SME segment is a major focus area for Fidelity Bank as it unveils growth strategy

Fidelity Bank Plc says it would be according the Small and Medium Enterprises (SMEs) segment top priority as it reveals plans to emerge a leader in the Nigerian banking industry.

The bank said it has made enough provision to avail loans and other credit facilities to operators in the SME segment as part the drive to enhance financial inclusion.

Mrs. Nneka Onyeali-Ikpe, Managing Director of Fidelity Bank, made the institution’s plans known during a media briefing on Tuesday in Lagos.

“We intend to build a centre for SMEs free legal services in the event of going into any contract.

“We have loans for everybody, and we would also drive financial inclusion through our agency banking. We have advanced in technology and are adding more products to our platform. We encourage our customers to key into our digital process.”

She said despite the effects of the COVID-19 pandemic on the economy, new areas of growth were opened up to discerning investors.

She said Fidelity Bank would be focusing on doing business in the agriculture, healthcare, hospitals and diagnostic laboratory services, telecommunication, infrastructure and technology sectors, especially fintech.

“We have seen growth in agriculture and we will continue to adequately explore the sector,” Onyeali-Ikpe said.

She said her target was to drive the bank to Tier 1 status within the shortest possible time, adding that it was already targeting market share of 7.5 per cent with regard to deposit.

According to her, the bank has a seven-point agenda, and intends to embark on an innovation drive through the implementation of new processes and techniques, according to The Punch

She said, “The bank is also executing fresh ideas to ensure continuous process improvement, reduce cost to serve, increase competitiveness, improve brand recognition and value, build new partnerships and relationships, drive turnover, and increase profitability.

“The bank’s digital transformation involves an end-to-end digitisation across all facets of the business. In line with this, the bank has launched a novel digital service — Pay Yourself — which revolutionizes payday for salary earners and SMEs.”