E-Financial
Fidelity Bank Reaffirms Support for MSMEs, Drives Growth Agenda at SME Forum
Fidelity Bank Plc, leading financial institution, has reaffirmed its commitment to advancing the growth and sustainability of Micro, Small and Medium-scale Enterprises (MSMEs), positioning itself as a trusted partner beyond traditional banking and financing.
This commitment was reiterated by the bank’s management during a keynote address delivered by the Executive Director, South, Mrs. Pamela Shodipo, at the recently held SME Quarterly Business Forum in Port Harcourt, Rivers State.
The Forum, themed “Scaling Trade and Distribution of Businesses for Sustainable Growth,” brought together entrepreneurs, business owners, industry experts and customers for insightful discussions on strategies for expanding businesses, strengthening distribution networks and unlocking sustainable growth opportunities in Nigeria’s evolving marketplace.
In her address, Shodipo reiterated Fidelity Bank’s commitment to supporting SMEs beyond traditional banking and financing. She stated, “Our objective is clear: to help Nigerian enterprises grow, become more competitive and create sustainable value in their communities and the wider economy. We want to be more than a provider of funds; we want to be your trusted partner in growth,” she said.
Further emphasising the strategic importance of the host city, the bank’s Executive Director described Port Harcourt as a critical economic hub, with significant influence across trade, logistics, marine services, manufacturing, agriculture, and the energy sector.
“Port Harcourt occupies a strategic place in the economic life of Nigeria. It is a major commercial hub, a gateway to the South-South and a city whose influence extends across trade, logistics, marine services, manufacturing, agriculture and energy. Businesses here understand what it means to operate in a dynamic environment, respond to market demand quickly and keep commerce moving,” she said.
Shodipo maintained that, the Forum’s theme was particularly relevant given the vital role trade and distribution businesses play in connecting producers to consumers, supporting supply chains, creating jobs and sustaining livelihoods.
“Trade and distribution businesses play a critical role in the Nigerian economy. They connect producers to consumers, support supply chains, create jobs and sustain livelihoods. In the South-South, this role is even more significant because the region remains one of the vital arteries of commerce in Nigeria, with strong links to ports, industrial activity, wholesale trade and regional distribution networks,” she remarked.
The bank’s Executive Director also highlighted initiatives such as the Fidelity Nigeria International Trade and Creative Connect (FNITCC), which connects businesses to international markets like the UK and US, as well as partnerships with the Nigeria Export Promotion Council (NEPC) and Lagos Business School through the Export Management Programme, alongside the Fidelity SME Hub for advisory support.
In her remarks, Mrs. Ugochi Osinigwe, Divisional Head, Small and Medium-scale Enterprises, Fidelity Bank Plc, said the forum was designed to provide business owners with actionable insights and valuable networking opportunities that can accelerate growth.
“SMEs remain the backbone of Nigeria’s economy, and at Fidelity Bank, we are deliberate about creating platforms that expose entrepreneurs to knowledge, innovation and opportunities that help them build resilient and scalable businesses. This forum reflects our ongoing commitment to supporting SMEs beyond banking by equipping them with the tools and connections needed to thrive in today’s competitive environment,” Osinigwe said.
She encouraged participants to leverage the Bank’s various SME-focused initiatives, advisory services and digital solutions to strengthen their operations and position their businesses for long-term success.
Participants at the forum commended Fidelity Bank for creating a platform that addresses real business challenges and provided practical solutions.
One of the participants, Mr. Andy Macozi, praised the initiative, saying, “The forum was timely and informative. The discussions addressed challenges many business owners face daily, and I believe more entrepreneurs will benefit if Fidelity Bank continues to organize such seminars and knowledge-sharing sessions.”
Also speaking, Chief Uche Aham, an oil and marine services entrepreneur, described the forum as insightful and impactful.
“I commend Fidelity Bank for bringing together business owners to learn and exchange ideas. The sessions were practical and insightful. It would also be helpful if participants could receive comprehensive materials from the forum for future reference and implementation,” he noted.
The Fidelity Bank SME Quarterly Business Forum is the latest of the bank’s initiatives aimed at empowering entrepreneurs, fostering innovation and driving sustainable economic development across Nigeria.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 10 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is a recipient of multiple local and international awards, including the 2025 Development Bank of Nigeria (DBN) Innovation Award for MSME support; Best Retail and SME Bank Award from Independent Newspapers; Best Bank for Export & Trade Finance and Most Innovative Bank of the Year at the 2025 BusinessDay Banks and Financial Institutions (BAFI) Awards; and Nigeria’s Best Private Bank at the 2025 Euromoney Awards. The Bank also received the inaugural Most Improved Commercial Bank of the Year award by Nairametrics, the SME Bank of the Year award by NewsDirect, and the Straight-Through Processing (STP) Excellence Award by Citi Group, in addition to recognition by Global Brands Magazine for Excellence in Community Empowerment
Debt Management Office (DMO) said the federal government spent N3.14 trillion on servicing its domestic debt in the first quarter of 2026.
The office disclosed the data in its latest domestic debt service report for Q1 2026.
The figure comprises N2.97 trillion in interest payments and N169.68 billion in principal repayments.
The agency said in January, the government spent N741.82 billion on domestic debt service, while the figure rose to N967.67 billion in February.
Debt service increased further to N1.43 trillion in March, bringing the total for the quarter to N3.14 trillion.
The March figure was 47.7 percent higher than the N967.67 billion recorded in February and 92.7 percent above the N741.82 billion spent in January.
Also, the debt office said interest payments accounted for about 94.6 percent of total domestic debt service during the quarter.
The DMO said treasury bills accounted for the largest share of interest payments at N1 trillion, while interest on federal government bonds stood at N1.96 trillion.
The agency said the government also paid N4.24 billion in interest on FGN savings bonds during the period.
The DMO said the principal component of the debt service comprised N169.68 billion in repayments on local-denominated promissory notes.
Overall, the government’s domestic debt service rose sharply through the quarter, with March accounting for almost half of the N3.14 trillion spent between January and March.
Nigeria’s public debt increased by 0.01 percent to N159.35 trillion in the Q1 of 2026.
Interswitch Group, an integrated digital payments and commerce company, together with global banking software provider, Temenos have reassured the Central Bank of Nigeria (CBN) of their commitment to advancing the modernisation of Nigeria’s financial services sector.
Interswitch and Temenos had earlier in June announced a strategic partnership across Africa which would see Interswitch leverage Temenos solutions – across core banking, digital banking, payments, wealth management and financial crime mitigation – to provide cloud-hosted and on-premises managed services to banks and financial institutions across Africa.
This will enable institutions to progressively transform their banking platform and evolve to more customer-centric business models. The service will initially support key African markets including Nigeria, Ghana, Côte d’Ivoire, Kenya and others.
The recent regulatory visit to CBN headquarters in Abuja, was led by the Founder and Group Chief Executive Officer of Interswitch, Mitchell Elegbe, and Managing Director for the Middle East and Africa (MEA) at Temenos, Santhosh Rao, as part of the ongoing efforts by both organisations to deepen collaboration with Central Banks across the African region on the future of digital banking infrastructure across Nigeria and key African markets.
Discussions centred on the strategic partnership between Interswitch and Temenos, and how it will enable Nigerian financial institutions to progressively modernise their core banking platforms and transition to more customer-centric business models.
The two organisations also explored opportunities to work with the CBN in charting new frontiers in Central Bank Digital Currency (CBDC) innovation, leveraging resilient financial networks and decentralised application platforms to support the issuance and management of CBDCs.
Commenting on the visit, Elegbesaid: “Our partnership as Interswitch with Temenos and our continued engagement with the Central Bank of Nigeria reflect a shared commitment to building banking infrastructure that is resilient, inclusive, and ready for the next phase of Africa’s financial evolution.
We are proud to be at the table as these conversations shape the future of digital banking technology and innovation across key Africa markets…”
The Bank of Industry, through BOI Financing SPV Plc, has opened subscriptions for its inaugural Series 1 Fixed Rate Bond worth up to N250bn under its $1bn multi-currency instruments programme, seeking to raise long-term capital to finance businesses across Nigeria’s priority sectors.
The offer, which opened on 5 August and closes on 11 August, is being arranged by Chapel Hill Denham as the lead issuing house. The five-year bond is priced within a yield range of 17.35 per cent to 17.50 per cent and will be listed on the FMDQ Securities Exchange.
According to the offer document, proceeds from the issuance will be deployed to finance eligible businesses and projects across sectors, including agriculture and food processing, healthcare, engineering and technology, renewable energy, petrochemicals, oil and gas, creative industries and solid minerals, in line with BOI’s development finance mandate.
The lender said the financing is expected to improve access to medium and long-term funding for Nigerian enterprises, expand productive capacity, create and preserve jobs, deepen local value addition, support import substitution, boost exports and strengthen domestic value chains.
BOI, Nigeria’s foremost development finance institution, said it has provided funding to more than one million businesses across the country and disbursed over N1.27tn between 2023 and 2025. The institution operates across 34 states and the Federal Capital Territory and is jointly owned by the Ministry of Finance Incorporated and the Central Bank of Nigeria.
The bank also highlighted its financial performance, reporting a 36 per cent compound annual growth rate in gross earnings between 2021 and 2025.
Interest income rose 64 per cent to N884bn in 2025 from N538bn in the previous year, while its capital adequacy ratio stood at 39 per cent, nearly four times the regulatory minimum of 10 per cent. Its non-performing loan ratio was 1.7 per cent, below the CBN’s prudential limit of five per cent.
The bond has been assigned AAA ratings by Agusto & Co. and Intelligence Africa, reflecting the issuer’s strong capitalization, profitability, liquidity and ownership structure.
The issuance is open to institutional and qualified investors with a minimum subscription of N5m and additional investments in multiples of N1m. Interest will be paid semi-annually at a fixed rate, while principal repayment will begin in the third year through equal semi-annual amortised instalments until maturity in 2031.
The bond is also exempt from tax, making it an attractive investment option for investors seeking stable returns amid expectations of declining interest rates.
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