By Ayomide Otitoju
Fidelity Bank Plc has partnered with the Nigeria Credit Guarantee Company (NCGC) to help micro, small, and medium-sized enterprises (MSMEs) overcome financing challenges by mitigating lender risks through credit guarantees.
Speaking on the partnership, an NCGC representative said, “Although MSMEs are key contributors to Nigeria’s economic development, many of them struggle to secure funding from financial institutions due to perceived high risks. Through the credit guarantee scheme, NCGC shares this risk with banks, making it easier for MSMEs to access much-needed capital.”
The collaboration will also provide financial literacy and business management training to MSME beneficiaries, equipping them with the skills needed to manage loans effectively and achieve sustainable growth.
The partnership underscores Fidelity Bank and NCGC’s shared commitment to fostering entrepreneurship, strengthening MSMEs, and promoting inclusive economic development across Nigeria.
Fidelity Bank, one of Nigeria’s leading banks, serves over 9.1 million customers through its 255 business offices in Nigeria, a subsidiary in the United Kingdom (FidBank UK Limited), and robust digital banking channels. The bank has received numerous awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by the BusinessDay Banks and Financial Institutions (BAFI) Awards, the 2024 Most Innovative Mobile Banking Application for Fidelity Mobile by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider by Global Brands Magazine. It has also been recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as Export Financing Bank of the Year by BAFI.
