufacturing, the agricultural worth chain (feed mills and tools fabrication), export-oriented companies, and training.

Dr. Onyeali-Ikpe highlighted that Fidelity Bank has persistently supported various sectors by way of focused initiatives such because the Inexperienced Vitality Financing Programme for renewable power entrepreneurs, the Constancy SME Hub for small companies with a particular arm – Creativerse, devoted to the artistic trade and the Fidelity Bank Training Help Scheme which supplies reasonably priced financing for instructional infrastructure and expertise upgrades.

“With the backing of the NCGC credit score assure, we will now lengthen financing to companies which have historically been excluded from formal credit score techniques—with out compromising our danger requirements or operational effectivity,” she added. “Whereas we have now supported MSMEs with short-term services previously, this partnership permits us to offer long-term credit score services that empower companies to increase 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.

Additionally 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.

“Though MSMEs are key contributors to Nigeria’s financial improvement, lots of them battle to safe funding from monetary establishments on account of perceived excessive dangers,” he mentioned. “Via the credit score assure scheme, NCGC shares this danger with banks, making it simpler for MSMEs to entry much-needed capital.”

Mr. Okhaimo added that NCGC and Fidelity Bank can even collaborate to offer monetary literacy and enterprise administration coaching to MSME beneficiaries, making certain they’ve the information and expertise 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 financial improvement throughout Nigeria.

Ranked among the many greatest banks in Nigeria, Fidelity Bank Plc is a full-fledged Industrial Deposit Cash Financial institution serving over 9.1 million prospects by way of digital banking channels, its 255 enterprise places of work in Nigeria and United Kingdom subsidiary, FidBank UK Restricted.

The Financial institution 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 Monetary Establishments (BAFI) Awards; the 2024 Most Revolutionary Cellular Banking Utility award for its Constancy Cellular App by International Enterprise Outlook, and the 2024 Most Revolutionary Funding Banking Service Supplier award by International Manufacturers Journal. Moreover, the Financial institution was acknowledged because the Finest Financial institution for SMEs in Nigeria by the Euromoney Awards for Excellence and because the Export Financing Financial institution of the 12 months by the BusinessDay Banks and Monetary Establishments (BAFI) Awards.