Fidelity Bank disburses N80m to 3 MSME business owners – About three Nigerian small and micro enterprises operators Tuesday had become the first group of businessmen to attract on the N220 billion Central Bank Nigeria (CBN) Micro Small and Medium Enterprises (MSMEs) fund reserve to further improve access to credit by these operators across the nation.
Speaking at the flag off of the micro credit scheme, the Managing Director of Fidelity Bank Plc, Mr. Nnamdi Okonkwo, described the disbursement as a special event in the economy considering the Federal Government’s commitment towards the growth of the small and micro enterprises in the country.
He explained that the disbursement was in line with his bank’s vision to open up funding channels to over 17 million MSMEs spread across the country. According to Okonkwo, when the fund was set up in August 2013, the overall objective was to create an avenue for entrepreneurs and businesses with potentials for job creation but who lack the necessary credentials and collaterals to attract credit from formal financial institutions.
He called on women entrepreneurs, for whom 60 per cent of the fund had been earmarked, to take advantage of the scheme to expand and grow their businesses.
The bank chief noted that although several financial institutions, prior to the setting up of the fund, had considered advancing credit to the sector as a risky enterprise, his bank believed so much in financing MSMEs hence in 2012 it established a full-fledged managed SME department headed by a general manager.
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